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Month: July 2013

VAT – A quick guide to VAT calculations

VAT – A quick guide to VAT calculations

The UK tax system is pretty complicated and VAT in particular causes many headaches for small businesses. Here’s a summary of the key aspects to help you determine whether you should be VAT registered and ensure you are on the best scheme

VanillaAcc 23/07/201322/10/2013 Uncategorized Read more

A guide to tax on Mobile Phones

A guide to tax on Mobile Phones

An employer can provide an employee with a mobile phone and this is tax free. This includes smart phones. However, the contract must be in the company’s name. If the contract is in the employee’s name and the company pays

VanillaAcc 17/07/201324/10/2013 Tax Read more

Can I employ family to save tax?

Can I employ family to save tax?

As an accountant working exclusively with small, owner managed businesses, we are often asked can I employ family to save tax? Well the simple answer is yes – however you must be careful to ensure that they have a “proper

VanillaAcc 12/07/201322/10/2013 Tax Read more

Reduce your Capital Gains Tax bill

Reduce your Capital Gains Tax bill

There are many ways to reduce your capital gains tax bill and the use of the spousal exemption is a very effective way of doing this. Everyone in the UK has an annual Capital Gains Tax exemption of £10,900 (2013/14).

VanillaAcc 09/07/201322/10/2013 Tax Read more

Should I joint the flat rate VAT scheme?

Should I joint the flat rate VAT scheme?

If you are a small business you may be better off on the flat rate VAT scheme rather than the standard scheme. Under the flat rate VAT scheme, you use a flat rate percentage to work out how much VAT you

VanillaAcc 05/07/201322/10/2013 Tax, VAT Read more

Class 2 National Insurance exemption

Class 2 National Insurance exemption

In our previous article we looked at how to register as self employed. Here we look at national insurance for self employed people. In particular, the Class 2 national insurance contribution small earnings exception. When you are self employed you

VanillaAcc 02/07/201322/10/2013 National Insurance Read more

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