What is the VAT threshold Different countries have different VAT thresholds. However, if you are trading in the UK the VAT registration threshold is currently £77,000 of taxable sales. This means that if you have sales that would be subject to zero or standard VAT you need to the check the level of sales in [...]
Rental Property Investment Many people have rental properties whether it is an investment choice, they have moved and couldn’t sell their original property and decide to rent rather than reduce their resale price, or can’t afford to live in their house any more and move out permanently / temporarily until their financial situation improves. Income [...]
History The first income tax was introduced in Great Britain in 1799, to fund the war against the French forces under Napolean. Income Tax is a “temporary tax” and expires every year on the 5th April and Parliament has to reapply it by an annual Finance Act. The PAYE (Pay As You Earn) system was [...]
When starting a new business you may feel overwhelmed by the amount of different taxes that you need to be aware of, report on and pay. The following is a brief introduction to the main taxes that you will encounter and need to have a working knowledge of when running a small business. VAT – [...]