It is quite possible within the VAT system for a business to be in the position of having to pay over VAT to HMRC while not having received payment from their customer.
Bad debt relief allows businesses, that have made supplies on which they have accounted for and paid VAT but for which they have not received payment, to claim a refund of the VAT by reference to the outstanding amount. Read More
Travelling and subsistence expenditure incurred by or on behalf of employees gives rise to many problems.
We highlight below the main areas to consider in deciding whether tax relief is available on travel and subsistence. Read More
It is the ambition of many people to run their own business. Some may have been made redundant and find themselves with free time and financial resources. Others make the decision to start up in business to be more independent and obtain the full financial reward for their efforts. Read More
The required format of statutory accounts that small companies have to prepare and send to Companies House has changed for accounting periods ending on or after 1 January 2016 (or 1 January 2015 if early adopted). In March 2015 the UK Government approved new regulations which have significantly changed the small companies’ regime.