As an individual, there are several decisions which can affect your personal life and your career – one of these decisions being whether to choose a company or self-employment. At BVS accounting we hope to provide an insight on what path is right for you. What is a company or self-employment? A company is a complex business structure which is … Read More
Why are Business Health Checks Important?
As we get older, we tend to take more health checks to maintain our good health. Likewise, as a company grows and develops it’s important for the company to take business health checks after periods of time, so that business owners are able to recognise a company’s current status and whether the company is able to grow further. What are … Read More
Why Should You Consider Payrolling Benefits In Kind?
Payrolling benefits in kind is an incredible way of assuring that tax deductions will be accurate with both the employee and the employer being at an advantage. What are benefits in kind? Benefits in kind, simply, are non-monetary benefits which are provided by an employer to an employee, as well as their salary or wages. Examples of benefits in kind … Read More
PAYE And Payroll For Employers
PAYE (Pay As You Earn) is a system used by employers in the UK to deduct income tax and National Insurance contributions from employee’s salaries or wages. PAYE ensures that employee’s taxes are paid regularly and accurately throughout the year when employers calculate and deduct an amount of tax and National Insurance contributions from the employee’s pay and then report … Read More
BVS Mortgages and Financial Services Ltd Teams Up with Educare Foundation to Empower Underprivileged School Children in Sri Lanka
At BVS Mortgages and Financial Services Ltd, we are thrilled to announce our recent partnership with Educare Foundation, a respected non-profit organization in Sri Lanka. This collaboration is not just a symbolic gesture but a tangible effort to improve the lives of underprivileged school children. Together, we provide them with the necessary tools and resources to pursue their academic dreams, … 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
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
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