bookkeeping

This tag is associated with 4 posts

VAT FLAT RATE SCHEME – A Simple Guide

WHAT IS IT? It is a simplified VAT scheme that allows businesses (with £150,000 turnover or less) to charge standard VAT on sales but pay over a reduced amount to HM Revenue and Customs (HMRC). To illustrate (let’s ignore purchases for simplicity): Standard VAT business Net Sales £100 Standard VAT 20% £20 Gross Sales £120 … Continue reading

Ignorance is no longer bliss

Sole Trader? Make sure you know which records to keep and make sure your records are up to date. HM Revenue and Customs publishes a good guide aptly named, “A general guide to keeping records for your tax return”. Download, save and refer to it regularly to make sure you are aware of your responsibilities. … Continue reading

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