Blog

Get a refund or interest on your Corporation Tax

This blog provides an overview of when you would receive a corporation tax refund or interest on your corporation tax payments and is based on  information obtained from the HMRC website https://www.gov.uk/get-refund-interest-corporation-tax

If your company or organisation pays too much Corporation Tax, HM Revenue and Customs (HMRC) will repay what you have overpaid and may also pay you interest on it.

HMRC’s current rate of interest is 0.5%.
Corporation Tax Refunds
You should use your Company Tax …

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Corporation Tax trading losses

This blog provides an overview of the rules regarding corporation tax trading losses and is based on information obtained from the HMRC website https://www.gov.uk/guidance/corporation-tax-calculating-and-claiming-a-loss
Overview of Corporation Tax trading losses
If your company or organisation is liable for Corporation Tax and makes a loss from trading, the sale or disposal of a capital asset, or on property income, then you may be able to claim relief from Corporation Tax.

You get tax relief by offsetting the loss …

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Reclaiming VAT

Overview of Reclaiming VAT
This blog provides an overview of the rules for reclaiming VAT and is based on information obtained from the HMRC website https://www.gov.uk/reclaim-vat

You can usually reclaim the VAT paid on goods and services purchased for use in your business. If a purchase is also for personal or private use, you can only reclaim the business proportion of the VAT.

Examples

Half of your mobile phone calls are private. You can only reclaim …

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  • Posted: July 28, 2018
  • Tags: Tax
    VAT
  • Comments: 0

Salary Sacrifice Arrangements

This video provides an overview of salary sacrifice arrangements and is based on information obtained from the HMRC website https://www.gov.uk/guidance/salary-sacrifice-and-the-effects-on-paye
Overview of Salary Sacrifice Arrangements
A salary sacrifice arrangement is an agreement to reduce an employee’s entitlement to cash pay, usually in return for a non-cash benefit.

Salary sacrifice arrangements cannot reduce an employee’s cash earnings below the National Minimum Wage rates.

As an employer, you can set up salary sacrifice arrangements by changing the terms of …

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Company and Accounting Records

This blog provides a brief overview of the company and accounting records that must be kept by a limited company is based on information obtained from the following HMRC website https://www.gov.uk/running-a-limited-company/company-and-accounting-records

You must keep:-

Records about the company itself
Financial and Accounting records

You must also keep details of:

directors, shareholders and company secretaries
the results of any shareholder votes and resolutions
promises for the company to repay loans at a specific date in …

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VAT Registration in the UK

This blog provides an overview of all aspects of VAT registration and is based on information obtained from the following HMRC web site:-

https://www.gov.uk/vat-registration
VAT Registration Overview
You must register for VAT with HMRC if your business’s VAT taxable turnover is more than £85,000. When you register, HMRC will send you a VAT registration certificate which will confirm:-

Your VAT number
When to submit your first VAT return and payment
Your “effective date …

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  • Posted: June 22, 2018
  • Tags: Tax
    VAT
  • Comments: 0

Basic Corporation Tax

This blog provides an overview of basic corporation tax. It explains how being a trading or non trading (dormant) company or organisation affects your corporation tax reporting requirements. It is based on information obtained from the following HMRC web site:-

https://www.gov.uk/guidance/corporation-tax-trading-and-non-trading
Overview of Basic Corporation Tax
HMRC may consider your company or organisation to be “active” for Corporation Tax purposes when it is, for example, carrying on business activity, trading or receiving income.

In some circumstances, …

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Correct errors on your VAT Returns

This blog explains how you should correct errors on your VAT returns and is based on information from the HMRC web site https://www.gov.uk/vat-corrections.

Adjustments

You can adjust your current VAT account to correct errors on past returns if they are:

below the reporting threshold
not deliberate
for an accounting period that ended less than 4 years ago

Reporting threshold

You can correct errors on your VAT returns if the net value of …

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  • Posted: May 13, 2018
  • Tags: Tax
    VAT
  • Comments: 0

Personal Savings Allowance

This blog provides information about the Personal Savings Allowance and is based on information obtained from the HMRC web site https://www.gov.uk/government/publications/personal-savings-allowance-factsheet/personal-savings-allowance.

Personal Savings Allowances were introduced on 6th April 2016. Basic rate taxpayers have been able to earn up to £1,000 in savings income tax free during the tax year. Higher rate taxpayers can earn up to £500 in savings income tax free.

Most people will no longer pay tax on savings interest. Banks and …

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Objections to Company Names

This article examines possible objections to company names. It provides an overview of the reasons that people can object to the name of a limited company and is based on information obtained from the Companies House web site https://www.gov.uk/government/publications/incorporation-and-names/incorporation-and-names
Overview of Objections to Company Names
Following a complaint, a company’s registered name may have to be changed if the:-

name is “too like” an existing name on the index
misleading information to support the …

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Tax Overpayments and Underpayments

This article provides an overview of tax overpayments and underpayments and is based on information obtained from the HMRC web site https://www.gov.uk/tax-overpayments-and-underpayments
Overview of Tax Overpayments and Underpayments
If you are either employed or receive a pension, HM Revenue and Customs (HMRC) checks whether you are paying the right amount of tax throughout the year.

They may also adjust your tax during the year if your circumstances change, for example if you receive a pay …

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  • Posted: March 30, 2018
  • Tags: Tax
  • Comments: 0

Taking Reasonable Care with Tax Returns

This video provides an overview of taking reasonable care with tax returns and and other HMRC documents and is based on information obtained from the HMRC web site https://www.gov.uk/guidance/reasonable-care-tax-returns-and-other-documents
Overview
Everyone has a responsibility to take “reasonable care” over their tax affairs. This means doing everything you can to make sure the tax returns and other documents you send to HM Revenue and Customs (HMRC) are accurate.

HMRC will take your individual circumstances into account when considering whether …

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Setting up your payroll for the new tax year

This blog provides an overview of the steps that you have to undertake as an employer to set up your payroll for the new tax year. It is based on information obtained from the HMRC web site https://www.gov.uk/payroll-annual-reporting

As an employer running payroll, you need to:-

report to HM Revenue and Customs (HMRC) on the previous tax year (which ends on 5 April) and give your employees a P60
prepare for the new tax year, …

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How to issue P60s to your employees

This blog gives an overview of the importance of issuing P60s to your employees. It is based on information obtained from the HMRC web site https://www.gov.uk/payroll-annual-reporting/give-employees-p60-form
Overview
An employer must give a P60 form to all employees that are working for them on 5th April (the end of the tax year). The employee must receive their P60 by 31st May.

The P60 form shows the employee the gross salary they have received during the …

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How to send your final PAYE submission for the tax year

This blog gives an overview of how to send your final PAYE submission for the tax year to HMRC. It is based on information obtained from the HMRC web site https://www.gov.uk/payroll-annual-reporting/send-your-final-payroll-report
Overview of How to send your final PAYE submission for the tax year
As an employer running payroll, you need to:

report to HM Revenue and Customs (HMRC) on the previous tax year (which ends on 5 April) and give your employees a P60
prepare for …

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  • Posted: March 14, 2018
  • Tags: PAYE
    Tax
  • Comments: 0

VAT Treatment for Lost or Damaged Goods

This blog provides an overview of the VAT Treatment for Lost or Damaged Goods. It is based on information obtained from the HMRC web site https://www.gov.uk/guidance/vat-lost-stolen-damaged-or-destroyed-goods

When you lose goods due to issues such as losses in the post, theft or damage, you will need to make sure that you deal with the VAT correctly. In some cases, VAT will still …

  • Posted: March 12, 2018
  • Tags: Tax
    VAT
  • Comments: 0

Self Employment and Registering with HMRC

This video provides an overview of Self Employment and registering with HMRC. It is based on information obtained from the HMRC web site https://www.gov.uk/working-for-yourself

If you start working for yourself, you are classed as a sole trader. This means you are self-employed – even if you have not yet told HM Revenue and Customs (HMRC).

You are probably self-employed if you:

run your business for yourself and take responsibility for its success or failure
have several …

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Tell Us Once Service

This blog provides an overview of the Tell Us Once service and is based on information obtained from the HMRC web site https://www.gov.uk/after-a-death/organisations-you-need-to-contact-and-tell-us-once

Tell Us Once is a service that allows you to report a death to most government organisations in one go.

When you register the death, the Registrar will:-

Let you know if the service is available in your area
Give you the phone number
Give you a unique reference number

Before you …

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VAT Cash Accounting Scheme

This blog provides an overview of the VAT Cash Accounting Scheme and is based on information obtained from the HMRC web site https://www.gov.uk/vat-cash-accounting-scheme

The amount of VAT that a business pays or claims back from HM Revenue & Customs (HMRC) is usually the difference between the VAT charged by the business to customers and the VAT that the business pays on their own purchases.

With the Cash Accounting Scheme you:-

Pay VAT on your sales …

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  • Posted: February 24, 2018
  • Tags: Tax
    VAT
  • Comments: 0

Companies House Filing Deadlines

Companies House Filing Deadlines – Overview
This blog provides an overview of Companies House filing deadlines.

As a general rule of thumb, the accounts for a private limited company have to be filed at Companies House 9 months after the financial year end.

For example, if the accounting year end is 31st December 2017, the accounts have to be filed at Companies House by 30th September 2018.

However, this is not the case for …

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