Double cab pick-up trucks will be treated as company cars for the purpose of benefit-in-kind (BIK) tax and capital allowances from April 2025. Currently, double cab pick-ups that can carry more than 1 tonne are typically classified as commercial vehicles. This has...
The ABCs of VAT for small business Value Added Tax (VAT) is a significant part of the UK tax system. If you run a VAT-registered business, you’re required to charge this tax on most goods and services, which you must then report and pay to HMRC. Basically, you are...
Autumn Budget roundup A Budget full of tricks rather than treats – Here’s our Autumn Budget roundup Rachel Reeves announced a range of fiscal adjustments in the Autumn Budget. Focusing on employer contributions and personal tax thresholds to sustain...
Prepare for new VAT late submission, late payment penalties and interest charges. Find out about new VAT penalties and interest charges that will apply to everyone who submits a VAT Return from 1 January 2023. For VAT periods starting on or after 1 January 2023, the...
VAT accounting schemes – Choosing the right scheme for you. Just about everyone has heard of VAT (value-added tax). We’re used to paying it on many of the goods and services we purchase as we go about our everyday lives. But when you have your own business,...
