Once your business gets to a level where you are starting to hire employees, it is critical that you master the art of payroll sooner rather than later. It doesn’t matter how wonderful your workplace environment is; if people aren’t getting paid they won’t be happy, and slipping up on your obligations to HMRC can land you in hot water as well.
Since it's inception VAT has been a challenging tax for small businesses to administer. Keeping track of every last penny charged to customers and spent with suppliers in order to correctly complete a VAT return is a time consuming exercise that is fraught with the potential of making costly mistakes. That was until the Flat Rate VAT scheme came along, could it save you money and time?
This article is for anyone who is working within construction that needs to know about the changes that are being made that are happening on the 1st of October 2019, significant changes are going to be introduced to the VAT treatment of supplies in the construction industry, The Domestic Reverse Charge (DRC), a piece of legislation announced in the 2017 budget, is being implemented on this date by HMRC.