In the UK, the reverse charge VAT applies to supplies of specific goods and services within the construction industry. It was implemented on 1st March 2021 and applies to businesses registered for VAT in the UK. Here's how reverse charge VAT works in the UK Applicable Transactions The reverse charge
Best Business Books
Advanced business knowledge is not exclusive to MBA programs. You have the ability to learn everything necessary for success in life and the workplace on your own. The Personal MBA presents a curated selection of the finest business books, meticulously chosen after extensive research spanning over a
How to use Dext
A good guide is captured in this short video; You upload invoices and receipts by the following three methods;
Comparison of Liability: Sole Traders vs. Limited Companies
When it comes to the liability associated with business debts, sole traders and limited companies operate under different frameworks. Sole traders bear unlimited liability for any debts incurred by their businesses. On the other hand, shareholders of a limited company are only liable for the
Attention In Marketing
In today's fast-paced and information-rich world, capturing and maintaining consumer attention is becoming increasingly challenging. Marketers need to employ various strategies and tactics to effectively grab attention and engage their target audience. Here are some key considerations regarding
Mental Models
Mental models are frameworks or cognitive tools that help us understand and interpret the world around us. They are mental representations of how things work, and they shape our perception, reasoning, and decision-making. Mental models can be thought of as simplified models or maps that help us
UK minimum wage changes in April 2023
The UK minimum wage will increase on 1 April 2023. The National Living Wage (NLW) will increase to £10.42 per hour for workers aged 23 and over. The NLW for 21-22 year olds will increase to £10.18 per hour, and the NLW for 18-20 year olds will increase to £7.49 per hour. The NLW for 16-17 year olds
Director’s Loan Accounts (DLA)
Director's Loan Accounts (DLA) refer to the record of transactions between a company and its directors regarding money or assets. In the UK, it is essential for directors to understand how these accounts work and how they are treated for tax purposes. One specific aspect related to director's loan
Input tax when VAT paid on goods and services received before VAT registration
Before a business is registered for Value Added Tax (VAT) in the UK, the VAT paid on goods and services received cannot be considered as input tax. However, once registered, the VAT paid before registration can be treated as input tax if certain conditions are met. For goods The goods were supplied
Closing a limited company
Board Resolution Hold a board meeting and pass a resolution to close the company. Ensure that all directors are present or provide their written consent. Inform HM Revenue and Customs (HMRC) Notify HMRC that the company is closing by submitting the necessary forms. This includes filing the final