BIZORB'S PICK Business Tax: A beginner’s guide

Business Tax: A beginner’s guide

Business Tax: A beginner’s guide 4.00/5 (80.00%) 2 votes
Saturday 9th September 2017

Understanding the basics of UK Business Tax is a must for anyone starting out on their own – whether you are doing some self-employed freelance work, setting up as sole trader or registering a limited company. This guide will help ... Read More »

VAT Explained

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Saturday 9th September 2017
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A simple guide to VAT When doing business beneath the VAT threshold you need to think carefully about whether registering for VAT will benefit you. For some businesses, depending on who your customers are, being registered and paying VAT will leave your customers paying 20% more for your services whilst for other customers they too ... Read More »

Submitting Your VAT Return Online

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Saturday 9th September 2017
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A handy guide to submitting your VAT return online This simply guide walks you through the submission of your VAT return online. The video discusses all of the information and data you will need and then takes you step-by-step through the process to complete your filing. With clear video representation of the website you can ... Read More »

VAT Registration

VAT Registration 4.00/5 (80.00%) 1 vote
Saturday 9th September 2017
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Overview You must register for VAT with HM Revenue & Customs (HMRC) if your business turnover is more than £77,000. You can register voluntarily if it’s below this. When you register, you’ll be sent a VAT registration certificate. This confirms: Your VAT number Your ‘effective date of registration’ – the official date you’re registered for VAT ... Read More »

VAT Record Keeping

VAT Record Keeping 4.00/5 (80.00%) 1 vote
Saturday 9th September 2017
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Overview VAT-registered businesses must: Keep records of sales and purchases Keep a separate summary of VAT called a VAT account Issue correct VAT invoices How to keep VAT records You must keep VAT records for at least 6 years. You can keep them on paper, electronically or as part of a software program (eg book-keeping software). ... Read More »

VAT For Consumers

VAT For Consumers 4.00/5 (80.00%) 1 vote
Saturday 9th September 2017
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Overview VAT is a tax you pay on most goods and services. You pay 20% VAT most of the time – but less on essential items. Rate % What the rate applies to Standard 20% Most goods and services Reduced rate 5% Some goods and services, eg children’s car seats and some energy-saving materials in ... Read More »

VAT Returns

VAT Returns 4.00/5 (80.00%) 1 vote
Saturday 9th September 2017
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Overview Usually, you send a VAT Return to HM Revenue & Customs (HMRC) every 3 months. This period of time is known as your ‘accounting period.’ The VAT Return records things for the accounting period like: Your total sales and purchases The amount of VAT you owe The amount of VAT you can reclaim What ... Read More »

VAT Flat Rate Scheme

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Saturday 9th September 2017
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Overview Usually, how much VAT a business pays or claims back from HM Revenue & Customs (HMRC) is the difference between the VAT they charge customers and pay on their purchases. With the Flat Rate Scheme: You pay a fixed rate of VAT over to HMRC You keep the difference between what you charge your ... Read More »