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Managing a Business

VAT on hospitality and setting your prices

The reduced VAT rate of 5% for the hospitality industry is due to end on 30 September 2021. It’s time for businesses to consider how this will impact their trade.

To prepare, we recommend that our clients: review their prices; prepare till systems for the change; save for their VAT bill; constantly monitor their business’ performance.

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Managing a Business

Overdue taxes – avoid penalties for paying taxes late

Business owners have taxes to pay throughout the year. For some, paying on time is not always possible.

To avoid facing interest and penalties for overdue payments, taxpayers should know the deadlines, plan ahead and take action as early as possible.

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Managing a Business

Electric cars can save you tax

Imagine being stood in the car show room, wondering whether you should buy an electric car. You are busy considering which model will suit you best and the sales team start telling you about the many benefits of buying through the company.

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Managing a Business

March 2021 Budget

The 2021 budget delivered a number of new grants, extensions to most of the existing schemes and the promise of tax rises in the future.

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Managing a Business

Be ready – HMRC are increasing their VAT enquiries

My Finance Drive bookkeeping team have seen a recent increase in the number of enquiries from HMRC, especially on VAT Returns. One HMRC agent told us that extra staff had been brought in from other departments to help them complete all of these reviews. But what is a VAT enquiry? What does it mean for your business? And what has prompted this increase?

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Managing a Business

Winter Economy Plan reflection

Two weeks have passed since the Winter Economy Plan was announced by the government. This pack of measures includes grants, tax relief and loan extensions designed to keep the economy going through the winter.

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