Exporting – Getting an EORI Number

You will need an Economic Operators Registration and Identification number (EORI) number to move goods: between Great Britain and the EU and any other country. between Great Britain and Northern Ireland between Great Britain and the Channel Islands between Northern Ireland and countries outside the E and the Channel Islands You can apply for your EORI number in advance and it takes approximately one week. You will not usually need an EORI number if you only: provide services move goods between Northern Ireland and Ireland If you use a post […]

VAT: Are you trading above the VAT threshold but not registered?

filling tax return on desktop

VAT: Are you trading above the VAT threshold but not registered? HMRC has recently been writing to businesses which it believes are trading above the VAT threshold, but who are not currently VAT registered.  If you have received such a letter, this is what to do: Inform your accountant or contact an accountant In a number of cases, HMRC has not sent a copy of the letter to your designated accountant. It is important to advise your accountant and copy the letter to them so that they can advise you […]

Recovery Loan Scheme

The Recovery Loan Scheme The Recovery Loan Scheme was launched om 6 April 2021 and provides access to finance for UK businesses as they grow and recover from the disruption of the COVID-19 pandemic. If you have already borrowed from any of the other coronavirus loan schemes, you are still able to apply for a Recovery Loan Scheme. Up to £10 million is available per business. The actual amount offered, and the terms, are at the discretion of participating lenders. The government guarantees 80% of the finance to the lender. […]

Jointly-owned property – who pays the tax?

Citi Accounts | Accountants for Landlords With a jointly-owned property, the way in which the rental income can be split between the joint owners for tax purposes depends on whether the joint owners are married or in a civil partnership or not. Married couples and civil partners Where a property is jointly owned by a married couple or civil partners, the basic rule is that the rental income is split equally, regardless of the actual underlying ownership. Example John and Lisa are married. They jointly own a flat in which […]

CIS tax refund

CIS tax refund

CIS tax refund What is a CIS tax refund? A CIS tax rebate (also called a refund) is money that can be claimed from the HMRC where you have paid more tax than you actually owe! At Citi Accounts, we are dedicated to winning back your hard earned money quickly and effectively. On average, our clients get an average refund of £2,000 each year. Most self-employed or subcontracting workers in the construction industry are owed a tax refund every year due to the Construction Industry Scheme (CIS). Some of the reasons […]