Frequently Asked Questions
I don’t know if I need to register for VAT. What is the current registration threshold?
From 1st April 2015 you must register for VAT if your turnover exceeds £82,000 for a 12 month period. There are a number of VAT schemes so it always pays to ask our advice on these before registering. From 1st April 2016 the Vat registration threshold will increase from £82,000 to £83,000, and the deregistration threshold will rise from £80,000 to £81,000.
I employ staff, what are the current National Minimum Wage rates?
From the 1st October 2016, the National Minimum Wage rates will be increasing as below:
- 21 – 24 year olds – NMW will increase from £6.70 to £6.95 per hour
- 18 – 20 year olds – NMW will increase from £5.30 to £5.55 per hour
- Over compulsory school age but not yet 18 – NMW will increase from £3.87 to £4.00 per hour
- Apprentice rate (for apprentices under the age of 19 or 19 and over but in the first year of apprenticeship) – NMW will increase from £3.30 to £3.40 per hour
You may have noticed that the National Living Wage is not increasing in October. As the NLW rate for those aged 25 and over was only introduced in April 2016 the current rate of £7.20 per hour will continue to apply until April 2017. The quoted increase from next April is £7.60 per hour but this has not yet been confirmed.
This may seem more troublesome because some staff’s wages will rise in October and some will rise in April. However, from April 2017, the NMW and NLW will align and each annual increase will take place in April from then on. This means it is likely that the NMW will increase in both October 2016 and April 2017.
I don't know the CO2 figure for my vehicle!!
If you go to http://carfueldata.direct.gov.uk/search-new-or-used-cars.aspx then you can obtain the Co2 figures for most vehicles. Alternatively contact us and we'll find the figure for you.
I've heard that there is a new way to account for private fuel on my vat return based on the CO2 emissions of the vehicle. What rates do I use now?
For Vat periods beginning after 30th April 2007 you now use the Co2 emissions of the vehicle to calculate the restriction, as per the following link here.
How long do I have to register with HM Revenue and Customs once I’ve started trading?
You must notify them within 3 months to avoid a £100 penalty. If you’re approaching this deadline then contact us and we can help you get the form in on time.