‘Cashflow is King’ may seem like a glib soundbite, but it’s rooted in a harsh truth - with a lack of funds the single biggest reason why businesses go to the wall.
Cashflow forecasting is therefore a fundamental tool in your financial armoury -
The VAT capital goods scheme affects input tax recovery in relation to high value capital assets by partially exempt traders and businesses where assets are used for both business and non-business purposes.
The introduction of GDPR has led to some major changes in the way businesses deal with personal data - notably requiring you to prove permission or ‘just cause’ for processing the data in the first place.
Recent research has shown that over 40% of small-business owners are still not aware of Making Tax Digital.
From April 2019, VAT registered businesses with turnover over £85,000 will be required to keep a digital record of their VAT transactions, and submit their VAT returns using Making Tax Digital-compliant software.
The tax system contains a limited exemption for Christmas parties and other annual functions, under which employees can enjoy an employer-provided annual function tax-free as long as the cost per head is not more than £150.
Private residence relief (also known as main residence relief) takes the gain arising on the disposal of a person’s main or only residence out of the charge to capital gains tax. This relief means that in the majority of cases, any gain arising when a person sells their home is tax-free.