[19 Mar 2018 | Comments Off on Reclaiming foreign VAT | ]
Reclaiming foreign VAT

Your UK VAT registered business can get a refund of EU VAT for most goods and services you buy for your business.

You cannot normally reclaim GST and VAT from countries outside the EU. Nor can you reclaim EU VAT if the expense is not wholly and exclusively for the purposes of your business.
Moreover:

you need a proper VAT receipt from the actual supplier, addressed to your business, showing the rate of VAT charged and the exact amount of VAT charged
a “proforma invoice” is not a proper VAT receipt
what you can reclaim …

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annual, featured »

[31 Mar 2019 | Comments Off on Director shareholder payments 2019/20 | ]
Director shareholder payments 2019/20

If you wish to follow the small salary big dividend method of rewarding yourself from your own company, this simple guide can help.
As a matter of routine, your company should prepare its own corporation tax reserve. You will probably need to prepare a personal income tax reserve as well. A company can only pay dividends from the company’s post tax profit. If you have no profit then you can pay no dividends. Do not pay out all of the profit as dividend, only the post tax profit. That means that …

annual »

[11 Apr 2018 | Comments Off on Director shareholder payments 2018/19 | ]
Director shareholder payments 2018/19

Since the introduction of the Dividend Allowance and the Interest Allowance in 2016, compounded by the new Scottish rates of tax in 2017, there is no easy way to work out the optimum pattern of salary and dividends for directors of small UK companies.
Here’s a rough guide to what you might want to pay yourself and what sort of personal income tax reserve you may need to keep. Remember, that this is in addition to your company preparing its own corporation tax reserve. A company can only pay dividends from …

headline, one offs »

[19 Mar 2018 | Comments Off on Reclaiming foreign VAT | ]
Reclaiming foreign VAT

Your UK VAT registered business can get a refund of EU VAT for most goods and services you buy for your business.

You cannot normally reclaim GST and VAT from countries outside the EU. Nor can you reclaim EU VAT if the expense is not wholly and exclusively for the purposes of your business.
Moreover:

you need a proper VAT receipt from the actual supplier, addressed to your business, showing the rate of VAT charged and the exact amount of VAT charged
a “proforma invoice” is not a proper VAT receipt
what you can reclaim …

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[28 Nov 2017 | Comments Off on Dynamic coding for PAYE | ]
Dynamic coding for PAYE

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[10 Jul 2017 | Comments Off on Making Tax Digital | ]
Making Tax Digital

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