The VAT domestic reverse charge is a mechanism that shifts the responsibility for accounting and reporting for VAT from the supplier to the customer in certain construction-related services. It is designed to combat fraud and tax evasion in the construction…
Capital gains tax is a tax imposed on the profit made from selling or disposing of certain assets. In the UK, capital gains tax is applicable to individuals, trustees, and personal representatives (in the case of an estate) who realise…
What Do Employees Need To Know? In the UK, there are two types of maternity pay: Statutory Maternity Pay (SMP) and contractual maternity pay. To be eligible for SMP, you must: Be an employee and not self-employed Earn an average…
Class 2 NI is a type of National Insurance contribution that self-employed individuals are required to pay in the United Kingdom. It is a form of insurance that provides certain benefits and entitlements, such as the State Pension, Maternity Allowance,…
A sales invoice is a critical document for any business that records the sale of goods or services to customers. When preparing a sales invoice, it's important to ensure that it contains accurate and complete information. Here are some of…
Capital allowances are tax deductions that a business can claim for the wear and tear or depreciation of its fixed assets. Fixed assets include items such as buildings, machinery, and equipment that a business uses to generate income. When a…
The flat rate VAT scheme is a simplified method of accounting for Value Added Tax (VAT) that can be used by small businesses. It is designed to make it easier for these businesses to calculate and pay VAT to HM…
