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HMRC VAT flat rate scheme HMRC recently came up with a new rule for those businesses who have been using VAT Flat Rate Scheme(FRS). From now on limited cost traders (LCT) must use an FRS percentage of 16.5%, rather than the normal flat rate for their trade sector. To avoid being categorized as an LCT, […]
Tax basics for directors of one-man-band Limited Companies When you start to trade or work via your own company, you will be liable for a number of business taxes, in addition to the individual taxes you will already be familiar with when you had a permanent job. Corporation Tax. All companies pay a tax on […]
HMRC allows a limited company to provide its staff / directors with one smartphone each. The phone can be used for both business and personal use without there being a taxable benefit, as long as there is some business use, however, the contract must be in the company’s name. It should not be a personal […]