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CIS- changes to VAT treatment; reverse VAT charge being introduced In October 2019

HMRC have decided that the treatment of VAT, under CIS will change on the 1st of October this year.Therefore, you must make sure that you understand the changes & how they will effect your business.  Under the new changes, customers receiving the service will have to pay the VAT due to HMRC, instead of paying the supplier. This means, that the VAT will be treated in the same way as deductions under CIS are now. VAT can then be recovered, using the normal method. One key difference between&n...

August 6, 2019

Does worrying about whether you’re going to get paid on time, keep you awake at night?

... if you want to stay in business. Cash flow is after-all, the ‘heart beat’ of any business.  The National Federation of self-employed & small businesses’ has conducted research, which shows that ‘37% of small businesses have run into cash flow difficulties’. Therefore, unless you are very proactive when it comes to managing your cash flow, it can be a slippery slope. Not only is it a financial burden, but an emotional one as well. ...

July 15, 2019

Can I claim a suit as a business expense?

  HMRC are very strict when it comes to what clothing you can & can’t claim as a business expense.  There is a term ‘Everyday wardrobe’ which is often used by HMRC. Clothing which you could wear, whilst not working, is usually not an allowable expense. Clothing, like all business expenses, must meet the fundamental rule of being ‘wholly and exclusively’ for business use. ...

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