Entries by roger

Company cars – advisory fuel rates from 1 June 2013

These rates apply to all journeys on or after 1 June 2013 until further notice. For one month from the date of change, employers may use either the previous or new current rates, as they choose. Employers may therefore make or require supplementary payments if they so wish, but are under no obligation to do […]

How long do I have to file my company’s first accounts?

If you are filing your company’s first accounts and those accounts cover a period of more than 12 months, you must deliver them to Companies House: within 21 months of the date of incorporation for private companies within 18 months of the date of incorporation for public companies 3 months from the accounting reference date, […]

Filing Accounts with HMRC

A UK Corporation Tax Return for a small limited company (preparing Companies Act or IAS individual accounts) includes form CT600, the accounts and the tax computation together with any accompanying information as required. This must be submitted to HMRC electronically. The accounts forming part of the return must be in iXBRL format. iXBRL tagging of […]

What income do I exclude from my flat rate turnover for VAT?

You exclude from your flat rate turnover: private income, for example income from shares bank interest the proceeds from the sale of goods you own but which have not been used in your business non-business income and any supplies outside the scope of UK VAT, and sales of capital expenditure goods on which you have […]

What do I include in my Flat Rate Turnover for VAT?

Your flat rate turnover is all the supplies your business makes, including VAT. This means all of the following: the VAT inclusive sales and takings for standard rate, zero rate and reduced rate supplies the value of exempt income, such as any rent or lottery commission supplies of capital expenditure goods, unless they are supplies on which VAT has […]

Vat deadlines

Deadlines for submitting your VAT Return You must submit your return so that HMRC receives it by the due date. This deadline is shown on your online return and is normally one calendar month and seven days after the end of your VAT period. Vat period ending Deadline for online submission 31 January 2013 7 […]

Overlap profits on commencement of trade

A business commences on 1 October 2012. The first accounts are made up for 12 months to 30 September 2013 and show a profit of £45,000. The basis periods for the first 3 tax years are:   2012-2013 Year 1 1 October 2012 to 5 April 2013 2013-2014 Year 2 12 months to 30 September […]

Claims to reduce or cancel self-assessment payments on account

The payments on account required for any tax year are calculated by reference to the tax liability for the preceding year.  For those taxpayers whose tax liability is relatively constant from year to year this method of calculation ensures that the payments on account required approximate to the additional tax required over and above any […]