The current VAT threshold in the UK stands at £85,000. Any business that has an annual turnover of that value must register for VAT with HMRC, and when they do this they will receive a VAT number. Before you work with another business, you normally want to find out all you can about them and you can easily do this through a Google search. However, something you might not consider looking at is their VAT number, and this is actually something that you should definitely be verifying.
As the country enters into a national state of emergency due to the coronavirus pandemic, households and non-essential businesses have been ordered into lockdown following the enforcement of a stay-at-home order relayed by Prime Minister, Boris Johnson. As businesses are ordered to temporarily close shop and workers are instructed to work from home where reasonably possible, the economy is experiencing a downward spiral in trade, raising the red light for many smaller enterprises with less in cash reserves.[continue reading…]
Changes to IR35 tax rules for contractors may only be two months away, but most contractors remain confused about what the changes will mean – and whether they need to do anything before the 6 April implementation date.[continue reading…]