Do I need to register for VAT?
Any business (incorporated/unincorporated) whose taxable turnover is above £85,000 have to register for VAT. However, there are some transactions that are exempt from for VAT, some are allowed at Zero Rate and some fall out of Scope for VAT purposes. Your business activity will decide the rates applicable to you.
How can I prepare and file VAT return?
Preparing VAT return is not an easy task. Most of the businesses have to prepare and file VAT returns every quarter. There are many schemes (other than Standard Rate Scheme) that HMRC allows you to adopt based on your business type and turnover. It is necessary to evaluate which is the best scheme for you as it can potentially reduce tax burden. You can use below table to ascertain best scheme for you;
What is best way to process Payroll?
Running payroll is not only a complex but a specialized field that requires exclusive knowledge of employment income and benefits in kind. All Employees and Directors are covered under payroll. Payroll specifically covers Income tax, National Insurance and Pension deductions from income and all other benefits such as company car, fuel benefit, mileage claims, insurance etc. received from employment.
What is CIS? How can I claim back CIS deducted by contractor?
CIS stands for Construction Industry Scheme. Under these scheme contractors are required to deduct money from the payment to be made to subcontractors and pass it to HM Revenue and Customs (HMRC). These deductions are considered as advance tax and/or NI towards subcontractor annual income.
What is Beneficial for business? To buy or to lease a car?
Any assets you buy/lease on business name has its own benefits. Decision to buy or lease purely depends upon who you are planning to get vehicle for and how it will be used. There are various taxation matters that we have to look into while making this decision.