A valuable but sometimes missed relief available to Limited Companies in the UK comes in the form of Research and Development (R&D) Relief. In this article, we are considering the relief available to SME’s.
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In accounting terms limited companies often fall into two categories. Firstly, those who are medium or large and are required to have statutory audit. Secondly, small companies who are not required to have an audit but still have to produce statutory accounts which can be prepared by an in house team or an accountant.
1. There are two different classifications of the way in which taxi businesses operate for VAT purposes.
2. Businesses can operate as an agent so that the taxi fare is paid as a direct transaction to the driver who is self employed and is registered for VAT if they are exceeding the turnover limits.
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