Making Tax Digital (MTD) for VAT is in full swing, and HMRC will soon launch a new system for issuing VAT submission and payment penalties. The new points-based penalty system for Making Tax Digital for VAT will apply from January 2023. You can still be fined under the existing rules until then! Will I be…
No matter how passionate you are about your business and its customers, the fact of the matter is that making money is always going to be high on your list of priorities. For some, right at the top. That’s why creating a solid business plan is so critical, and why we’re always going on about…
Nobody wants to pay more tax than they need to, and there is no reason why you should pay more than your fair share. So, in this post, we’re going to look at the different allowances and tax reliefs that a self-employed person can claim. This isn’t tax avoidance, or any kind of shady practice….
There are several significant differences between invoices and receipts that as a business owner it’s important to understand. But once you’ve got your head around it all, you’ll find it much easier to maintain good business practices and financial records. Quite simply, an invoice is sent to request payment for a particular product or service….
The VAT accounting scheme that you use can simplify how you work out your VAT, and even enhance your cash flow. Some schemes do have eligibility restrictions, but as long as you meet the criteria you can register for VAT on a scheme to suit your particular needs. In this article we give an overview…