Setting up as a limited company? Then you’ll want to know all about corporation tax...
Running an Airbnb business? Clean towels and good reviews aren’t the only things to worry about when you’re starting up.
We know you’re keen to move into premises to show you mean business, but starting up from home could mean coughing up less tax. HMRC will let you let you claim back for things like electricity, council tax, heating, internet and telephone usage – not the whole of those household bills, of course, but a nice little proportion.
The magic figure for VAT registration is currently £85,000. If your turnover went over that threshold in the past 12 months, or is likely to exceed it in the next 30 days, you have toregister. No ‘ifs’ or ‘buts’, just do it – unless you want the HMRC on your case, which meanspaying what you owe plus nasty fines.