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All news by: Louise Hastings

Will your director and shareholder dividends be hit by the NIC increase?

Shareholder directors of owner-managed businesses normally take a minimum salary and any balance of remuneration as dividends (distribution of company profits). Historically, dividend have been taxed as unearned income and this tends to reduce National Insurance Contributions (NIC), and in some cases income tax. 

Will your director and shareholder dividends be hit by the NIC increase?

Shareholder directors of owner-managed businesses normally take a minimum salary and any balance of remuneration as dividends (distribution of company profits). Historically, dividend have been taxed as unearned income and this tends to reduce National Insurance Contributions (NIC), and in some cases income tax. 

Making Tax Digital for VAT registered businesses compulsory from April 2022

As of 1st April 2022, all VAT – registered businesses will be required to comply with the MTD regime for their VAT accounting.

Beware of being an over-trader

Business owners will need to consider their options and creating a cash-flow forecast will reveal the peaks and troughs in your bank balances and give you time to consider your choices.

Beware of being an over-trader

Whisper it quietly but we may be approaching the end of the major disruption to the economic activity of the past two years. This would be great news for those trades badly affected by previous lockdowns and other restrictions.

MAKING TAX DIGITAL FOR VAT REGISTERED BUSINESSES COMPULSORY FROM APRIL 2022

Since Making Tax Digital came into force in April 2019, VAT-registered businesses in the UK above the £85,000 registration threshold are required to submit their VAT returns using ‘functional compatible software’ and store their VAT accounting records digitally. This is part of the government’s plans to make the tax system more resilient and effective, to boost business productivity and to support taxpayers.  

Company filing dates and reasonable excuses

The statutory filing date for a Corporation Tax return is twelve months after the end of the relevant accounting period. If you miss the deadline but have a reasonable excuse then HMRC will consider it.

MTD for income tax self-assessment delayed until 6 April 2024

The government has delayed the start of MTD ITSA (Making Tax Digital for Income Tax Self-Assessment) from 6 April 2023 to 6 April 2024 for self-employed businesses and landlords, with MTD for general partnerships postponed to 6 April 2025. 

One Click - Approval password turned off

Earlier this year CCH released an improvement to CCH OneClick that enables the document approval password requirement to be turned off. This has now been actioned and users will receive the following pop-up notification next time they log into OneClick advising them of the change.

Gift Aid – Be cautious if your income has dropped

The tax that is claimed back by the charity is funded by the tax paid by the donor. This is only applicable where the donor has paid more tax in the year than is claimed back by charities and community amateur sports clubs on donations. Problems can arise if the donor’s income falls, such that they are not classed as a taxpayer or pay less tax than is claimed back on the donation.

The benefits of filing your online VAT returns with Making Tax Digital

Any VAT registered businesses who are not already signed up to MTD, HMRC will gradually migrate onto their new ETMP platform in stages during 2021, in advance of MTD for VAT becoming mandatory from April 2022. 

Furlough scheme changes from 1 July 2021

The government has confirmed its intention that furloughed employees will be paid 80% of their wages for hours not worked under the furlough scheme. 

Sage updates tax codes post Brexit

Sage has introduced new tax codes to make the process of recording EU and non-EU imports easier, following the announcement of the Brexit agreement.

How to improve your business' cash flow with cloud accounting for start ups to large businesses

Covid 19 has wreaked havoc for all business sectors but has had a very significant impact on the hospitality and leisure sector, which subsequently then expands into other businesses in terms of supply chains and consumer demand. 

Coronavirus Job Retention Scheme

The Coronavirus Job Retention Scheme (CJRS) commonly known as the furlough scheme will be extended until the 30 April 2021. The most recent update (further extending the life of the scheme) was announced by the Chancellor Rishi Sunak on 17 December 2020. 

Moore (South) Partner with Receipt Bank

To continue to add to our pool of accounting and bookkeeping tools and resources and with a strong vision for the digital accounting world of the future, we have recently partnered with Receipt Bank to offer our clients the ‘optimize solution.’

Moore (South) Partner with Receipt Bank

To continue to add to our pool of accounting and bookkeeping tools and resources and with a strong vision for the digital accounting world of the future, we have recently partnered with Receipt Bank to offer our clients the ‘optimize solution.’

PSD2 delayed: What does this mean for you?

For years, the UK and EU have shared the objective of creating a level playing field for new market entrants in the financial services and payments industries while ensuring the proper protection of consumers’ data.

Making Tax Digital: What's Next?

Making Tax Digital has now been live for just over a month, affecting the way most VAT-registered businesses file their VAT returns.   

6 ways cashflow forecasting can benefit your business

Maintaining a healthy cash flow is a challenge for most business owners.  Despite being a cliché phrase, “cash flow is king” continues to drive a harsh truth – a lack of funds is one of the main reasons businesses go under.    

Making Tax Digital: Are you aware of the changes to the Government Gateway?

Making Tax Digital is fast approaching; therefore it is important for mandated businesses with taxable turnover of £85,000+ start preparing for the switch over in April 2019.   The first VAT period affected is the period which begins after 1 April 2019.

Making Tax Digital: Are you aware of the changes to the Government Gateway?

Making Tax Digital is fast approaching; therefore it is important for mandated businesses with taxable turnover of £85,000+ start preparing for the switch over in April 2019.   The first VAT period affected is the period which begins after 1 April 2019.

Making Tax Digital Update: HMRC Letters

HMRC have been writing to VAT registered businesses about Making Tax Digital for VAT, they have confirmed that all letters have now been sent.

Making Tax Digital Update: HMRC Letters

HMRC have been writing to VAT registered businesses about Making Tax Digital for VAT, they have confirmed that all letters have now been sent.

Making Tax Digital Update: HMRC Letters

HMRC have been writing to VAT registered businesses about Making Tax Digital for VAT, they have confirmed that all letters have now been sent.

Making Tax Digital: Are you aware of the changes to the Government Gateway?

Making Tax Digital is fast approaching; therefore it is important for mandated businesses with taxable turnover of £85,000+ start preparing for the switch over in April 2019.   The first VAT period affected is the period which begins after 1 April 2019.

Last call for VAT traders to prepare for new filing regulations

As we have mentioned before, VAT returns filed for periods commencing on or after 1 April 2019, may need to be filed using the new Making Tax Digital (MTD) protocols. The new filing obligations will apply to VAT registered businesses with turnover above the current VAT registration limit, £85,000.  

Last call for VAT traders to prepare for new filing regulations

As we have mentioned before, VAT returns filed for periods commencing on or after 1 April 2019, may need to be filed using the new Making Tax Digital (MTD) protocols. The new filing obligations will apply to VAT registered businesses with turnover above the current VAT registration limit, £85,000.  

7 reasons why your business should invest in cloud accounting

What is cloud accounting? Cloud accounting uses software that is hosted on remote servers rather than on a company’s own servers. Data is sent to and stored in "the cloud," where it is processed and returned to the user - all application functions are performed off-site and not on the user's desktop.

8 reasons why your business should invest in cloud accounting

What is cloud accounting? Cloud accounting uses software that is hosted on remote servers rather than on a company’s own servers. Data is sent to and stored in "the cloud," where it is processed and returned to the user - all application functions are performed off-site and not on the user's desktop.

8 reasons why your business should invest in cloud accounting

What is cloud accounting? Cloud accounting uses software that is hosted on remote servers rather than on a company’s own servers. Data is sent to and stored in "the cloud," where it is processed and returned to the user - all application functions are performed off-site and not on the user's desktop.

HMRC delays MTD for businesses below the VAT threshold

It has been announced by HMRC’s Making Tax Digital (MTD) team that plans still remain in place for VAT registered businesses, but the wider extension of the MTD programme for non-VAT registered businesses will be delayed, due to Brexit and the Government resources being stretched.

HMRC delays MTD for businesses below the VAT threshold

It has been announced by HMRC’s Making Tax Digital (MTD) team that plans still remain in place for VAT registered businesses, but the wider extension of the MTD programme for non-VAT registered businesses will be delayed, due to Brexit and the Government resources being stretched.

Is your business ready for the April making tax digital deadline?

In less than a year all businesses that file VAT returns will have to file these online or through reliable accountancy software. From April 2019, VAT registered businesses with turnover above the VAT threshold (currently £85,000) will have to:

Is your business ready for the April making tax digital deadline?

In less than a year all businesses that file VAT returns will have to file these online or through reliable accountancy software. From April 2019, VAT registered businesses with turnover above the VAT threshold (currently £85,000) will have to:

Making Tax Digital for VAT: how Moore can help you prepare

From April 2019, VAT registered businesses with turnover above the VAT threshold (currently £85,000) will have to:

Making Tax Digital for VAT: how Moore can help you prepare

From April 2019, VAT registered businesses with turnover above the VAT threshold (currently £85,000) will have to:

Festival of Flowers Schools Art Competition Winners

Congratulations to Ava Munt and Sebastian Chatzapoulos on their glorious fine art

Festival of Flowers Schools Art Competition Winners

Congratulations to Ava Munt and Sebastian Chatzapoulos on their glorious fine art

Moore (South) LLP join the judging panel for the Young Start Up Talent Awards

A brand new entrepreneurial initiative finished it’s first year in Chichester on Thursday 12th of January, as it held its first successful showcase event despite the bad weather.

Moore (South) LLP join the judging panel for the Young Start Up Talent Awards

A brand new entrepreneurial initiative finished it’s first year in Chichester on Thursday 12th of January, as it held its first successful showcase event despite the bad weather.

Academies: AAR

The AAR will no longer be filled in via an excel spreadsheet, the 2015/16 return will be replaced by an online form, which the EFA are currently finalising, with it due to be launched on 31st October.

Academies: AAR

The AAR will no longer be filled in via an excel spreadsheet, the 2015/16 return will be replaced by an online form, which the EFA are currently finalising, with it due to be launched on 31st October.