Allowable Expenses

Allowable Expenses

All businesses pay tax based upon what profits they make, once the profit is calculated the relevant tax rate is applied to this to calculate the amount of tax due. To arrive at a profit a series of allowable costs are deducted from the business’s turnover. The rules...
PYE2 Get Ahead Checklist

PYE2 Get Ahead Checklist

These days it’s very important to plan ahead when your year-end comes around. Many opportunities for tax planning simply disappear once the year-end date slips by. We’ve set out the important areas for consideration below along with the reasons why we call this our...
Working out your VAT

Working out your VAT

If you have a receipt that includes VAT but the supplier hasn’t split out the VAT how do you work out the VAT? Just follow this quick calculation to work it out – assuming it’s 20% VAT! To calculate the VAT divide the gross amount by 6. To calculate the net amount...
Paying HMRC

Paying HMRC

If you need to make a payment to HMRC here is all the information you need. Self Assessment Sort Code 08 32 10 Account No. 12001039 Account Name HMRC Cumbernauld Reference Your 10 digit Self Assessment URN and add a ‘k’ at the end. PAYE Sort Code 08 32 10 Account No....