Tax & Vat

Articles, news and advice on Tax & VAT issues for UK small businesses.

Accounting

Inter-company loans: are there tax implications to consider?

Readers ask if there are interest charges and tax implications to think about when it comes to inter-company loans.

Accounting

What is the VAT threshold?

At what point does your small business have to start paying VAT? Should you voluntarily pay VAT? And what are legitimate ways to stay under the VAT threshold?

Making Tax Digital

Making Tax Digital: The closure of VAT online accounts

Making Tax Digital is now mandated by law, and sine the 1 November businesses can no longer be able to use their existing VAT online accounts.

Making Tax Digital

9 myths about Making Tax Digital busted

There’s been a lot of misinformation around Making Tax Digital (MTD), leaving many businesses wondering how exactly it applies to them, what their responsibilities are, and whether it will affect their tax liability.

Accounting

Tax-efficient ways to extract profits from your business

Here, we break down a number of tactics business owners can use to extract profit from their business with one eye on tax-efficiency at all times.

Making Tax Digital

Making Tax Digital for Income Tax: The lowdown

HMRC has confirmed that the Making Tax Digital for Income Tax Self-Assessment mandate will be delayed until 2026 and will launch using a phased approach.

Export & Import

Import duty and zero VAT rated goods

If I want to import zero VAT-rated goods, will I still have to pay import taxes on them? Where can I find more information about this?

Export & Import

Importing wine from abroad

If you are looking to set up a business where you will be importing wine from abroad, certain VAT and duty rules apply.

Making Tax Digital

Making Tax Digital for VAT post April – what now?

Every VAT-registered business will have to register with Making Tax Digital from 1 April. Fabiano Rocha of Sage explains how HMRC digital VAT reporting is changing and what future changes we can expect

Tax

Five small business taxes you need to know about

Here, FreeAgent's Emily Coltman presents five small business taxes that you need to know about.

Accounting

How do I declare my second income?

Many of us may be employed full time but have additional income either through a side hustle, share dividends or being a landlord. Karen Cheeseman explains your tax position

Accounting

Claiming back tax on business expenses

The question accountants are asked most is, ‘What expenses can claim tax back on in our business?’ Here’s what you can claim for, says Zad Butt of Hillier Hopkins