A new start up business- what profits are taxed?

August 30, 2017 | by Sian Kelly | No comments


An unincorporated business pays tax on what is known as the `current year basis’. This means that, as a general rule, the profits for a tax year are taxed by reference to the profits for the 12 months to the accounting date that ends in that tax year.

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VAT flat rate scheme and relevant goods- What counts?

August 07, 2017 | by Sian Kelly | No comments

The VAT flat rate scheme is a simplified VAT scheme, which allows small traders (turnover of £150,000 excluding VAT) to account for the VAT that they pay to HMRC by reference to a percentage of their VAT-inclusive turnover.

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The new Flat Rate Percentage April 2017

March 14, 2017 | by Sian Kelly | No comments

If you are a Limited Cost Business important changes to the VAT flat rate scheme are coming.  

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VAT Flat rate scheme – is it for me?

February 07, 2017 | by Sian Kelly | No comments

The VAT flat rate scheme is an optional simplified accounting scheme for small businesses. The scheme is available to businesses that are eligible to be registered for VAT and whose taxable turnover (excluding VAT) in the next year will be £150,000 or less.

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Cash in hand – beware

September 27, 2016 | by Sian Kelly | No comments

It is sometimes mistakenly believed that you do not need to tell HMRC about payments that you receive in cash. This is not the case and regardless of whether you work for yourself or for someone else, earnings that you receive in cash are taxable in the same way as income paid by cheque, credit card or by bank transfer.

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VAT for business, explained

April 15, 2016 | by Sian Kelly | No comments

VAT. Three little letters, one big mystery to many a new business owner (and lets be honest, plenty of experienced business owners too!)

In this blog post, well aim to clear the picture once and for all. Stand by for VAT for business explained

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