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]
Landlords and Tax – HMRC join the dots..
Landlords are seen as a lucrative source of underpaid tax because of the data now available to HMRC. HMRC’s “Connect” system has been in operation since 2017 checking data from various government and local authority databases. By cross referencing ... [Continue Reading]
MTD – Making Tax Digital
HMRC is sending letters about MTD (Making Tax Digital) to all businesses in the Loughborough area which are registered for VAT and have a turnover in excess of the VAT threshold of £85,000. The letter is basically saying that MTD is coming and your ... [Continue Reading]
We’re Living in a digital world
Central Business Services is no stranger to this digital world we now live in. Digital & Cloud technology has brought substantial improvements to the way we work, freeing up more time to provide advice and support, with the intention of ensuring ... [Continue Reading]
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