According to HMRC, businesses who have opted for UK VAT registration should keep all records of their purchases and sales. Businesses should also keep an isolated VAT summary known as a “VAT account” and provide authentic VAT invoices. Let’s go through these three issues of VAT record keeping in more detail.
Archive for the ‘Taxes’ Category
There are so many ways to save on your taxes. Start preparing now to complete your tax savings for this year
Unfortunately, as you well know, New Year also means tax bills for many UK businesses. We all dread that email from the accountant that signals the total bill and the small amount of time in which you have to pay.
The days of HMRC taking a softly-softly approach to late VAT payments are long gone. Strict VAT penalties are now enforced.
For business owners, tax season is especially nerve wracking. You have more people, items, and writeoffs to claim than most. Without filing properly, you might get audited and have an even bigger headache to contend with.
Problems can sometimes occur when a business has charged the taxes to the end customer but has not paid over the taxes to the authorities. Also the business may need to pay over taxes from employing people.
When purchasing your fleet cars it is important to understand how tax can affect your choices.
It’s understandable how some small business owners fall behind when it comes to taxes. These simple tips will ensure that you keep on top of things.
Smart Tax put together a tax guide for freelancers, illustrating everything you need to know about self-employment tax. Business expenses, invoices etc.
Everyone loves a good cliche, but here’s a list of 5 finance cliches you probably won’t be using any time soon!