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We have compiled some frequently asked questions about tax and accounting that may assist you.

The VAT threshold in the UK is £85,000, if your business reaches this threshold you have 30 days to inform HMRC  to register for VAT. Once you have registered for VAT your company will be required to carry out the following:

  • Charging VAT on goods and services sold
  • Pay VAT on goods and services you buy for your business
  • Keeping VAT records to submit your annual VAT return to HMRC

If you company’s turnover falls below £83,000 you can deregister for VAT with HMRC.

Find out more from Gov.uk

Whether a new start up or a well established business you may want to raise some finance for specific projects, expansion or diversifying the business. Here are a few ideas of how you can raise finance.

  • Raise funds yourself by using a 0% APR business credit card. If you feel driven and certain on achieving a specific goal for your business you should be able to invest with your own capital. Investing your own capital gives other partners and lenders more confidence in your committent.
  • Use the Crowdfunding to create a campaign, this not only a highly successful way of raising funds but can also raise the interest of investors and potential customers. Crowdfunding is a good way to raising your profile while raising cash.
  • Apply for a business loan
  • Apply for a grant from the Government. There are a number of grants available with terms and conditions applied to them but they are good way of raising capital.
  • Find an investor who is equally passion about your business or just believes in your product or service. There are many investors looking for the next big thing so seek an Angel Investor through on the UK Angel Investment Network
  • Family and friends can be a source of finance if they are believe in you but you need to draw up some legal documentation.

 

 

Firstly, get a proper valuation from a business appraiser to determine the business worth. The document will be a good source of information when coming to setting a price and during negotiations.

You can use a broker to free up time and a broker can find the right buyers and get a good price.

A Company Director has roles and responsibilities so these need to be address first and foremost. Companies House need to be informed of the death within 14 days using the paper form TM01 or you can do this online on Companies House website.

If the Director is the sole Director of the company then the share holders will need to appoint a new Director.

Retained Earnings (RE) is the net profit the business has made after paying dividends to its shareholders.

There are a number of ways the surplus capital can be used such as expansion costs, costs of merging or acquiring other business or pay outstanding debts.

The tax on the vehicle depends on how it is financed for example if the car is purchased on Hire Purchase it will only be the interest payments that are deemed a company expense.

There are capital allowances available to gain relief from purchasing a vehicle, which reduces the companies taxable profit, the allowances are based on the CO2 emissions of the vehicle.

There are different rules for purchasing Vans and motorcycles.

You can claim VAT on a vehicle

Find out more

 

A reasonable excuse set out by HMRC is something that stopped you meeting a tax obligation that you took reasonable care to meet, for example:

  • your partner or another close relative died shortly before the tax return or payment deadline
  • you had an unexpected stay in hospital that prevented you from dealing with your tax affairs
  • you had a serious or life-threatening illness
  • your computer or software failed just before or while you were preparing your online return
  • service issues with HM Revenue and Customs (HMRC) online services
  • a fire, flood or theft prevented you from completing your tax return
  • postal delays that you could not have predicted
  • delays related to a disability you have

You must send your return or payment as soon as possible after your reasonable excuse is resolved.
Find out more

Charitable donations are tax free. The tax is allocated to either the charity or to you depending on how you donate so it is important you keep a record of all charitable donations. There is more information on the Govenments website.

Find out more

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