My Mate says… ‘I can raise funds for my business through the Enterprise Investment scheme (EIS)’ EIS is one of the four venture capital schemes, it is designed so that your company can raise money to help grow your business. You must receive investment under a venture capital scheme within 7 years of your first […]
The AV Blog
My Mate says… if I’m struggling for a Valentines gift then I should speak to my Accountant. If you wanted to think outside of the box for a Valentines Gift this year then we have a unique suggestion for you! HMRC have introduced a tax relief called the Marriage Allowance which allows £1,250 of your […]
My Mate says… ‘I should start preparing for the end of the personal tax year’. The end of the personal tax year is the 05/04/2020 and now is the time to ensure that you utilise any available tax allowances and/or exemptions. Failure to do so may result in you losing it for the 2019/2020 tax […]
My Mate Says… ‘I don’t have to charge VAT on food that is delivered cold to my customers’. Under VAT notice 709/1, cold takeaway food and drink is zero-rated for VAT, if it’s not of a type of food that is always standard rated such as crisps, sweets and beverages. If food comes out of […]
Can I avoid the Late Filing Penalty for my Self-Assessment Tax Return if I have a reasonable excuse?
My Mate Say… ‘I can avoid the late filing penalty for my self-assessment tax return if I have a reasonable excuse’. Online Self-Assessment Tax returns need to be filed by 31st January, failure to meet with this deadline will result in a late filing penalty starting from £100. The penalty rises by £10 a […]
My mate says… ‘Its easy to start a new Limited Company’. Welcome to 2020! If you’ve decided that this is the year to set up your own business, don’t rush the process, there are things for you to consider. Setting up a Limited Company can be quick and easy however you shouldn’t just form […]
On the 12th day of Christmas my accountant gave to me: 12 Drummers Drumming In India, drummers play an important role in assisting tax enforcement. Sometimes the local government officials send drum bands to businesses to shame the business owners into paying their tax arrears. Apparently, tax revenue went up 20% in Mumbai when they […]
Xerocon 2019 was a great experience! Xerocon is an annual conference hosted by Xero, which is the fastest growing accounting software. This year was their biggest event so far, with thousands in attendance and a record 70 app providers hosting stands. A month on from the event, we have reflected on the theme of Xerocon […]
Currently you can personally receive up to £1,000 tax-free interest each tax year. This limit is reduced to £500 for a higher rate taxpayer and nil for an additional rate taxpayer. This means that any interest you receive, such as bank interest, may not be taxable if it is within the above thresholds each tax […]
Do I still need to complete a Corporation Tax Return for my Limited company even though I’m making losses?
My mate says… ‘that I still need to complete a Corporation Tax Return for my Limited company even though I’m making losses’. Yes, if your company meets the criteria for filing a Corporation Tax Return you will need to file one regardless of whether your company has made a profit or loss. Making a loss […]