Which is best – Standard VAT or Flat Rate VAT (FRS)? Simple, but not very helpful, answer is, “It depends” How do the two schemes work? With standard VAT, you charge VAT on your sales and pay this over to HMRC. Before paying the money to ... [Continue Reading]
Trivial Benefits Recap
This is just a quick video reminder of the Trivial Benefits rules. A Trivial Benefit is something an employer can give to an employee without it being taxable on the employee. It is important to get this right - but it can be a useful and ... [Continue Reading]
Mistakes to avoid when selling your small business
Mistakes are often easily avoided when it comes to selling your business. As a business owner a lot of hard work and investment has been put in, to ensure the success of your company. You need to make sure that the time and effort which has been put ... [Continue Reading]
Cash business – be careful
If your business has a lot of cash transactions, you are more likely to be a target for a VAT or tax inspector. HMRC takes the view that a business is less likely to correctly record cash than bank or card transactions. The HMRC database includes ... [Continue Reading]
Waiting for payment
We’ve all had the issue of expecting a payment from a customer and it doesn’t arrive, even when the customer has promised to pay. The problem is what are your rights and how to enforce them. Contract If you’ve issued a contract, hopefully it ... [Continue Reading]
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