EORI number and what it means for your business

Brexit will mean a lot of changes for many businesses especially for those who import or export goods outside of the UK, these businesses may now be required to have an EORI number to deal with customs on these goods. …

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Changes in the Construction Industry: VAT Reverse Charge

Do you currently supply or receive services that are reported under construction industry scheme? If so, from 1st October 2020 the way VAT is collected in the building and construction industry is majorly changing. Initially, the domestic reverse charge for …

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Approved education for 16 year olds and your benefits

The month of August can be a very stressful time for young people waiting for exam results, and for their families. The results received will of course have an impact on the next steps taken in life, but it is …

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“What a mistake-a to make-a?”

The quote is from Alberto Bertorelli, a character in the not so politically correct comedy “Allo Allo” but if Alberto was to appear on your shoulder like a parrot each time that quote would apply in life, well I think …

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Directors and filing obligations with Companies House

Not only is a director required to manage the day to day running of the company and make management decisions but they are also legally responsible to file information with Companies House in a timely manner. We will look briefly …

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Second Payment on Account due 31 July – Do You Need to Pay it?

If you are in the self assessment tax system then you may be due to pay your second payment on account for the 2018/19 tax year by 31 July 2019. However many people are not aware that you may not …

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Capital Gains Tax

Capital Gains Tax is a tax on the profit when you dispose of an asset that’s increased in value. You are taxed on the gain you make and not the amount of money you receive. Disposing of an asset includes …

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Are you thinking of building or purchasing a new asset for your business? Capital allowances may be available to save you tax.

Capital allowances provide tax relief for capital expenditure on assets purchased for use in your business. Example of assets which qualify include machinery, equipment, computers and business vehicles. Capital allowance rates are dependent on the type of asset purchased. Annual …

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Tax Credits – Renewal time!

Most people should have received their Tax Credit renewal packs by now, but if you haven’t, don’t panic. HMRC are still issuing these and should be with you no later than 30 June 2019. You should only contact tax credits …

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How to take money out of a limited company

As a director, you can pay yourself a salary from your company. In order to do this, the company must register with HMRC as an employer. Payments made to you from your company are tax deductible for the company, however, …

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