01202 022992
contact@balloonaccounting.co.uk
BH12 1PN, Poole, UK

Category: Tax

your business, changing lives

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The new VAT Penalty Regime – January 2023

HMRC are introducing a new penalty regime with effect from 1st January 2023. Under the new regime, there will be separate penalties for late VAT returns and late payment of VAT as well as a new methodology to the way interest is charged. This will replace the default surcharge regime and for most taxpayers should…
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Electric Car

Company Tax Tip – Buying an Electric Car

Having a company car used to be seen as a considerable perk. But in recent years it’s become less clear whether having a conventionally powered company car as part of your income mix is a good idea – both from a tax perspective and from a sustainability angle. The good news is that electric vehicles…
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Our Annual Accounts Meeting

Our Annual Accounts Meeting It’s important to understand your Annual Accounts and taxation commitments. These reports tell an important story about your business; understanding them is one of your first steps towards making better and more informed business decisions. An Annual Accounts Review meeting gives you the chance to: Improve your financial awareness skills Identify…
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Virtual Finance Office – How we support you

Virtual Finance Office – How we support you Running any business is hard enough isn’t it ? There’s the financial records to maintain, the customers to source, suppliers to deal with, payments to make, invoices to chase, staff to pay, marketing to be achieved and that’s before breakfast ! So wouldn’t it be a good…
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Spring Statement 2022

Spring Statement 2022 The Chancellor, Rishi Sunak, delivered his Spring Statement on 23 March. Faced with the task of creating a ‘strong economy’ for the UK, against the challenging background of high inflation, rising costs and the threat of conflict in Europe, he announced a raft of new measures. So, what was in the Spring…
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Your company year-end is approaching – let’s get ready

Your company year-end is approaching – let’s get ready As your company year-end date gets closer, there are a number of administrative and financial tasks to start planning for – so it’s a good idea to get yourself organised and ready. There are several things to check, either on the year-end date, or before the…
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Setting up your business foundations

Setting up your business foundations To trade as a business, you need to meet the right compliance requirements. It’s certainly not the most exciting part of creating a business, but setting up the right legal, accounting and tax compliance foundations ensures that you’re doing everything by the letter of the law. Here are the main…
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Back to Basics: Registering for Value-Added Tax (VAT)

Back to Basics: Registering for Value-Added Tax (VAT) When first setting up your business, there are multiple decisions to make – and a key consideration will be whether to register the business for Value-Added Tax (VAT), the tax that’s added onto the price of certain goods and services. When does VAT registration become mandatory? When your…
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Spreading your January self-assessment payment

Spreading your January self-assessment payment As we start to recover from the worst effects of the Covid 19 Pandemic, many owners, directors and self-employed individuals remain concerned about having enough funds to pay their self-assessment income tax bill. The good news is that HM Revenue & Customs (HMRC) does have a facility for spreading out…
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Back to Tax Basics: Tax for unincorporated businesses

Back to Tax Basics: Tax for unincorporated businesses You don’t have to be a limited company to trade as a business. It’s possible that you’re operating already as an ‘unincorporated entity’ (usually as a sole trader, or a partnership). And the way that limited companies and unincorporated entities are taxed is very different. Here’s how…
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