The need for documentation also arises in relation to the assessment of controls and people functions. HMRC suggest use of a VAT risk register to document VAT risks identified, the nature, type and frequency of control activities, how the control activity is performed, how testing of the effecti...
VAT: Generally, private individuals do not charge VAT when selling NFTs, but business-related sales might have different VAT rules. We’ve written a whole guide about NFT taxation in the UK as well: UK NFT Taxation Frequently Asked Crypto Tax Questions Do I need to pay taxes on my ...
There is no limit to the number of miles you can claim for so long as they are used for business-related travel. This includes business travel using your own vehicle outside the UK. However, you cannot claim reimbursement for VAT mileage expenses for fuel purchased outside of the UK....
we do offer some resources for those working in the gig economy. That’s because we know such self-employed individuals struggle with having multiple trades; correctly using thetrading allowance, registering for Flat Rate VAT, expenses and not falling behind on...
before December 31, 2022, the old default surcharge regime still applies. Under this regime, HMRC will record a default on your account if you’re late submitting a VAT return or payment. If you default again in the next 12 months, you may have to pay extra on top of the VAT you ...
If this rule is met, travel expenses for travel to the temporary workplace can be claimed. However, if work at this temporary workplace lasts for more than 24 months, it’s considered to be a permanent workplace and is no longer eligible for business travel expenses deductions.How to ...
Priestly, Chris
If you have any questions about how to file VAT from 01 November 2022 onwards, please let us know by posting a comment below and we'll be happy to help you. Moving from a spreadsheet and you're in a hurry? You can use QuickBooks as a bridging solution by uploading a spreadsheet of ...
The R&D Tax Credit has directly been applied towards reducing the Group's pay as you earn ("PAYE") and value added tax ("VAT") liabilities for the financial year ended 31 December 2023 and to 29 February 2024. For further information please contact: ...
If you're a VAT-registered business owner in the UK, you're likely already familiar with the current implementation of Making Tax Digital (MTD). This means that