What are the different VAT rates and what do they mean?
We are often asked ‘what all the different VAT rates are and what they mean?’ Zero-rated is the same as Exempt, right? Wrong. Read our guide below to make sure you understand the difference between all the rates…
New VAT penalties for late payment and filing
New VAT penalties for periods starting on or after 1 January 2023. HMRC have introduced new penalties for the late filing and payment of VAT for 2023. Previously, if you missed filing you would pay a percentage of…
When do you need to register for VAT?
When do you need to register for VAT? You need to register your business for VAT if your total VATable turnover goes over £85,000 in any rolling twelve month period, or you expect your turnover to exceed £85,000…
Do you need to charge VAT on recharged expenses?
Clients often ask us if they need to charge VAT on the expenses that they recharge onto their own customers. The simple answer is yes, you charge VAT if you benefit from the expense, and no, you don’t…
Business gifts for Christmas
Thinking of giving a business gift for Christmas? Make sure you know the tax implications before it ends up costing you more than you thought. Christmas is not that far away and you might be considering giving a…
Is the Christmas party tax allowable?
It may only be October, but many of us will have already booked our work Christmas parties and functions to celebrate. But what are the costs to your business of the Christmas party and what is tax allowable…
What can HMRC find out about you?
What can HMRC find out about you? You’ll probably be surprised to find out it’s a lot more than you think. When meeting potential new clients we often hear “Well, HMRC won’t find out about that” – and…
Do you need to charge VAT on recharged expenses?
We are often asked by clients if they need to charge VAT on the expenses that they recharge onto their own customers. The simple answer is yes, you charge VAT if you benefit from the expense, and no,…
Tax evasion or tax avoidance?
What’s the difference between tax evasion and tax avoidance? Celebrities and sports stars alike have been in the news in recent years, hitting the headlines for their tax avoidance in the Paradise Papers, amongst other reports. But they…
What are the different VAT rates and what do they mean?
We are often asked what all the different VAT rates are and what they mean. Zero-rated is the same as Exempt, right? Wrong. Read our guide below to make sure you understand the difference between all the rates…