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VAT – Flate-rate scheme changes Apr 2017

At Autumn Statement on 23 November 2016, the Chancellor of the Exchequer announced the introduction of a new 16.5% VAT flat rate for businesses with limited costs. This will take effect from 1 April 2017. VAT – Flate-rate scheme changes The VAT Flat Rate Scheme (FRS) is a simplified accounting scheme for small businesses. Instead…

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6 points checklist – when you start a new company

You may have been working as a self-employed or working under an employment contract with another company before but now you have decided to start your own company and are curious to know what you have to do next. Register a new Company First of all, you must register your new company. All companies are registered…

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6 Common errors made on Flat-rate scheme VAT returns

Since VAT return figures under Flat-rate scheme is worked out different to the standard VAT scheme based return, many people make mistakes on their return. HMRC has listed the following common errors on their website. 1) the 1% reduction is applied by businesses that have been registered for more than 12 months When you registered…

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The VAT Threshold: What Is It and How It Is Calculated

Countries around the globe have different VAT thresholds. Nonetheless, if your business is operating in the UK and your taxable sales volume exceeds the current £81,000 VAT registration threshold, you will more than likely have to register for VAT. Put simple, that means that if you are having sales that are subject to standard or…

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Top Financial Mistakes Made By Startups

If you are a manager for a small business, you don’t have to learn everything the hard way. Here’s a list of the top financial mistakes small business owners make, so you know what to avoid in the future. Not preparing a cash flow budget In the business world, Cash is King, especially in today’s…

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Corp Tax and Vat on Fixed Assets

Fixed assets are considered all assets that are not consumed during the course of business; these can be buildings, lands, equipments, cars or other items. In accounting terms, the term “fixed” does not mean that the asset is immovable; some of the fixed assets may actually be moved. As a general rule, any asset that…

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Flat rate VAT schemes

The standard VAT a business has to pay or claims back from HM Revenue and Customs is the difference between the VAT they charge customers and pay on their purchases. But, you also have the possibility to join the Flat Rate Scheme that can provide you a series of advantages.   What is the Flat…

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