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Archive for September, 2016

Will I need to pay Tax on mileage expenses?

Q. I have recently changed jobs and need to use my car to make business journeys. Will I have to pay tax on the mileage expenses my employer reimburses me for these trips? A. Employers can pay employees a tax-free and national insurance-free amount for every mile they drive on business duties, currently: 45p per mile[…] Read more »

How long do I need to keep VAT records for?

VAT-registered businesses must: keep records of sales and purchases keep a separate summary of VAT; and issue correct VAT invoices. In the UK, VAT records must be kept for at least six years (or ten years the trader uses the HMRC VAT mini-one-stop-shop (VAT MOSS) service. VAT records may be kept on paper, electronically or[…] Read more »

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