Accounting

This category contains 68 posts

GENERAL VAT RULES – Guide prepared 08 Sept 2017

B2B supply of services (includes businesses, charities, government departments or any other organisation involved in business or a mix of business and non-business activities). For our purposes, place of supply is generally where the customer is based/registered. For EU business customers, proof of trading must always be requested preferably VAT registration. Notice 741a     … Continue reading

Should you claim Child Benefit?

For households in which no one earns over £50K per annum, this is not a question worth answering because the child benefit tax charge (introduced in 2013) doesnt apply. If, on the other hand, you (and/or your partner) are lucky enough to earn over £50K, you already know that one of you must pay the … Continue reading

Re-considering the VAT Flat Rate Scheme

You must have heard and/or read about the changes to the VAT flat rate scheme (FRS) effective 01 April 2017. To summarise, if your cost of sales is less than either 2% of your sales OR £1000 per year, your flat rate will be 16.5%. I won’t go into why this new directive was implemented but suffice it to say … Continue reading

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