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The VAT Flat Rate scheme (FRS) has been designed to simplify the way a business accounts for VAT and accordingly, reducing the administration costs of complying with the VAT legislation. VAT is calculated under the FRS by applying a flat rate percentage to the flat rate turnover. The flat rate percentage varies from 4% to 16.5%. There are special rules that apply to expenditure on capital assets worth more than £2,000. These transactions must be dealt with outside the FRS with any input tax claimed using a traditional VAT Return. This is different to other transactions made using the FRS where
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We would like to remind employers about the electronic PAYE payment dates. The due date for electronic PAYE payments falls on the 22nd of the month and when a payment is made electronically; a payment on the day usually suffices. However, where the due date falls on a non-banking day (weekend or bank holidays) HMRC must have cleared funds by the last bank working day before the 22nd. This advice is particularly relevant this month i.e. for electronic payments due on 22 December 2019 which this year falls on a Sunday. The electronic payments must therefore clear HMRC’s bank account by
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There are a significant number of reliefs that can reduce the amount of Corporation Tax your company needs to pay on profits made. Your company can also claim Capital Allowances for assets such as equipment, machinery and cars bought to use in your business. The basic Corporation Tax reliefs include the following: Research and Development tax reliefs – There are two schemes for claiming relief for R&D expenditure. The schemes are known as the Small or Medium-sized Enterprise (SME) Scheme for smaller companies and the Research and Development Expenditure Credit (RDEC) scheme for large companies. Large companies can currently claim
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The Government has published a revised holiday entitlement calculator, intended as a temporary replacement while the original calculator “undergoes maintenance”, to enable workers to calculate the minimum statutory annual leave they should receive based on their time in employment. The calculator is accompanied by online guidance for employers on how to calculate statutory holiday entitlement for workers on different types of contract and a similar downloadable guide on calculating statutory holiday entitlement for workers. The guidance states that for those workers who do not have a regular working pattern, holiday entitlement should generally be calculated in weeks. This guidance does
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The shared parental leave and pay rules offer working parents’ far greater choice as to how they share the care of their child and take time off work during the first year of their child’s life. The rules apply equally for children that have been adopted. There are various work and pay criteria that must be met in order to be eligible and the parents must share responsibility for the child. For example, in cases where only one parent in a couple is eligible, the leave cannot be shared. Under the rules, mothers must take at least two compulsory weeks