The following guidelines are reproduced from the government’s website: You must send a tax return if, in the last tax year (6 April to 5 April), you were: self-employed as a ‘sole trader’ and earned more than £1,000 a partner in a business partnership You…
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All is not lost
If your business makes a trading loss its ability to survive the loss will depend on a number of issues. They include: Did your business have sufficient reserves to absorb the loss? If not, are the business owners able to introduce new capital to cover…
Getting ready for EU exit 31 October 2019
HMRC has published a check list of issues you will need to deal with prior to 31 October 2019. The check list has been sent to all businesses that already trade with the EU or the rest of the world. The text of the letter…
Can you claim back the VAT when you buy a car?
The short answer to this question is a resounding “no”, but as always with tax, there are exceptions. Obviously, if you are in business and not VAT registered, you cannot reclaim the VAT added to any of your purchases. If you are VAT registered HMRC…