This guide looks at how the 3 main accounting schemes work and how they can help businesses. Special VAT accounting schemes for small businesses have been available for a number of years, but they are still underused. The 3 main schemes are: cash accounting, annual accounting and the flat rate scheme. The cash accounting scheme (CA) Cashflow can Continue Reading
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VAT online filing relaxed
HMRC has proposed to relax the current online filing of VAT returns. They are going to improve the telephone filing service by making it possible for taxpayers to ring HMRC rather than making an appointment for HMRC to ring them. They are also providing: a dedicated line, and providing a service outside normal working hours. The service will be more Continue Reading
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Tax Diary June/July 2014
1 June 2014 - Due date for Corporation Tax due for the year ended 31 August 2013. 19 June 2014 - PAYE and NIC deductions due for month ended 5 June 2014. (If you pay your tax electronically the due date is 22 June 2014.) 19 June 2014 - Filing deadline for the CIS300 monthly return for the month ended Continue Reading
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Small business VAT scheme
If you are a registered VAT trader and your present turnover is below £150,000 you may be advised to take a look at the VAT Flat Rate Scheme (FRS). FRS users pay VAT as a fixed percentage of their total sales including VAT. You still add 20% VAT to your invoices but you cannot reclaim VAT on purchases or expenses Continue Reading
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