Company Tax

Paying VAT

How frequently do I pay VAT? VAT is paid quarterly (every three months) from the date of your registration to a VAT scheme. How does Crunch calculate VAT? The Crunch app calculates VAT based on the Cash Accounting Scheme, which means it is calculated based on the payments received from cus...

When does my VAT payment come out of my account?

When you pay VAT by Direct Debit your payments are collected automatically from your bank account on the third bank working day after the extra seven calendar days following your standard due date.

Can I pay Corporation Tax early?

If you pay your company Corporation Tax early (before your 'normal due date') HMRC may pay your company interest. This is because you have paid tax before you need to. Currant Rates for Corporation Tax Self Assessment (from normal due date) From Late payment % Repayment % 23 August 2016 ...

How to record a new incentive payment

To record a new incentive payment that was received by cheque or electronic transfer (as opposed to reducing your tax bill) navigate to the "Tax" tab and then click Add new: Incentive payment. You will then be presented with the "New Incentive Payment" form in which you will need to record the payme...

VAT Flat Rate Scheme Changes for Limited Cost Traders FAQ

What are the changes? HMRC has introduced a new 16.5% rate for the VAT Flat Rate Scheme for ‘limited cost traders’. What are limited cost traders? Limited cost traders are companies who spend very little on goods for their business and are registered for Flat Rate VAT. Their expenditure on ...

Standard rate VAT

Standard rate VAT works particularly well for businesses with a high amount of vatable expenses, as you can often reclaim the VAT paid on your purchased fixed assets (see below). How does it work? Standard rate VAT is the conventional method of calculating how much VAT you owe HMRC. It works b...

Paying VAT via Direct Debit

Can I pay VAT via Direct Debit? You sure can! In many ways, setting this up can be an easier way to make sure your VAT payments are received with HMRC on time. When will HMRC take payment? Once you’ve set up the Direct Debit, payments will be collected automatically from your bank account 3 worki...

VAT Flat Rate Scheme

What is the VAT Flat Rate Scheme? The VAT Flat Rate Scheme is designed to save you time on your accounting by making you pay a flat percentage of your sales to HMRC, rather than calculating each transaction individually. On the Flat Rate Scheme, the amount of VAT you owe HMRC is calculated f...

Scottish Income Tax

Since April 2017, the Scottish government have set their own rate of Income Tax, which means Scottish taxpayers may pay a different rate of Income Tax to the rest of the UK. Every year the Scottish government reviews their tax rates and make any necessary changes. Who is a Scottish taxpayer? On...

Can I submit an EYU (Earlier Year Update) through Crunch?

Crunch can help you prepare and submit any Earlier Year Update (EYU) your company requires. This is an additional service at a one-off cost of just £75+VAT. If you require this service, please contact your client manager. Want to know more about what an EYU update is? We’ve written a Knowledge ar...

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