VAT

29 01, 2020

Transition period begins this Friday

By |2020-01-29T12:25:49+00:00January 29th, 2020|Brexit, Business planning, Tax, VAT|

This Friday, 31st January, is a mommentus one.  It is not only the last day to submit your tax return but it is also the day we leave the EU and the transition period of Brexit begins.   It may be an anti-climax after such a long run-up since the 2016 referendum and perhaps even more so now that it is looking very unlikely Big Ben will chime for Brexit, with [...]

17 12, 2019

Small Business Essential Calendar 2020

By |2019-12-17T12:04:18+00:00December 17th, 2019|Business planning, limited company, MTD, Personal tax, Sole trader, Tax, VAT|

Another year is almost over and hopefully some R&R in store for all small business owners but also a chance to get organised for 2020 and hit the ground running in January.  To save you time, we have provided the small business essential accounting and tax calendar for 2020, an early Christmas present from Team Mirandus - you're most welcome! Some of the dates may change year-to-year but the deadlines [...]

19 09, 2019

HMRC have issued me with an EORI number, why do I need it?

By |2019-09-25T18:01:56+00:00September 19th, 2019|Brexit, limited company, Tax, VAT|

Are you a VAT registered business? If so, have you received a letter from HMRC allocating you an EORI number? HMRC is automatically providing 88,000 UK VAT registered businesses with economic operator registration and identification (EORI) numbers to assist with trade with the EU should the UK leave with no-deal. Some 72,000 UK companies have already registered for EORI numbers but now HMRC have taken the next step and issued [...]

16 05, 2019

What is output and input VAT?

By |2019-05-20T19:43:48+00:00May 16th, 2019|Business planning, Tax, VAT|

Mirandus Accountants can help businesses with all aspects of Value Added Tax (“VAT”), including the concepts of VAT input and output relevant for trading companies who opt to be VAT registered. Here, we take a closer look at what being VAT registered means for your business. What is output VAT? Output VAT is the tax that is calculated and charged on the sale of goods and services from your business, [...]

14 05, 2019

Tax free bonuses to your employees

By |2019-05-16T19:34:02+00:00May 14th, 2019|Business planning, Tax, VAT|

If you are a business owner and are keen to reward your employees with bonuses, but would rather not have tax on bonuses, you do have the option to set up an Employee-Ownership Trust (EOT) which allows founding shareholders or owners of the company to give shares to employees tax efficiently as well as gift employees a tax-free bonus to a certain level per annum which is not subject to [...]

12 03, 2019

Final days to get ready for VAT filing changes on 1 April 2019

By |2019-05-20T21:05:57+00:00March 12th, 2019|Business planning, MTD, Personal tax, Sole trader, Start-ups, Tax, VAT|

The deadline for the introduction of VAT filing changes is now just weeks away. For VAT returns periods starting on or after 1 April 2019, some 1 million businesses with a turnover above the VAT threshold (currently £85,000) will be required to start keeping their records digitally (for VAT purposes only) and provide their VAT return information to HMRC by using compatible software. HMRC has published a press release to [...]

4 02, 2019

Can you benefit from Tax Relief when working from home?

By |2019-05-20T21:06:55+00:00February 4th, 2019|Business planning, Personal tax, Sole trader, Start-ups, Tax, VAT|

Flexible working, including working from home, is becoming increasingly common in the workplace, as we are starting to see larger corporate organisations rolling out their formal flexible working policies.  There are, however, many employees who work from home and incur costs but do not proactively receive reimbursement from their employer and are not aware of the possible tax relief available to them.  The relevant legislation states that an employee can only claim [...]

22 01, 2019

Digital Tax is Coming – Be Prepared for the Change!

By |2019-06-06T13:23:09+00:00January 22nd, 2019|Business planning, Personal tax, Sole trader, Start-ups, Tax, VAT|

As you may already be aware, HMRC has issued plans to make businesses file quarterly information with them. How individuals and businesses interact with HMRC is therefore changing. Keeping your financial records will become increasingly digital and most businesses will need to use software or apps to keep business records – the days of manual record keeping will be over! There are exemptions, but for most businesses with turnover above [...]

16 07, 2018

Your Tax Bills: Are you ready for Limited Company status?

By |2019-04-16T13:34:16+00:00July 16th, 2018|Business planning, Personal tax, Sole trader, Start-ups, Tax, VAT|

Are you a growing start-up and wondering if it's time to take the next step to set your thriving business up as a limited company, whilst being as tax efficient as possible? There are many reasons why you may decide to set up as a limited company. If you are planning on growing your company or are growing rapidly and expect to continue to increase your revenue at a high turnover [...]

12 03, 2018

Hammond’s Spring Statement – Four Key Issues

By |2019-04-25T15:02:07+00:00March 12th, 2018|Brexit, Business planning, Tax, Trusted Adviser, VAT|

Mr Hammond has certainly been applauded in most quarters for his one Budget a year plan and subsequent less fiddling with the tax system, and the Spring Budget tomorrow is expected to be a brief affair, with only a few expected consultations on tax reforms. Indeed, Hammond has already advised that he “won’t be making tax or spending announcements” on the BBC over the weekend, but it will be a time nevertheless to [...]