Businesses with taxable turnover (excluding VAT) below £150,000 could greatly simplify their VAT administration and accounting by basing their VAT payments on their VAT-inclusive turnover rather than the normal method using individual sale and purchase transactions. The VAT payable to HM Revenue & Customs is based on a flat rate percentage ranging between 4% and 14.5% depending upon the business sector that best matches the main business activity.

Did your tax preparer fill you in on tax credit opportunities for installing energy efficient systems in your home? You can get that information from your local tax preparer.

You have a right to plan your finances according to your country of residence. It will not have escaped your notice that both HMRC and the Spanish tax authorities are on the warpath and are targeting British expatriates in particular.

It is always nice to be able to give something to someone. The feeling of being able to share what you have with another person is simply fulfilling. Many people, however, get the surprise of their lives when they are taxed for doing so. Knowing and understanding what gift taxes are and how they work can save you the emotional upheaval you might experience when faced with such a situation.

Choosing a good tax lawyer is vital for protecting the short and long term needs of your company. Although there are many professionals out there who are both trained and sufficiently experienced for this job, not all of these individuals are certain to provide the most optimal services for your business. Following are a few things to consider when bringing legal assistance of this type onto your team.

The VAT Flat Rate Scheme is designed for businesses with a turnover of less than 150,000 GBP who want to simplify their VAT accounting. The VAT Flat Rate Scheme works as follows; You simply calculate your VAT payments as a percentage of your total, VAT-inclusive turnover. One downside to the VAT Flat Rate Scheme, however, is that you can not reclaim VAT on purchases, as an average is taken into account in calculating the flat rate percentage that you use.

First introduced by the National Insurance Act 1911, National Insurance has gone through many changes to become what it is today. National Insurance is a system of contributions paid by workers and employers towards the cost of certain state benefits. Initially, National Insurance was a contributory system of insurance against illness and unemployment, although later expanded it’s scope to provide retirement pensions and other benefits. This particular article is going to focus on Employer’s National Insurance Contribution Responsibilities for 2012/13.

The presidential campaign has generated few new ideas. But the proposed cap on personal itemized deductions stands out as a keeper.

National Insurance is one of the many areas of tax that often confuses people, and it’s no wonder! With so many different rates for businesses, employers and employees, you could be forgiven for getting a little lost. But you can’t be forgiven for not knowing your Self Employed NI Contributions after reading this article!

A professional tax specialist will help minimize any tax liabilities while helping to maximize a return. The emphasis put on deductions, retirement savings plans and tax credits are done efficiently to make your tax return the least negatively affected. Not being able to pay your taxes is one of the worst debts you can possibly create.