The Flat Rate Scheme (FRS) is a simplification measure for small traders with an annual turnover of less than £150,000. Users issue VAT invoices to business customers as normal, but only account for VAT at a flat rate percentage of turnover. The rate is calculated depending on the business sector but is normally significantly less than the 20% standard rate of VAT. The percentage includes an allowance for input tax.
Legislation …
Big news on the horizon, that many of you need to prepare yourself for. With effect from 6 April 2017 HMRC are now introducing changes to IR35 legislation.
What is IR35
IR35 is also known as ‘intermediaries legislation’. In layman’s terms, it’s legislation that affect the tax and NI if someone is contracted to work for a public sector client (the Council) through an intermediary. It also relates to people working in …
What is R&D Tax Relief
R&D stands for Research and Development. Why would you get tax relief on this? Well, if you’ve invested in a project that has helped develop your business, HMRC state that you may be eligible for a tax rebate.
How is this received?
It is a corporation tax relief. Therefore, it usually reduces your company’s tax bill. However, if you are not making any profit, then it will be …
One of the most exciting moments for small business owners (and there are a good few to choose from!) is when you realise that you’ve turned a profit for the first time. It probably wasn’t easy, and it’s likely taken a lot of knocks to get there, but you’ve done it!
A So why not sit back and relax and hope that your business ticks along year after year?
Well, …
Think A back to how you usually feel in February – the party season is a distant memory, commuter faces are puckered with hatred, a despondent sort of lethargy sets in as we wait, passively, for resolutions to fall by the wayside. A sad, soggy mess of a month if ever there was one.
But how much more sense would it make for the start of a new year to be …
