Invoices are a part of everyday business life, but it’s remarkable how many people don’t include vital information on them, making payments far more difficult than they should have to be.

This guide sets out the minimum info you need to include:

Your name and contact details

In the age of email, it might seem like over egging, but remember invoices are often printed and filed with other accounting paperwork, and need to make sense on their own.

Make sure that you include your name, full address, telephone numbers and email address.

If you’re representing a business, also include the business’ name. All this will … Continue Reading

The Chartered Institute of Taxation (CIOT) is warning business that they need to be prepared for more VAT changes than just the return of the VAT rate to 17.5% on New Year’s Day.

According to CIOT, the EU VAT Package, which comes into effect on 1st January 2010, means big changes to rules on the taxation of cross-border services. At present, some services (such as management services) are treated, for tax purposes, as being supplied where the business supplying them is based. But from the new year, virtually all services supplied to a business in another EU member state will be … Continue Reading

Welcome…There was good news and bad news for small businesses in this Pre Budget Report.

The good news is the freezing of the corporation and income tax rates, although personal allowances are also frozen at the 2009/10 levels. The promised 50% rate of income tax will be introduced for income over £150,000 and there are further anti-avoidance rules to prevent those high earners from gaining top level tax relief on pension contributions.

The bad news will come from April 2011 when NI rates are set to surge upwards. Corporation tax may also increase in this month. Businesses with empty commercial properties may … Continue Reading

Welcome to December’s tax tips & news, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Corner.

We are committed to ensuring all our clients don’t pay a penny more in tax than is necessary.

Please contact us for advice in your own specific circumstances. We’re here to help!
Tax Deductions for Franchise Fees
One of the easiest ways to step into the world of business is to acquire the right to operate a … Continue Reading

HM Revenue & Customs (HMRC) has issued a leaflet, warning VAT-registered businesses to get ready now for major changes to VAT return filing and payment, that will come into force next April.

The leaflet has been sent to all 1.9m VAT-registered businesses to alert them to the fact that, from 1st April 2010, those with an annual turnover of £100,000 or more (excluding VAT) will have to file their VAT returns online and pay their VAT electronically.

Under the changes, businesses registering for VAT on or after 1st April 2010 will also have to file their return online and pay electronically, whatever … Continue Reading

A new Charter setting out what individuals, businesses and other groups dealing with HM Revenue & Customs (HMRC) can expect from the department, as well as what it expects from them, was launched today.

Under the Charter, HMRC gives a commitment to:

• respect individuals and businesses;
• help and support them to get things right;
• treat them as honest;
• treat them even-handedly;
• be professional and act with integrity;
• tackle people who deliberately break the rules and challenge those who bend the rules;
• protect their information and respect their privacy;
• accept that someone else can represent them; and
• do all it can to keep the cost of dealing with HMRC as low … Continue Reading
  

Welcome to June’s tax tips & news, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Corner.

We are committed to ensuring all our clients don’t pay a penny more in tax than is necessary.

Please contact us for advice on your own specific circumstances.

We’re here to help!
Car Scrappage Scheme Tax Implications
The car scrappage scheme, which was launched on 18 May 2009, also applies to small vans that weigh up to 3,500kg. … Continue Reading