Are you ready for online VAT filing?

You may be aware that the Government is moving forward with the plan to implement online filing for most business tax returns. The next phase of this it to require businesses to file their VAT returns online from April next year. This requirement will apply to all businesses with annual turnover of more than £100,000, which means that your business will be affected by this change.

Your first return which will be affected by the new rules must be filed online and paid by electronic payment, which includes BACS,Billpay and Direct Debit. It would be wise to start thinking about how you intend to move to online filing for VAT in the run up to that date.

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Are you completing your dividend paperwork?

Did you know that if you don't complete the proper paperwork each time you vote a dividend the taxman can argue it was actually a bonus and NIC's are payable on the amount?

If your limited company has made a profit, you are entitled to distribute these profits to shareholders as dividends.

When you do decide to declare a dividend, you must not only record the event in Company minutes, but also create a dividend voucher for each shareholder.

The voucher is a "receipt" of sorts, and is kept by the recipient for self assessment purposes.

For more details about what dividends are, how to account for them, and for template vouchers and meeting minutes please send an email to taxsorted(at)googlemail.com and we will be happy to send you the templates you need.