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Contents Reclaiming VAT on company cars Reclaiming VAT on fuel costs Reclaiming VAT on other vehicle running costs What happens to VAT when you sell a vehicle Summary VAT on motor vehicles and the associated motoring expenses is often considered to be one of the more complex areas of this sales tax, because there are […]

Do you know that the expenses you incur while performing your job responsibilities are tax deductible? If you didn’t well, now you do and we are here to tell you what it actually means. A particular expense can be termed “tax deductible” when it can be deducted from your annual income, so as to cut

If your small business has moved past the initial start-up phase and is now a lucrative venture, then congratulations! As a small business owner myself, I understand how tasking it is to keep your business up and running. For all the efforts that you’ve taken to make your business successful, it is only justified that

The festive season is almost here and it’s time for employees to get rewarded for their hard work. Corporate events, such as Christmas parties have quite the reputation because of the amount a company spends on its employees. HMRC has allowed businesses to reward their employees on annual events, such as Christmas parties and that

For any business, the importance of accurate figures cannot be underestimated. The numbers revealed through these figures play an important role in making decisions, planning strategies, determining success, and above all earning profits. Making profits is the key to business success as profitability is a crucial factor for a successful business venture. Profit is the

If you invest in your limited company, there are two ways that you can make money out of it. It can increase in value, meaning you’re able to make a profit out of it by selling it off later. Or as an owner of the limited company, you can add to your total income in

There is no doubt about it, taxes give us all a hard time. It is a process that we are more than happy to let others handle for us. Understanding the various types of taxes is hard enough and performing the complicated calculations only makes it worse. Small companies should have knowledge of the following

Following its initial announcement, Making Tax Digital has been in the limelight for quite some time now. This digital initiative has been rife with controversies with constant industry wrangles over timelines, costs to businesses and a shocking number of businesses being apparently oblivious of what exactly all of this involves. Making Tax Digital was taken

How to make disburse Payment on Account? Once you complete your Self Assessment online, you will be granted the opportunity to make Payment on Account at the same time as your balancing payment for the preceding tax year. In case you file your return on paper, you will be given a paper bill in conjunction

Calculation of taxes is something that complicates every self-employed person’s existence. After facing a lot of hardships when we finally file a tax return, we are rewarded in the form of a tax bill and this makes it one of the least entertaining times of the year. What is Payment on Account? In case you

The childcare voucher scheme is a fundamental aspect of the government’s childcare policy and can be operated through employers. The scheme basically allows parents to pay for their childcare needs out of their pre-tax salary. For parents, the advantages of this scheme are both clear and favourable. You can find out more about this scheme