With more and more children showing an interest in starting their own businesses I am being asked more often whether children have to pay tax in the UK. Here’s what you need to know to start guiding your child in the right direction.
Whatever your reasons, leaving the flat rate scheme is simple enough to do. This guide walks you through not just how to leave but also when to do it and what the implications are.
Simplified expenses, if you’re self-employed, is the easy way for you to claim for certain expenses without a receipt so you can pay less tax. Here’s a guide to what you can claim for and how best to use them to reduce your tax bill.
If you are feeling in the dark about how much tax you owe or a newbie to the world of self-employment, then this guide will help you get a handle on how to work out your taxes, how to reduce them and how much you can make tax-free (updated for 2019/2020).
The VAT margin scheme for cars can save second-hand car dealers money. This guide explains which vehicles can be included in the scheme, how it saves businesses money and how to calculate figures for the VAT return as well as all the records you need to keep. How Does the VAT Margin Scheme for Cars (more…)
You might be able to appeal an HMRC self-assessment penalty to give yourself time to pay it or get it reduced. Here’s a step-by-step guide to appealing an assessment.
Go from confused to confident with this comprehensive “go-to” list of all the common tax terms you’ll come across when you go self-employed.
Reclaiming all the VAT you are entitled to will reduce your VAT bill or even create a VAT repayment. Keeping the right records is essential to support any claim you make.
If you are newly VAT registered then this guide will help you understand which expenses you can and can’t claim VAT on, how you claim VAT and the evidence you are going to need.
Reclaiming VAT on cars and fuel can be a complicated area. The answer depends on how you bought the car, what you’ll use it for and how you choose to claim for the cost of fuel.