We waited worryingly for this budget, well I did after all the rumours and speculation e.g., taxing the reserves of limited companies which has not happened. And arguably Rishi Sunak’s second Coronavirus budget seems to mainly be supportive, at least for now.
The sales turnover threshold at which a business would ordinarily be required to register for VAT in the UK has been £85,000 since 1st April 2018, only now changing to £90,000 from 1st April 2024.
With different rules for Limited Companies and sole traders, flat rates for simplified accounting, cash accounting, accruals accounting and restrictions on property businesses depending on the type it’s not surprising that business owners get confused about what counts for an expense and what doesn’t in their particular business.
The Fishbourne Accountant is a brand name of The Fishbourne Accountant Ltd, a company registered in England and Wales.
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11 Barker Close Fishbourne West Sussex PO18 8BJ
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Monica Jervis is licensed and regulated by AAT, licence number 6697.
