Gift Aid is a scheme that enables registered charities to reclaim tax on a donation made by a UK taxpayer, as a result raising the donation amount by 25p per each pound given without costing the donor any extra. Claiming criteria Only recognised charities or community amateur sports clubs can claim gift Aid. Gift Aid … Read more What is Gift Aid?
Value Added Tax (VAT) was first introduced in the United Kingdom In 1973. The standard rate of VAT increased to 20% in January 2011 and is one of the government’s largest source of revenue. Although the standard rate applies to most goods and services, a reduced rate of 5% applies to home energy, while the … Read more VAT Value Added Tax
HMRC have confirmed that the Tax Gap for 2017-2018 is 5.6%. This shows a reduction of 1.6% from 2005-2006. This means that HMRC have successfully collected 94.4% of all tax due under the law in 2017-2018. Jesse Norman MP, Financial Secretary to the Treasury said: The UK’s low tax gap underlines both how the vast … Read more Tax Gap remains low
As we venture further in to this digital world HMRC are at the government forefront of introducing automation technology with both ‘unattended’ solutions which need no human support at all and ‘attended’ solutions which require some human intervention. HM Revenue and customs now have a range automation technology software that they can program to take … Read more HMRC and Automation Technology
Deciding what accountancy software to use can be a daunting prospect but it doesn’t have to be. Even the smallest business could benefit from using accounting software as opposed to spreadsheets or a paper based system. There are many packages on the market, all with their own pros and cons, essentially though they all have … Read more Accountancy Software for Small Businesses
Once you’ve checked your business can afford to begin employing staff, decided on what type of worker would suit your business and checked the workplace is safe and accessible. Before you can hire you must: Register with HMRC Register as an employer with HMRC and set up a PAYE scheme so that you can pay … Read more Employing Staff
A Limited company is defined by being ‘a company limited by shares’ or ‘limited by guarantee’, we will look at the limited by shares formation as this is the most popular. A company limited by shares are normally companies that make a profit. Being limited by shares means that: They are a separate entity from … Read more Limited Company Formation Step by Step