We all pay VAT on most of the items or services we purchase. If you run a business, then you may also need to become involved in the VAT system as a collector. It sounds confusing (to be honest it sometimes can be), so weâll use this article to âbust the jargonâ surrounding VAT. Weâll…
Making Tax Digital for Income Tax Self Assessment (MTD ITSA) is going to transform the way landlords and business owners report what they earn to HMRC. Despite the confusing acronyms, itâs vital that business owners and landlords familiarise themselves with Making Tax Digital and what it means for them, so they can be fully compliant…
Recording dividends in your accounts and paying them out to your company’s shareholders is a fairly easy process, but because many companies only declare them once a year you might not get the chance to experience how the transaction works very often. So, to help you with declaring dividends and getting your bookkeeping right, we…
The UK governmentâs âHelp to Growâ scheme aims to help business get back on track following lockdowns. Mainly targeting SMEs, the scheme hopes to help small business reach new customers, learn more skills, and ultimately boost profits. How is Help to Grow set to benefit UK businesses? Help to Grow is about giving small businesses…
Value Added Tax (VAT) is whatâs known as a type of âconsumption taxâ – a form of tax applied to eligible goods and services. Fortunately, not all businesses need to register for VAT – only those whose taxable turnover reaches the registration threshold. When a business reaches this point, there are several ways in which…