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Virtual Work Parties & Other Trivial Benefits

Virtual Work Parties & Other Trivial Benefits Many of us have been looking forward to a more traditional end of year season in 2021.  While that may not be possible anymore, it’s good to know that if you feel the need to switch your Christmas party plans to virtual this year, the usual tax rules still apply. The normal rules g...

Import One Stop Shop (IOSS) for Sellers

Import One Stop Shop (IOSS)- What Sellers Need to Know The new Import One Stop Shop (IOSS) will begin on July 1st, 2021. This is because the Value Added Tax (VAT) exemption for goods importing into the EU, and under EUR 22 in value will end. If you sell goods into the EU, this could affect you. Find out all you need to know...

IR35

IR35 – Does it Apply to You? IR35, or off-payroll working rules, was introduced by HMRC as a way of assessing whether contractors are genuinely contractors, and not actually what they call ‘disguised’ employees to avoid paying tax, such as NI contributions. A contractor working through a limited company can take advantage of several ...

Domestic Reverse Charge for Construction Industry

Domestic Reverse Charge for Construction Industry The Domestic Reverse Charge (DRC) which has been delayed twice, because of Brexit and then Covid-19, will come into effect on 1st March 2021. HMRC is hoping DRC will make it harder for fraudulent sub-contractors to charge VAT to their customers and then not declare in the returns.  Sadly, t...

Garden Offices for Business

Building a Garden Office Through Your Business As many of us have been working from home for the last few months it seems that our whole approach to work is changing.  Last month Twitter announced that staff could continue working from home “forever” if they chose to. In addition, a recent survey found that 28% of employees expect...

Recover VAT on Working From Home Costs

Recover VAT on Working From Home Costs Many of us have been working from home for the last few months thanks to coronavirus and let’s face it, a lot of us will be doing it for quite a while longer. Indeed, some businesses have embraced this option and it looks like being an ongoing feature of work going forward.  One of the side ...

Purchase an Electric Car for Your Business

Is it Time to Purchase an Electric Car for Your Business? Climate change has certainly jumped to the top of the national and international conversation over the last year, and you may have noticed recent news reports promising government tax breaks on electric cars  These breaks are coupled with the announcement that the sale of ne...

VAT For Small Business

Your Guide to VAT and Your Business Value Added Tax is one of the most confusing taxes to understand, with complicated rules and thresholds that make it an area fraught with dangers and pitfalls for small businesses.  In the blog below we answer some of the most frequently asked questions on the subject. What is Value Added Tax? ...

Everything you ​need to know about Making Tax Digital

The way your business pays tax is set to change. From April 2019, the way you keep your VAT accounts will change  completely.  As you may already know, MTD is the Government’s plan to digitise the tax system. It aims to make it easier, more efficient. Yet, 40% businesses that will be included are still not aware of what it is&n...

Making Tax Digital software: Choosing the right option for your business

What alternatives are available to you?’ Choosing the right software to pay your business’s VAT bill is essential with the rollout of Making Tax Digital rapidly approaching. Once MTD arrives, HMRC-approved software will be the only way to pay VAT. Time is running out before the first VAT deadline for MTD, on 1 April  2019&nb...

9 Reasons You Might Be Singled Out For a Tax Investigation (and 5 ways to reduce the risk)

9 Reasons You Might Be Singled Out For a Tax Investigation (...and 5 ways to reduce the risk) HMRC Tax Investigations are known to last 16 months on average and cost thousands of pounds in accountancy fees.  That’s before you even pay any unpaid tax you might be liable for or any penalties.  The good news is that you can protect yourself fr...

Making Tax Digital – What’s It All About?

Making Tax Digital – What’s it all about? The government’s Making Tax Digital initiative will change filing tax returns for businesses small and large. But what exactly is it? What is Making Tax Digital? Most of us have heard the phrase Making Tax Digital by now, but not everyone is up to speed on what it means.  Making Tax Digital is...