VAT Rate Increase

VAT Rate Increase

Hospitality Industry VAT Rate Increase – 1st October 2021 In July 2020, the VAT rate for the tourism and hospitality sector was temporarily reduced to 5%, from 20%. The businesses that were able to take advantage of the reduced rate include; Hotels Restaurants Hot...

Quickbooks – Record a VAT payment or refund

When you pay VAT in QuickBooks Online, you are recording the payment against a specific VAT period; you are not actually transferring money to HMRC. Below is a short video on how to record your VAT payment in QuickBooks Online. Record a VAT payment Go to Taxes, then...
Corporation Tax Increase

Corporation Tax Increase

Corporation tax increase from April 2023 The main rate of corporation tax is due to increase to 25% for the financial year 2023, starting on 1 April 2023. However, companies with profits of £50,000 or less will continue to pay corporation tax at the current rate of...