Category: Knowledge Base

VAT on Food and Drinks for Restaurants and Cafes

Posted by on 10.14.21 in Knowledge Base

From 1st October 2021, a reduced (12.5%) rate of VAT was applied to supplies of food and non-alcoholic drinks from restaurants, pubs, bars, cafes, and similar premises across the UK. This reduced VAT rate will remain for six months before returning to the full 20% rate in April 2022. You charge VAT at 0% on […]

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Do i need to register for Self-Assessment

Posted by on 9.25.21 in Knowledge Base

There are a number of reasons why a taxpayer needs to complete a Self-Assessment tax return. This includes if they are self-employed, a company director, have an annual income over £100,000 and / or have income from savings, investment or property. Taxpayers that need to complete a Self-Assessment tax return for the first time should […]

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What is VAT reverse charge in the construction sector?

Posted by on 1.3.21 in Knowledge Base

VAT reverse charge rules came into effect on 1st March 2021, altering the way businesses operating the Construction Industry Scheme (CIS) and who are VAT registered present their invoices. These new rules are complex, and you’ll need to be aware of what they may mean for your business’s sales invoices and VAT returns. What is […]

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How to Fill In Your Tax Return Online

Posted by on 1.3.21 in Knowledge Base

In this step-by-step guide, you’ll find everything you need to know to fill in your tax return online, one of the most important self assessment forms when you become self-employed to help you beat the HMRC deadline. When is Your Tax Return Due? The deadline for filing your tax return online is 31 January, following the end of the tax year. […]

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Entrepreneurs’ Relief when selling shares in your business

Posted by on 10.14.20 in Knowledge Base

Entrepreneurs’ Relief reduces the amount of Capital Gains Tax payable when you dispose of (sell) shares in all or part of your business. It results in a tax rate of 10% on the value of the disposal. There’s no limit to how many times you can claim and you can claim up to £1 million of relief […]

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