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We value our close relationships with clients. Over the past 10 years, we have worked with companies with every kinds of demand, hurdle, structure and goal. This experience has allowed us a wealth of knowledge that helps us reach our primary goal to deliver and please.
MANAGE YOUR VAT EFFECTIVELY: AVOID PENALTIES, IMPROVE CASHFLOW AND PROFITABILITY.
VAT affects a wide range of business functions, with a wide range of regulations depending on your business activities and sector.
VAT is a tax that can be charged on items such as:
· Business sales
· Hiring or loaning goods to someone
· Selling Business assets
· Items sold to staff
VAT registered businesses must charge VAT on their goods and services. They may reclaim any VAT they’ve paid on business related goods or services.
If you’re a VAT-registered business you must report to the HMRC the amount of VAT you’ve charged and the amount of VAT you’ve paid. This is done on VAT return, which is usually filed every 3 months
Accounting for VAT
You must account for BAT on the full value of what you sell, even if you:
· Receive goods or services instead of money
· Have not charged any VAT to the customer, whatever price you charge is treated as including VAT.
If you charged more VAT than you’ve paid, you must pay the difference to the HMRC. If you have paid more VAT than you’ve charged you can reclaim the difference from the HMRC.
Nationwide, it is becoming more and more difficult be granted an appropriate-sized mortgage. The number of people going self-employed within the UK is increasing every year, with self-employed workers now accounting for 15% of the working population (Jones, 2018).
There are a number of problems currently associated with being self-employed, i.e. the pension crisis and getting a mortgage. This article focuses on how to get a mortgage as a self-employed individual. Research has shown that 30% of self-employed homeowners feel that the mortgage process is biased (McDowell, 2018).
As a self-employed consultant you are likely to have several running costs and expenses. Theses costs and expenses should be taken away from your business income to work out your profits. Not all expenses are allowable for tax purposes, it is therefore important to be aware of you what you are and aren’t allowed in order to save money against tax and avoid a HMRC enquiry.
Chancellor Phillip Hammond’s release of the 2018 Autumn Budget revealed a number of changes for small business owners. Below is a brief summary of some of the changes small business owners should be aware of.
If you have stopped trading as a sole trade or you’re ending/leaving a business partnership then you must notify the HMRC. This will trigger the cancellation of your Class 2 National Insurance.
Currently there are over 2,200 families on the waiting list for Kensington and Chelsea social housing. Which compared to the 11,000 houses currently available, presents a huge issue for councils finding the families accommodation. The council has already spent its entire reserves of £230m on new housing for the Grenfell tower survivors, whom all fall into their borough.
Stamp duty is an area of much dispute and change in UK tax. Currently, you usually pay Stamp Duty Land Tax (SDLT) on increasing portions of your property’s price above £125,000 (for residential properties, like a house of flat).
The amount of Stamp Duty you owe can vary depending on whether or not the property is your first home and the purchase is £500,000.
Statutory accounts (commonly known as annual accounts) are financial reports that must be prepared and filed at the end of each financial year. For UK private limited companies statutory accounts are a compulsory part of the tax year.
As a business owner it is important to be aware of your companies tax obligations and liabilities. There are a number of taxes that small businesses are required to pay. Below is our breakdown of the taxes you should know about as a business owner:
The October 15th US tax deadline is just around the corner. Below we have put together a brief outline of how to get started and avoid the harsh penalties of the IRS’s long arm:
Inspired off of the Jean Royère’s furniture designs we went to see yesterday (pictured above) in the spirit of London Design Week, we have put together a brief guide for our clients on some of the expenses you can claim as a furniture designer.
There are generally much expenses incurred while working as a furniture designer than other freelance professionals. For instance, the cost of raw materials and machinery. Raw materials and any equipment required to assemble the furniture are all claimable against tax, assuming that you are buying both.