Discover Our Latest Tax Advice 

Calling on years of experience, the Smart Accountants team brings you tax advice to show exactly how our tax system works. Can you use our knowledge to save money? Click on a topic from the list below to show the tips.

When to register for VAT You must register if: your total VAT taxable turnover for the last 12 months was over £85,000 (the VAT threshold) you expect your turnover to go over £85,000 in the next 30 days You must also register (regardless of VAT taxable turnover) if all of the following are true: you’re based outside the UK your business

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Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs (HMRC). The deductions count as advance payments towards the subcontractor’s tax and National Insurance. Contractors must register for the scheme. Subcontractors do not have to register, but deductions are taken from their payments at a higher rate

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Register if you’re self-employed If you have to send a tax return and did not send one last year, you need to register for both: Self Assessment Class 2 National Insurance How you register depends on whether you’ve sent a tax return before or not. Register by 5 October in your business’s second tax year. You could

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