by Richard Simpson | Aug 1, 2014 | The Bean Counter
The important dates this month are: 1 August 2014 – Corporation Tax due for 31 October 2013 year ends. 7 August 2014 – VAT due for VAT quarters ended 30 June 2014. 19 August 2014 – PAYE and NIC deductions due for payroll month 2 (ended 5 August 2014). (22 August 2014...
by Richard Simpson | Jun 17, 2014 | The Bean Counter
UK landlords can access online training to help them understand how to pay tax on properties that they let out. The computer based tutorials are aimed at people renting out residential property. HMRC are hoping that the online tutorials will provide an easy to access...
by Richard Simpson | Jun 12, 2014 | The Bean Counter
Mileage Allowance Payments (MAPs) are what you pay your employees (including directors) for using their own vehicle for business journeys. The rates are: Cars and Vans 45p per mile on the first 10,000 miles in the tax year. 25p per mile on each additional mile above...
by Richard Simpson | Jun 12, 2014 | The Bean Counter
We are often asked is, can I reclaim VAT on mileage payments? The answer is yes, but only on the fuel element. The Mileage Allowance Payments are intended to cover the running expenses of the vehicle such as fuel, insurance, road tax, reduction in value etc. So how do...
by Richard Simpson | Jun 11, 2014 | The Bean Counter
The VAT fraction is used to quickly calculate the VAT element of a price that is inclusive of VAT. Software like Xero, FreeAgent and Sage can do this for you but how do you work it out manually. At the 20% rate the fraction is 1/6. Eg. If you fill your car with £60 of...
by Richard Simpson | Jun 1, 2014 | The Bean Counter
We thought it might be helpful to list of the upcoming deadlines for the month of June 2014. 1 June 2014 – Corporation Tax due for 31 August 2013 year ends. 7 June 2014 – VAT due for VAT quarters ended 30 April 2014. 19 June 2014 – PAYE and NIC deductions due for...
