Tax & VAT

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Health and Social Care Tax Change UK by Prime Minister Boris Johnson

While the pandemic-induced recession is greater than we thought it would be, precautions and safety precautions must also be taken. The COVID-19 pandemic has impacted the UK economy in many ways. From lockdown restrictions, and most of it is the declaration of bankruptcy of many businesses as they officially close down their operations because they …

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Do You Pay UK Tax On Cryptocurrency?

Cryptocurrency came into being in 2009 when bitcoin was released into the world. A self-proclaimed Satoshi Nakamoto released the first-ever version of bitcoin that’ll serve as a blueprint for other, newer bitcoin currencies existing today. Because of Nakamoto pioneering this, Bitcoin became a means to have online transactions with smooth and hassle-free transactions.   From …

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5 Things You Should Do If You Miss the Personal Tax Deadline

Missed the personal tax deadline? There will be some consequences, but all is not lost. The most important thing is to move quickly. Further delay usually means heavier penalties. Here are five concrete steps you can take if you miss the personal tax deadline to get back on track.  What Should You Do If You …

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What Happens if I Miss the Corporation Tax Deadline?

Deadlines and accounting taxes can be quite painful, especially if the paperwork still has some ways to go and the deadline is just around the corner. For business owners new to the game, you might be asking: what will happen if you fail to meet the deadline for filing a tax return and paying your dues? …

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What Happens if I Miss the Companies House Deadline?

Deadlines are inevitable in owning a company. Business directors have many responsibilities on their plate, and it all comes with specific clearing times. This includes submitting your annual accounts and confirmation statement to Companies House. These are required to be submitted annually. So what happens if you miss a companies house deadline? All limited companies …

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How Long Does It Take For HMRC To Pay My VAT Refund

Nobody likes to be saddled with taxes, but that is the way of life. Every economic activity that we do, even the most straightforward act of buying a pack of biscuits, is taxed. There are different kinds of it—income, property, federal—but all kinds of taxes have one destination: the government’s hands. One tax in particular …

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What is the VAT Flat Rate Scheme?

Her Majesty’s Revenue & Customs (HMRC) Value-Added Tax, VAT Flat Rate Scheme has existed since the 2002 Budget. This was introduced for small businesses owners, so they can be relieved of the administrative burden when preparing VAT returns by having them pay roughly the same amount of VAT without the complexity of much paperwork. The …

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When Do I Have To Register For VAT?

Value-added tax can be considered one of the most controversial strategies of the previous century regarding taxation. It is the idea that we should add cost to goods and services for the benefit of the government.  Many people were opposed to this idea as this increases the cost of almost everything. When it was implemented …

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If I Have a Non-VAT Registered Business, Does Making Tax Digital Affect Me?

Making Tax Digital (MTD) is an innovation introduced by HMRC to make tax filing and payment more manageable. It requires that accounting software be used in completing tax returns and that records are kept electronically. Currently, Making Tax Digital is compulsory in VAT-registered businesses with a taxable turnover of £85,000. But does this mean that …

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