How to make VAT work for you
It has been talked about for years but The Treasury officially announced in the Spring Statement that it has launched a consultation on the VAT threshold. The mere mention of VAT often sparks sensitivity from small businesses in particular who fear the lowering of the threshold from the current £85,000 down to a figure of
HMRC’s Task Forces are working across the UK to target cash businesses – particularly those involved with catering. The potential issues HMRC are looking for include under-declarations of sales, incorrect liability, standard-rated/zero-rated apportionments on eat-in and takeaway foods and the VAT treatment of tips and gratuities. Test Purchases at Cash Businesses As well as carrying out scheduled
HMRC has announced a number of changes to the Making Tax Digital scheme. They have revised the timescale following feedback from businesses, accountants and Parliament. This is good news because it means that businesses will now have more time to implement the changes required. Similarly, many smaller businesses or self-employed individuals will not have to
What does HMRC’s Making Tax Digital Scheme mean for you? Making Tax Digital forms the main part of HMRC’s big plans to reform the UK tax system. The Making Tax Digital scheme was announced in March 2015 and since then, there have been various consultations and government debates on the topic. This is the largest
Employee benefits? Submitted your P11Ds? All forms have to be submitted to HMRC by the 6th July 2014. Avoid penalties by making sure you get these in on time. Any outstanding Class 1 NICs & PAYE for the 2013/2014 tax year need to be received by HMRC Accounts Office by the 19th July for postal