Making Tax Digital (MTD) for VAT MTD for VAT will be implemented in April 2019. Compliance with the regulations is mandated for VAT return periods beginning on or after 1 April 2019. Under the regulations, businesses must keep digital records for VAT purposes and provide their VAT return information to HMRC using HMRC-approved software e.
As a VAT-registered business, you can reclaim VAT on many of the goods and services you purchase. Our quick guide outlines which expenses you can claim for and what evidence you need to supply. What is input VAT? Input VAT is the amount of tax added to the price of goods or services purchased for your business.
Clear Books, one of the UK’s first online accounting software providers, has successfully submitted its first VAT return through HMRC’s Making Tax Digital API. With Making Tax Digital (MTD) for VAT coming into effect from April 2019, the successful beta test paves the way for thousands of Clear Books users to complete simple three-step VAT returns directly to HMRC.
Unsure what to claim for when it comes to computer business expenses? Company-owned computers used solely for business purposes can be bought tax-free by the company and are exempt from National Insurance payments.
'Entertaining' and what you can expense through your business Clients and Business Entertainment Costs The company can claim a limited amount of tax relief for business entertaining costs.
Save money by working from a home office. As a director of your limited company, working from home can mean considerable savings on office rental costs and commuting.
As a director or employee, you can reclaim all homeworking expenses from your limited company. This might include things like furniture and a laptop, as well as heating bills and repair costs.
Business travel expenses - what can I claim? As a director or employee of your limited company, you can claim tax and NICs relief on the cost of each journey that qualifies as ‘business travel’ or amounts to 'travel expenses.
How to prepare for Self-Assessment tax return season Football season is over and, with Pompey crowned League 2 Champions, it’s time to get ready for your 2016-2017 Self Assessment (SA) Tax Return.
Six tax changes that every small business should be aware of. With the new tax year now underway, there are several changes that could affect the way you operate and the amount of tax you pay as a small business.