Welcome to the world of VAT. It might not be the most thrilling topic, but it’s essential for businesses like ours. Let’s dive in and make sense of it together. Ready? So, what exactly is VAT? Well, think of it as that sneaky little tax added onto most goods and services by businesses like ours.
Tag Archives: tax return
Although the end of January is still a few weeks away, did you realise that filing your tax return sooner rather than later has a number of advantages? The one positive aspect of the tax return deadline is that it is always the same – January 31st. This means that with a little planning and
Although not everyone is required to file a self-assessment tax return, there are a few circumstances in which you may be compelled to do so, even if you are an employee who has tax taken at source from your salary. It’s crucial to be aware of scenarios where a tax return is required because HM
When you decide to form a limited company you are creating a separate legal entity with its own legal framework and accountabilities. Any profits or losses incurred belong to the company. So, when you’re managing the company you need to treat it as a separate entity. Even if you’re the sole director and sole shareholder,
“How long do I need to keep business invoices?” This is a question that new sole traders and company directors often ask. Before we answer that question, we think it is probably more important to clarify just what invoices you need to keep! Keeping hold of invoices issued by your business is necessary for a
As a freelancer, sole trader or small business owner, other than knowledge of your own trade the most important thing to keep on top of in your business are the numbers. Income, expenses, cashflow, projections, first-hand knowledge of these will prove to be the most important information you will have to hand and without them,
