admin | SA Ledgers Ltd

Cash-basis default position for self-employed

by admin | Jan 2, 2025 | Income Tax

The cash basis is now the default for self-employed income reporting. Learn about the key updates, opt-out options, and how this simplified method can ease your self-assessment obligations with HMRC. The cash basis is used by sole traders and other unincorporated...

Tax Diary February/March 2025

by admin | Jan 2, 2025 | Tax Diary

1 February 2025 – Due date for Corporation Tax payable for the year ended 30 April 2024. 19 February 2025 – PAYE and NIC deductions due for month ended 5 February 2025. (If you pay your tax electronically the due date is 22 February 2025) 19 February 2025...

VAT Reverse Charge in Construction: What You Need to Know

by admin | Dec 19, 2024 | Value Added Tax

Navigating VAT in the construction industry can feel like untangling scaffolding. Enter the VAT reverse charge—special rules that mean sub-contractors no longer charge VAT on services but contractors handle the tax instead. Here's how it works and who it...

The Substantial Shareholdings Exemption

by admin | Dec 19, 2024 | Capital Gains Tax

For companies selling shares, the Substantial Shareholdings Exemption (SSE) can mean significant tax relief. Introduced in 2002 and simplified in 2017, this exemption allows qualifying gains on share disposals to go untaxed—provided key conditions are met. The...

When can you recover VAT on a car purchase

by admin | Dec 19, 2024 | Value Added Tax

Reclaiming VAT on company cars isn’t as simple as it sounds. Generally, businesses can’t recover VAT unless the car is used exclusively for business purposes. But there are exceptions—like taxis, driving schools, and commercial vehicles. Here’s...