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Financial news and updates for small business owners

VAT and food supplies

VAT and food supplies

HMRC’s VAT Notice 701/14: food explains what types of foods are zero rated and standard rated for VAT. The notice includes many examples of different food categories. The notice covers some general VAT liability rules. For example, food supplied in

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Employee ownership and involvement

Employee ownership and involvement

There are many ways that employees can own a stake in their employer’s company. However, employee ownership usually refers to a situation where all employees of a business have a ‘significant and meaningful’ stake in a business. This means employees

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Overseas seller VAT check

Overseas seller VAT check

Since 2018, online marketplaces (such as eBay or Amazon) have been required to help tackle online VAT fraud. These measures, known as joint and several liability (JSL) for marketplaces aim to ensure that all businesses selling goods in the UK follow

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Definitions of connected persons

Definitions of connected persons

The definition of a connected person for tax purposes can be complex and varies depending on the circumstances at hand. A statutory definition of “connected persons” for Capital Gains Tax purposes is set out in Section 286 of the Taxation

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VAT Flat Rate Scheme

VAT Flat Rate Scheme

The VAT Flat Rate Scheme (FRS) has been designed to simplify the way a business accounts for VAT and in so doing reduce the administration costs of complying with the VAT legislation. The scheme is open to businesses that expect their annual taxable

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Contacting HMRC by email

Contacting HMRC by email

HMRC has published a new guidance titled ‘Corresponding with HMRC by email’. The guidance was published on 9 August 2022 and explains some of the risk factors associated with contacting HMRC in this way. HMRC suggests that the information contained

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Termination payments

Termination payments

The tax treatment of termination payments has changed significantly over recent years. The changes have aligned the rules for tax and secondary National Insurance contributions (employer (NICs)) by making an employer liable to pay NICs on termination

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Using the Customs Declaration Service

Using the Customs Declaration Service

The Customs Declaration Service (CDS) is a new customs IT platform that has been designed to modernise the process for completing customs declarations for businesses that import or export goods from the UK. A phased launch of the service started

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Reminder of compensation limits for bank deposits

Reminder of compensation limits for bank deposits

The bank deposit guarantee limit is the amount of money that is guaranteed for savers in UK banks and building societies should the institution become insolvent. The Financial Services Compensation Scheme (FSCS) guaranteed amount is currently £85,000

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Factsheets

We also have a range of factsheets on different topics which you can browse and download.

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