Uncertainty is one of the key issues facing businesses currently. As business owners, we have all faced probably one of the most challenging years of our working lives, and it looks like it will continue over the next few months. As a country, we are in a much better place than we were last year….
Category Archives: Blog
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May
May
A 25% rate of corporation tax will apply to all of a company’s profits if they exceed £250,000 from 1 April 2023. The 19% rate will continue to apply where profits are below £50,000. The marginal rate that applies between those limits will be 26.5%. Those upper and lower limits are divided by the number…
One thing that VAT registered businesses sometimes over look is the payment of fuel scale charges. There isn’t a one size fits all option on these, and so each business and vehicle within a business will need considered. You can reclaim all the VAT on fuel if your vehicle is only used for business use…
The Government have announced a one-year exemption from paying employers national insurance contributions (NICs) where military veterans are recruited by civilian employers. Employers can claim relief if they employ a veteran during the qualifying period. The qualifying period starts on the first day of the veteran’s first civilian job since leaving the regular armed forces…
As accountants, we often get asked if a vehicle is a commercial vehicle (van) or a car for VAT purposes. So when is a van a van? Generally speaking, for a vehicle to be treated as a van for VAT purposes, it needs to be constructed with the primary purpose of the conveyance of goods/burden…
In this article we look at the potential benefit in kind, which is remarkably low for certain electric cars. Plus there is no fuel benefit. 100% Capital Allowances and grant available for both the car and charge points make electric cars worth considering. Electric cars benefit in kind 2021/22 The taxable benefit of a vehicle…
If you are involved with imports, you may have heard the term Postponed VAT Accounting. If you want to know more about it, what it is and when it may be of benefit to your business, please read on. What is Postponed VAT Accounting? If your business is VAT registered in the UK and you…
Understanding VAT treatment never seems to get easier, and that’s why Saint & Co are here to help. We can translate the HMRC guidance into specific advice to your own circumstances – often the HMRC guidance is exactly that, just a guide where you are then left to make your own decision on whether to…
VAT has always been a complicated tax, and from 1 January 2021, for your business, you may think it has got even more complicated. So when should you add VAT to your product sales? If you are selling goods internationally, if the goods are physically crossing an international border on a permanent basis, then the…
You keep saying you will do it but time runs away with you. Don’t worry there is still time to put a claim in for working from home for the tax years 2019/20 & 2020/21. Please click on the link below to see our previous blog for details regarding how to make the claim. https://www.saint.co.uk/hmrc-portal-open-for-wfh-working-from-home-expenses-claims/…
