The Revenue has announced the launch of its latest campaign to identify tax fraud. They are looking to crack down on people, particularly the self employed, of fraudulently claiming tax credits. It is part on a government programme, in
Category Archives: selfemployment
Understanding the profit and loss account
Class 2 National Insurance changes
Class 2 National insurance is payable by sole traders and usually a small weekly/ monthly amount. From April 2011, the way in which Class 2 NIC is payable will be changing. It will now match the self assessment dates of 31 January and 31 July. Only two bills per year will therefore
Twitter doesn’t have to be taxing – Guest Blog
The taxman joined twitter just before xmas and I’d encourage fellow tweeters, whether taxpayers or accountants, to follow twitter.com/hmrcgovuk (and by all means follow @TheTaxBuzz too!) HMRC’s twitter policy statement says that if you follow this account, you can expect 1-2 tweets
Improving small business profits
Here is my video presentation of a 4sight that I did at 4Networking Taunton. It highlights some of the issues that can arise in a small business and gives some tactics that companies can use to
Self employed – have you insured your key asset?
Many people rely on you if you are self-employed, a fact seldom appreciated – an increasing number of the UK’s working population are self-employed and without doubt are their business’ most vital asset. However, they do not enjoy the employee benefits of corporate medical insurance or sick pay so can less afford to be ill.…
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Are you eligible for Rate Relief?
If you run a small business which operates from a single premises you could be eligible for substantial rate relief, thanks to a recent government announcement. The amount of relief is dependent on rateable value. As of 1st October, traders operating from a single premises will receive 100% rate relief on properties up to a rateable value…
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HMRC Scams – a warning
As many people will no doubt be aware, HM Revenue and Customs have issued a notice that they are going to be making claims for under (and over) paid tax due to an error in the PAYE system. A further blog is to be issued regarding this; however, I felt it prudent to give a warning of the scams that…
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Electronic Invoicing – time to ditch the filing cabinet?
What is Electronic Invoicing? Electronic invoicing is the transmission and storage of invoices without the delivery of paper documents. Why use this method? This can offer many advantages over traditional paper invoices. The rapid electronic transmission of documents in a secure environment may provide for: An improvement to the traceability of orders Decrease in paper…
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Should I register for VAT?
Value Added Tax (VAT) is a tax levied on the sale of certain goods and services. There are different rates of VAT which apply. Suppliers are either exempt, zero-rated or chargeable. Currently chargeables supplies are at 5% or 17.5%. Do I have to? Registration for VAT may be compulsory, depending on the level of…
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