Businesses that register for VAT may be able to reclaim VAT paid on certain goods and services purchased before VAT registration. There are specific time limits for claiming pre-registration VAT. VAT on goods can generally be reclaimed where the goods are still held by the business or have been used to produce other goods that are…
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Filed your company tax return late?
A penalty may now be on its way...Some companies that filed their Corporation Tax return late may shortly receive an unwelcome letter from HMRC, even though the filing deadline passed some time ago.HMRC temporarily stopped issuing automatic Corporation Tax late-filing penalty notices while it updated its computer systems. Those changes have now been completed and…
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Taking money from your company
Running a limited company gives business owners several ways of taking money from their business.Salary and dividends are the most familiar, but they are not the only possibilities. The tax consequences can also be quite different, which means simply transferring money from the company bank account when you need it is rarely the best approach.Taking…
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Sales are up – so why is there no money?
It is one of the more frustrating situations for a business owner.Sales are increasing, everyone seems busy and there is plenty of work coming through the door. Yet the bank balance does not seem to improve, and, in some cases, cash becomes even tighter as the business grows.The problem is that increasing sales does not…
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