by Paul Whyatt | Oct 1, 2021 | Business Advice, Taxation
Here are the key things HMRC expects you to do when employing staff for the first time. Decide how much you are going to pay your employee. You must pay your employee at least the National Minimum Wage. Check if someone has the legal right to work in...
by Paul Whyatt | Sep 21, 2021 | Business Advice, Taxation
VAT registered businesses, with an annual turnover above the £85,000 VAT registration threshold, were required to comply with the making tax digital (MTD) regulations for VAT periods beginning on or after 1 April 2019. This means using MTD for VAT compliant software...
by Paul Whyatt | Sep 17, 2021 | Business Advice, Taxation
The hospitality and tourism sector has been enjoying a reduced rate of VAT (5%) since 15 July 2020. From 1 October 2021, the 5% VAT rate will increase to 12.5%, and on 1 April 2022 it will revert to the normal standard rate of 20%. This rate applies to most supplies...
by Paul Whyatt | Sep 17, 2021 | Business Advice, Taxation
Companies can now claim ‘super’ capital allowances on the purchase of new plant and machinery, and to a lesser extent on certain new fixtures and fittings. These super allowances give a company enhanced corporation tax relief of 130% of the cost in the...
by Paul Whyatt | Apr 12, 2021 | Business Advice, Taxation
A year ago, at the start of the Covid-19 pandemic, the Government automatically deferred all VAT due to be paid to HMRC between 20 March to 30 June 2020. The direct debit to collect that VAT was not activated by HMRC and no interest or late payment surcharges have...
by Paul Whyatt | Apr 12, 2021 | Business Advice, Personal Tax, Taxation
As the owner and director of your own company you decide how much salary to take each year. Paying yourself a small salary can be a good way to maintain your national insurance record to build up state benefit entitlements. In the tax year 2021/22, if you take a...
