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Our lead article considers changes to the VAT Flat Rate Scheme (FRS) which allows small businesses to pay over VAT on all their sales at a flat rate rather than output VAT on sales less input VAT on purchases. The introduction of a new 16.5% higher percentage for ‘limited cost traders’ may mean some businesses should opt out of the FRS.
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A business can provide cars for business owners, directors or employees through an outright purchase, a hire purchase contract or by way of a business car lease (BCL). There are different tax impacts of these options both for the business and for the individual taking the car.
Under pensions auto enrolment employers are obliged to enrol eligible jobholders in a qualifying pension scheme and make pension contributions on their behalf from the employer’s staging date. Workers are ‘eligible’ if they are between 22 and the State pension age and earn the equivalent of £10,000 per annum. Employers also have duties for employees who fall outside these criteria.
The period leading up to the end of the tax year on 5 April is one of the best times to review your taxes and finances.
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