Sorting out your tax and VAT may be the most important issue for your business. Getting it right can save you time and hassle, and getting it wrong can cost you money and disrupt your cash-flow. These guides can help you organise your finances so the taxation process is as simple and stress-free as possible.
What is VAT, how does it work and who pays it? When is VAT registration compulsory and what are the advantages and disadvantages of voluntary registration?
The UK is close to dropping out of the world’s top 10 business-friendly countries as over-regulation and a complicated tax system threatens the country’s attractiveness as a place to do business
If you decide to submit VAT returns online you will certainly reduce paperwork.
Once your business is registered for VAT you must keep full and accurate records.
Starting a business is very stressful. Perhaps one of the least appealing aspects is getting to grips with basic paperwork and red tape.
There are different rules for the payment of income tax and National Insurance if you work in the construction industry.
As a limited company owner you pay yourself a salary which is subject to PAYE (Pay As You Earn) and you will have to complete a Self Assessment tax form each year to assess whether any other tax is due from company benefits etc.
Most importantly make sure you register with the tax office within three months of starting up in business.
There are special rules for VAT on business vehicles – and the fuel used in them.
There are important VAT rules to consider if your business imports or exports goods or makes sales to other countries.