Some businesses may request a payment in advance for goods or services.If you are VAT registered it is important to know when you can claim back VAT on an advance payment. This is generally determined by the tax point which is either the date of the invoice or the date money is received. Here are six examples of different types of advance payments and how they are treated. …
We had a discussion in the office today about the new rates for corporation tax which take effect from April 2023. For many of our clients who have limited companies we produce monthly management reports which show a monthly provision for Corporation Tax based on their year to date net profit. This gives them an idea of how much they will need to have available to pay their Corporation Tax bill 9 months after their year end. …
If you reimburse your employees mobile phone expenses you could be providing them with a taxable benefit which could be subject to tax and NI. …
If you are VAT registered you may not know that there are different ways to report your VAT to HMRC. It is worth understanding each of the schemes …
Knowing how to monitor and manage your cash flow so your business has enough money to pay your taxes and you is vital to grow your business. …
