Angus Accountancy, Income tax self assessment, Limited company accounts

Office Telephone 01241 433671

Mobile 07854 697 877

  • March 2017 - Awaiting further details of HMRC's new Making Tax Digital (MTD) fiasco.

    February 2017 - Taking over payroll production for a number of clients who dont want to implement Pension Autoenrolment themselves.
  • I can set up a new limited company for you. I will advise on best share structure and tax registration. All for £40!

VAT Information for small businesses

VAT Information for small businesses

  • Vat registration threshold from 1st April 2017 - £85,000
  • You should notify HMRC within 30 days of the end of the month in which the yearly limit was exceeded.
  • Various schemes exist to aid cashflow and the administrative burden for small business, particularly:

Cash Accounting for VAT

Open to businesses with an annual turnover below £ 1.35m. Output tax does not have to be accounted for until the customer has paid their invoice. This is particularly useful for businesses who have to offer credit terms to their customers.

Annual Accounting for VAT

Again this is for businesses with a turnover under £ 1.35m. The previous year's vat liability is paid in 10 installments throughout the year, the first payment 4 months after the start of the year and the final balancing payment ( along with the annual Vat return) to be made within 2 months of the year end.

Optional Flat Rate Scheme

Available to businesses with a net annual turnover of under £150,000. Vat is calculated by applying a fixed percentage to sales. The percentage depends on which trade sector the business operates in. Detailed analysis should be carried out to ascertain any possible benefit to the business and this may prove to be as time consuming as the completion of regular Vat returns.

I'm happy to maintain Vat records and complete Vat returns on your behalf. Alternatively I can assist you in setting up a bookkeeping system which will allow you to complete your own Vat returns.

The Vat Scale charge means that it is rarely worthwhile reclaiming the input tax on fuel receipts for vehicles which have an element of private use. Many businesses reimburse business use of a private vehicle at HMRC's approved rate (presently 45p per mile for the first 10,000 miles). It is possible to deduct the Vat element of this expense on your Vat return and many traders often overlook this fact.

Angus Accountancy

Angus Accountancy Ltd, 
5a Dishlandtown Street, 
Arbroath, 
DD11 1QX

Alternative Office

54 Hill Street 
Monifieth 
Dundee 
DD5 4DE