Payment On Account - Self-Assessment

If you were in the self-assessment tax system last year (Tax Year 05.04.18) and your total income tax liability was more than £1,000; You may be due to make your second payment on account for the year ended 5 April 2019. This is due by 31 July 2019. However you may not need to pay it all, or indeed any of it. We explain further: ‘Payments on account’ are payments made towards your following year’s income tax and National Insurance contributions. There are two payment dates – 31 January and 31 July. Each payment is half of the amount due from the previous year. How can I reduce my payments on account? It is possible to ask HMRC to reduce your payments on accounts if: You think your tax bill i

VAT - The"Cliff Edge"

If like us, you are a believer in the importance of entrepreneurial thinking; There is something distinctly depressing about the idea of businesses deliberately limiting their growth to avoid breaching an arbitrary target. And yet that’s exactly the kind of behaviour the UK’s VAT system promotes. The UK’s VAT registration threshold (currently £85,000) is the highest in the EU. The average in Europe is around £20,000 and in Germany is as low as £15,000. In the latter case, almost the moment you start doing any serious business at all, you'll find yourself liable for VAT. In the UK, on the other hand, it’s possible to run a substantial, viable business without every tipping over the line. Or,

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