This Article will explain you about most important things of the Spring statement 2022 delivered by the chancellor, Rishi Sunak. Usually what happens is that the major changes to the tax related matters are announced in the autumn budget. However, this announcement has been delivered in advance since the UK as region expect that the inflation levels will hit the … Read More
Important Rates and Thresholds for employers 2022 to 2023
This document deals with the important rates and the thresholds that the employers used when they operate the payroll for the year 2022-2023. 1. Tax thresholds, rates and codes Emergency Tax codes W.E.F 6th April 2022 will be: 1257L W1 1257L M1 1257L X 2. PAYE tax and Class 1 National Insurance contributions Your payroll software will be embedded with … Read More
Charging interest on Late/ unpaid invoices
Can I Charge? Yes. This piece of insight will allow you to learn the rules and practices on how to charge for your customers on late or unpaid invoices to ensure that you will learn better ways to deal with your difficult customers. Things to get right before charging for being late. BVS advice you to check whether you’ve got … Read More
What is Mediation?
Mediation is a one of the Alternative Dispute Resolution Methods that is recognized worldwide, where a third party (the mediator) is involved who will be independent from either party to the dispute. What differs Mediation from a Lawsuit is that Lawsuit will be lengthy, costly and too formal where mediation will be totally opposite of these characteristics being much quicker, … Read More
Special Purpose Vehicle (SPV)
What is a SPV? SPV is also called as SPE (Special purpose entity) which will be a legal entity who will operate for a limited of defined purpose. SPVs are mostly setup as Limited liability companies, how ever SPVs can also being setup as any other type of business such as public limited company (PLC), Limited Liability Company (LLP) etc. … Read More
MTD for ITSA and General Partnerships
Implementation of Making Tax Digital (MTD) for Income tax self-assessment (ITSA) and General partnerships have been postponed due to the Covid 19. What is MTD for ITSA and when are the new implementation dates? MTD for ITSA stands for Income Tax for Self-Assessment which applies to individuals, partnerships or trust with the Business and property income exceeds £ 10,000 per … Read More
Making Tax Digital for VAT, Corporation Tax
What is MTD for VAT? From April, 2022 all VAT registered businesses whether their average turn over is above the VAT threshold or not the VAT returns should be submitted by online software. If you are BVS client, you are already complied with Making Tax Digital for VAT. What is MTD for Corporation Tax? Similarly, corporation tax returns will … Read More
Business Mileage
Who and how much can be claimed as business mileage as per the HMRC regulations? You are being a sole trader or the director of your own company will surely spend regular mileage on your business for day today activities. In calculating your tax payable can you deduct these expenses regarding the business mileage? How much you can deduct ? … Read More
Be the Perfect Landlord
Regulatory framework which should be complied by Landlords are keep changing constantly. This makes new Landlords as well as experienced Landlords a hazel to dealt with when they are letting or renewing the agreements with the tenancies. For easy reference we have listed the 9 essential steps which you should ensure before you go let your property. Step … Read More
Business Assets Disposal Relief
When you are selling assets of your business or selling the whole business realization of capital gains will be evident. In such instances guidelines given below will help in dealing with the tax matters and claiming the tax reliefs related to those capital gains. Business Assets Disposal Relief (BADR) statute will replace the guidance given under Entrepreneurs Relief, w.e.f. 06th … Read More
