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VAT Flat Rate Percentage Changes January 2011

The HRBS.biz easy to read guide to the standard rate VAT increase to 20% from 17.5% and changes to the UK flat rate scheme percentages and how to use them in your business. To help you we have listed the old and new flat rate VAT percentages. If you are in your first year of VAT registration, a 1% discount is available off the flat rate percentages.

EC Sales List (ECSL) for services supplied to other EU member states

As of 1 January 2010, the requirement to report to HMRC the value of sales to other EU member states was extended to include services whereas it previously only applied to the sale of goods. The ECSL rules applies to all VAT-registered businesses in the UK who supply goods and/or services to a VAT-registered customer in another EU country. The ECSL is a statistical return, usually submitted quarterly, used by the UK government to prepare intra-EU sales figures. Read this guide to find out how to complete your ECSL.

Planning for your self assessment tax bill

The UK tax year is 6 April to the following 5 April. So the tax year 2009/10 ends on 5 April 2010. If you are self employed or a limited company director you will need to complete a self assessment tax return. Although the deadline is 31 January for e-filed returns, we recommend that you complete your tax return and submit it to HM Revenue & Customs as early as possible. Click here to download a useful pdf tax return checklist. A self employed person will pay both income tax and class 4 national insurance (NI) on their profits plus income tax on any other income and capital gains tax on any relevant capital gains in the tax year.

Self Assessment Tax Return Checklist 2009-10

To help you collate the information you need to prepare your self assessment tax return for 2009/10 we have prepared a useful checklist for you to download.

HM Revenue & Customs must receive your tax return by 31 January 2011 to avoid a penalty.

The earlier you prepare your accounts and tax return the better. You can claim any refunds promptly to help your cashflow and where tax is due; you will have plenty of time to plan your tax payments.

Tax rates and allowances

Click here to read our guide to the personal and company tax rates and allowances for the 2009-10 and 2010-11 tax years as updated in Alistair Darling's Budget of 24 March 2010. The VAT registration threshold changes on 1 April 2010 to £70,000 from £68,000 . If your taxable supplies for the preceeding 12 months exceed the threshold you must register for VAT.

VAT for affiliate marketeers

The VAT rules as they apply to UK affiliate marketeers are quite complicated. In particular, what needs to be taken in to account when checking whether or not you need to register for VAT. Read this free HRBS.biz guide to see how the UK VAT rules affect you.

Adwords, Microsoft Adcenter, Facebook And VAT Registration

The current VAT registration threshold is £70,000 of "taxable supplies" for the preceeding 12 months (changed from £68,000 on 1 April 2010). To calculate your taxable supplies, non UK expenditure on advertising and other services should be added onto your UK turnover. This is because, for VAT purposes, these services come under the Reverse Charge rules, and VAT is accounted for by the recipient of the services (ie you, the customer) in their VAT return.

Flat Rate VAT For Affiliate Marketing

The UK and EC VAT rules are quite confusing and this HRBS.biz guide gives an easy to read insight into how the flat rate scheme applies to affiliate marketing. Using the UK flat rate VAT scheme is quite often beneficial for affiliate marketeers. Many in the affiliate marketing sector have low overheads and in particular small amounts of input tax (VAT charged on purchases).

UK VAT Flat Rate Changes January 2010

The HRBS.biz easy to read guide to the standard rate VAT change from 15% to 17.5% and changes to the UK flat rate scheme percentages and how to use them in your business. To help you we have listed the old and new flat rate VAT percentages. If you are in your first year of VAT registration, a 1% discount is available off the flat rate percentages.

How to register your new PAYE scheme

This article and video gives easy to follow, step by step instructions on registering a new PAYE scheme with HMRC. A new scheme can be registered either online at www.hmrc.gov.uk , by telephone ( 0845 60 70 143) or in writing. Once your scheme is registered you will receive notification of your new scheme in writing and it will be given two reference numbers.