If your business turnover falls below the VAT deregistration threshold, it may be time to consider deregistering for VAT. Deregistration can simplify your accounting processes and reduce administrative burdens. A business that no longer makes taxable supplies must notify HMRC within 30 days. In this case, the business ceases to be a taxable entity and must submit a request to deregister. If you don’t let HMRC know you are no longer making taxable supplies, you can get a penalty.

I have had a few requests lately for advice on purchasing an electric car as a limited company and I thought I’d do a blog about it to help our clients understand. Historically, buying a car through your limited company was a NO NO, because of the additional benefit in kind tax that you will have to pay on the personal use element.

Do you have a government gateway account for your own personal tax affairs and/or your business?

If not, I would encourage all our clients to get an account and request access to all their tax profiles. This will give you much better oversight of your tax affairs, and you can plan to ensure that your taxes are paid on time. It can also save you from having to phone HMRC and spend a lot of time on the phone, when you could have resolved it quickly and easily through your online account.

Anlo Assist is for anyone who has struggled to understand HMRC on tax residency (let’s be honest - who hasn’t?!) Are you worried that you might be due tax in two (or more) jurisdictions and unsure where you are tax resident? Does your uncertainty leave you worried that you are not acting on your tax obligation in the United Kingdom?