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Tax & Vat

Articles, news and advice on Tax & VAT issues for UK small businesses.

Accounting

Tax deferrals with Time-to-pay: A lifeline for SMEs

There are fears that the government has plans to end its tax deferral scheme, leaving many owner-managers in the deep end. Here we speak to businesses and experts about why it's crucial to keeping SMEs afloat.

Accounting

How to reduce your tax bill

Death and taxes may be the only certain things in life – but there are ways of minimising the impact of the latter.

Tax

Last minute tips for self assessment return

With the paper self assessment tax return deadline on October 31, Anita Monteith, technical manager of the Institute of Chartered Accountants Tax Faculty, has the following advice for ensuring you make the deadline.

Business Technology

Cost of building a website – expense or capital?

We are a start-up business currently having a bespoke website built (total cost will be around £10k). Will this be treated as a capital cost or trading expense by HMRC?

Business Ideas & Planning

Registering in the UK, living in France

I need to know if it is possible to have a business registered in the UK with a UK address but the owners lives in France. All taxes would be paid in the UK and the business would only have UK operations but our residential address is French.

Accounting

Claiming VAT on postage

Can I claim VAT on postage as it has been pointed out to me the receipts have a VAT no. on them?

Accounting

Tax liabilities when selling a business?

I'm approaching retirement and looking to sell my business. Will there be taxes to pay?

Accounting

Business expenses claimable against Income Tax

I am a sole-trader who has been trading for 3 years. I currently have rented office space, however I am in the process of extending my home to provide me with the facilities to work there instead. What build / equipment costs, if any, can I write off against tax?

Accounting

Tax charges on a second income

My boyfriend and I are planning on starting a part-time business making and selling canvas prints of art work, personal photos and other images - on top of us both working full-time. We will not be making a massive amount of money, it will just be turning a hobby into profit, so will we have to pay tax or any other charges on whatever we earn? I have been told you can earn up to £4,999 without having to pay tax. Do I need to declare the money being earned even if it's less than this amount?

Accounting

Tax for part-time businesses

When starting up for the first time, many people opt to retain their full-time job and set up their own business part-time. But what does this mean for their tax situation? Will the tax be deducted from the day job wage? Or is it only taken from what is earned from the business? Are they separate?

Accounting

Basic tax, VAT and cash flow for start-ups

When starting a business, there are a myriad of VAT, National Insurance, income tax and cash flow issues to consider. Clive Lewis of the Institute of Chartered Accountants in England & Wales offers this introduction to what to expect.

Accounting

Income tax, National Insurance and VAT

Red tape is a necessary evil in all businesses, so you need to make sure you're on top of it.

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