Renu Elston

What Business Owners Really Need to Know about VAT, WHT & CIT Let’s break this down: 1. 𝘠𝘰𝘶 𝘥𝘰𝘯’𝘵 𝘱𝘢𝘺 𝘝𝘈𝘛 — 𝘺𝘰𝘶𝘳 𝘤𝘶𝘴𝘵𝘰𝘮𝘦𝘳𝘴 𝘥𝘰. You’re just collecting it on the government’s behalf. 👉 If you don’t charge VAT, you’ll pay it yourself. 2. 𝘞𝘏𝘛 𝘪𝘴𝘯’𝘵 𝘢𝘯 𝘢𝘥𝘥𝘪𝘵𝘪𝘰𝘯𝘢𝘭 𝘦𝘹𝘱𝘦𝘯𝘴𝘦 — 𝘪𝘵’𝘴 𝘢 𝘳𝘦𝘥𝘶𝘤𝘵𝘪𝘰𝘯 𝘰𝘧 𝘸𝘩𝘢𝘵 𝘺𝘰𝘶 𝘸𝘰𝘶𝘭𝘥 𝘩𝘢𝘷𝘦 𝘱𝘢𝘪𝘥 𝘺𝘰𝘶𝘳 𝘷𝘦𝘯𝘥𝘰𝘳𝘴. You’re meant to deduct it from what you pay suppliers and remit it. 👉 If you skip it, 𝘺𝘰𝘶 pay the charge and the penalty. 3. 𝘊𝘐𝘛 𝘪𝘴 𝘺𝘰𝘶𝘳 𝘢𝘤𝘵𝘶𝘢𝘭 𝘱𝘳𝘰𝘧𝘪𝘵-𝘣𝘢𝘴𝘦𝘥 𝘵𝘢𝘹. Want to pay less? Plan better and track expenses properly. Quick Checklist for SME Owners: ✅ Do you add VAT to your sales? ✅ Do you deduct WHT before paying suppliers? ✅ Are you tracking profit elements to avoid CIT surprises? These taxes aren’t going anywhere. Especially if your business keeps growing and more visible. Handle them right or pay for them in unnecessary outflows, penalties, and stress. Want to keep more of your money? Get smart about tax planning. Get help if you need it. This is friendly advice from your LinkedIn CFO. 😁 #myCFOng ♻️ Repost if this helped clear things up for you. 𝘝𝘈𝘛 = 𝘝𝘢𝘭𝘶𝘦 𝘈𝘥𝘥𝘦𝘥 𝘛𝘢𝘹  WHT = Withholding Tax * CIT = Company Income Tax

265

34 Comments

Bookkeeping and VAT returns is something a lot of business owners do themselves in the early days Often to help keep accountancy fees down ⬇️ But here is what usually happens... Business owner is already too busy and bookkeeping is not a priority Likely completes 3 months worth of bookkeeping, 2 days before the VAT deadline and doesn't have time to find receipts to see what purchases do and don't have VAT on 🧾 These are often the same business owners who hate handing over their corporation tax bill but are actually giving HMRC more VAT money than necessary every 3 months 🤯 The reality I see far too often when we do a VAT review The VAT not claimed is higher than the bookkeeping fees that would have been charged (and the business owner still spent an entire Sunday evening doing all the work 🥲) Get your bookkeeping done properly, pay less VAT and spend that time with your family or working on growing your business!! 🌻🚀

54

9 Comments

The one and only Chris Downing joined me to breakdown everything you need to know about preparing for HMRC's Making Tax Digital (MTD)… What You'll Learn: ✅ Key MTD deadlines and compliance requirements ✅ Step-by-step preparation strategies for businesses ✅ Common pitfalls to avoid during the transition ✅ Expert tips for seamless HMRC integration ✅ Real-world implementation best practices for business owners and accountants! Watch it now! https://lnkd.in/ebPdah_Y

244

17 Comments

UK small businesses face growing financial pressures - from changing regulations to rising operational costs, efficient tax planning has never been more important. By using the right strategies, you can reduce liabilities, protect profits, and stay compliant in 2025 and beyond. Here are 5 actionable tax-saving tips every small business owner should know: 1️⃣ Claim All Eligible Deductions From marketing to utilities and travel, don’t leave money on the table - make sure every allowable expense is captured. 2️⃣ Choose Tax-Efficient Business Structures The right setup (Ltd, LLP, Sole Trader) can significantly reduce your tax burden and improve overall financial flexibility. 3️⃣ Leverage Capital Allowances Investing in equipment, machinery, or technology? Deduct these costs to lower taxable profits and reinvest savings back into your business. 4️⃣ Utilize R&D Tax Credits If your business develops innovative solutions, you may qualify for generous government-backed reliefs that many owners overlook. 5️⃣ Plan Ahead with Professional Advisors Strategic planning ensures you’re compliant, tax-efficient, and prepared for upcoming regulatory changes. At Apex Accountants & Tax Advisors, we work with business owners to create custom tax strategies that save money and drive growth. 📩 Ready to make smarter financial decisions? Let's talk. #TaxPlanning #TaxSavings #SmallBusiness #BusinessGrowth #AccountingMadeSimple #ApexAdvisors

6

Budget 2025 came with a few wins for business owners — 𝙞𝙛 𝙮𝙤𝙪 𝙠𝙣𝙤𝙬 𝙬𝙝𝙚𝙧𝙚 𝙩𝙤 𝙡𝙤𝙤𝙠. We’ve worked hard on this light-hearted video to clarify how the latest tax and support measures may affect your business. This isn’t one to miss if you want to make smart tax decisions for your business going into 2026 and beyond. #Budget2025 #BusinessOwnersUK #RachelReeves

47

9 Comments

Your average small business is owed more than £23,000. Ever wondered how it would feel to be owed £0? For one of our clients they recently achieved this feat. How did they do it? By measuring and focusing on reducing 'debtor days', a number that gives you an idea of how good you are at collecting money. For them, the result of the improvement put on average an additional £7,000 of cash in the bank each month. The practical action included: • Regularly reviewing who owed them money • Taking action to remind or contact those owing • Taking a stronger approach to collection • Making it easy to pay • Using direct debit collection technology • Having us remind them of any outliers Then getting upset if the number rose! (lower is better) Now you don't have to track the number (it can be tricky to calculate, accounting tech is your friend here) if you just do the action. So book that day to look at this. If you currently barely look at it, we find clients see quick wins if they have a regular day to sit and look at this stuff. Then you can go from there! P.S If you're wondering, it felt both 'great' (all collected wooooo!) and 'sad' (erm ok there is no more until next month) 😊

21

12 Comments

MTD IT IS COMING 😱 Making Tax Digital for Income Tax (MTD IT) is the biggest change to the UK tax system in decades 🤒 From April 2026, sole traders and landlords earning over £50,000 must keep digital records and submit quarterly updates to HMRC using compliant software ✅ (PS Dext have one of those compliant softwares called Dext Solo 😂 ) As an accountant or bookkeeper, MTD IT is going to change how you price services, engage clients and manage workflows, its a lot! 🤯 But MTD IT is also about opportunities, not just obligations 🫡 The MTD Oracle (AKA Paul L.) has produced a top tier guide for free for you to use to get your head around whats to come 🤩 Interested? Link in comments! 🥳 PS Nick Charnley my good pal also works in tax and is my pal in the picture 🥸 #mtd #mtdit #hmrc

38

7 Comments

𝐈𝐧𝐡𝐞𝐫𝐢𝐭𝐚𝐧𝐜𝐞 𝐓𝐚𝐱 𝐂𝐚𝐥𝐜𝐮𝐥𝐚𝐭𝐢𝐨𝐧 𝐨𝐧 𝐃𝐞𝐜𝐫𝐞𝐚𝐬𝐞 𝐢𝐧 𝐃𝐨𝐧𝐨𝐫’𝐬 𝐖𝐞𝐚𝐥𝐭𝐡. Inheritance tax calculation on decrease in donor’s wealth is a key taxation concept that students often misunderstand in exams. In inheritance tax, the tax is not calculated on what the recipient receives, but on the reduction in the donor’s wealth. . . #InheritanceTax #Taxation #ACCA #ICAEW #AccountingStudents #TaxConcepts #ExamPreparation

46

A lot of UK accountants get excited when their clients say: “We’re thinking of setting up in a UAE Free Zone.” But here’s what they don’t always hear: “We don’t fully understand the rules - can you help us figure this out?” Last month, we had a UK firm approach us. Their client was setting up in a UAE Free Zone to benefit from the 0% tax rate. It might sound straightforward, but when we dug into the details, here's what we found: – The business had no physical presence in the Free Zone – The income wasn’t qualifying under the FTA’s guidelines – And they weren’t maintaining audited financials or substance Which means they were about to lose that shiny 0% tax rate, and move into the 9% corporate tax territory. All without realising it. This is the part most people miss: - Free Zones aren’t loopholes. - They’re regulated spaces with clear rules. - And if your client doesn’t meet those rules they end up with more compliance pressure — not less. That’s why firms like Peakvisory UAE exist. We help UK accountants: - Set up their clients the right way in Free Zones - Handle registrations, reporting and documentation - Stay compliant with the evolving UAE tax landscape - And ensure their clients don’t lose benefits they moved here for There’s a real opportunity here, but only if you do it right. Are your clients planning a move to the UAE? Let’s talk about how you can help them do it smartly - and stay compliant every step of the way.

78

9 Comments

EVER THOUGHT ABOUT BRINGING A FRACTIONAL FINANCE DIRECTOR ON BOARD? If your business has a turnover of more than £500,000 a year, you could be missing out on some powerful financial insights. Here’s how a fractional FD, a service that C.I.K. Accounting Solutions, Chartered Certified Accountants provides, can make a real difference: 💡 Strategic Clarity It’s not just about the numbers. A fractional FD gives you that big-picture view - and turns complex data into strategies you can actually use. 💰 Cost-Efficient Expertise Hiring a full-time Finance Director is expensive. With a fractional one, you get top-tier financial know-how without the full-time price tag. 🚧 Risk Management We spot financial risks before they become costly problems - helping you avoid bumps in the road. 🚀 Scalable Growth Thinking about growing your business? A fractional FD can help you plan smart, sustainable expansion. 💷 Better Cash Flow We make sure your money is working as hard as you are - by optimising your working capital and forecasting cash flow effectively. ⏱️ More Time for You Your job is running your business, not crunching numbers. Let us handle the financial side so you can focus on what you do best. ✅ Compliance, Sorted Regulations are always changing. A fractional FD keeps you compliant and up to date - no stress, no surprises. At the end of the day, peace of mind around your finances is priceless. A fractional FD isn’t just an expense - it’s a smart investment in your business’s future. Ready to take that next step? Drop me a DM and let's talk. #Fractionalfinancedirector #financialclarity #entrepreneur #businessgrowth

12

4 Comments