With the complexity of the VAT laws, it’s understandable that businesses make mistakes on their VAT returns. When VAT was first introduced in the UK way back in 1973, it was hailed as a simple tax. Turns out it isn’t quite so simple after all.
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It’s important to set milestones and celebrate those little victories as each one is reached, it encourages you to continue with your plan, keeps you on track.
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The Government introduced various schemes that have supported some businesses and individuals through the COVID 19 pandemic. The big question on many people’s minds has been “How will this be paid back?”.
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In March 2021, the VAT position changed as far as certain construction services are concerned with the introduction of Domestic Reverse Charge (DRC). So what led to this momentous change?
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Over the years I have spoken to a great many business owners, some of which don’t have a bookkeeper preferring instead to do their own books. Each have their own personal reasons for this, all of which I can empathize with. I thought I would share with you some of those concerns I have heard and dispel a few of the myths.
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More people are looking at credit solutions to help their businesses navigate these unprecedented times I thought it would be helpful to understand the different types of credit search and the impact of each on a credit rating. What is a credit search?
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MTD or Making Tax Digital is already in place for VAT registered businesses and has been for some time now. So, what is MTD ITSA? This is Making Tax Digital for Income Tax Self-Assessment and is being rolled out from April 2024.
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