Balanced Books Accountancy Ltd

Key things to note from the recent budget announcement (UK)...
- Tax-free personal allowance will rise to £12,500 from April 2019
- Higher tax rate threshold will rise from £46,350 to £50,000

Sainsbury's supermarket goes 'till-free'
https://www.bbc.co.uk/news/technology-451 72631

Flat rate VAT accounting scheme You are only eligible for this VAT accounting scheme if your estimated taxable turnover in the next year will be no more than £150,000. Once you are using the scheme, you can continue to do so until your total business income exceeds £230,000. www.BalancedBooksAccountancy.co.uk

The Bank of England has raised the interest rate for only the second time in a decade.
The rate has risen by a quarter of a percentage point, from 0.5% to 0.75% - the highest level since March 2009.
for more information please contact us www.balancedbooksaccountancy.co.uk

Deadlines The deadline for your tax return is 12 months after the end of the accounting period it covers. You’ll have to pay a penalty if you miss the deadline.
There’s a separate deadline to pay your Corporation Tax bill. It’s usually 9 months and one day after the end of the accounting period.
... For quality services, please contact us or visit: www.balancedbooksaccountancy.co.uk
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Reclaiming VAT
You can usually reclaim the VAT paid on goods and services purchased for use in your business.
If a purchase is also for personal or private use, you can only reclaim the business proportion of the VAT.
... for more information please contact us www.balancedbooksaccountancy.co.uk
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VAT Records You must keep VAT records for at least 6 years (or 10 years if you use the VAT MOSS service.
You can keep VAT records on paper, electronically or as part of a software program (eg book-keeping software). Records must be accurate, complete and readable.
... If you’ve lost a VAT invoice or it is damaged and no longer readable, ask the supplier for a duplicate (marked ‘duplicate’).
HMRC can visit your business to inspect your record keeping and charge you a penalty if your records aren’t in order.
for quality services, please contact us or visit: www.balancedbooksaccountancy.co.uk
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