by portheras24211 | Aug 24, 2021 | Uncategorised
You must register your business for VAT if your VAT taxable turnover exceeds the registration threshold. This is currently £85,000. You must register if: at the end of any month, the value of your VAT taxable supplies in the previous 12 months or less is more than...
by portheras24211 | Aug 13, 2021 | Uncategorised
Under real time information (RTI), employers are required to report pay and deductions information to HMRC ‘at or before’ the time that the payment is made to the employee. This is done by means of the full payment submission (FPS). Penalties are charged if the FPS is...
by portheras24211 | Aug 6, 2021 | Uncategorised
During the Covid-19 pandemic, HMRC paused much of their tax collection work, both to allow resources to be diverted to other activities, such as administering the various coronavirus support initiatives, such as the Coronavirus Job Retention Scheme and the...
by portheras24211 | Jul 30, 2021 | Uncategorised
During the Covid-19 pandemic, the advice was ‘work from home if you can’. As a result, millions of employees found themselves working at home, often at very short notice. Many still have not returned to the workplace, and homeworking (whether fully or flexibly) is...
by portheras24211 | Jul 23, 2021 | Uncategorised
For personal and family companies, a tax efficient strategy for extracting profits is to take a small salary and to extract any further funds needed outside the company in the form of dividends. However, while there are no restrictions on taking a salary if the...
by portheras24211 | Jul 20, 2021 | Uncategorised
Family and personal companies are often ‘close’ companies. Broadly, this is one that is controlled by five or fewer shareholders or any number of shareholders all of whom are directors. In a close company, the directors and shareholders may borrow money from the...
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