If your business processes materials or assembles goods for sale it will usually need to keep a stock of items to ensure that future sales can be met.

If your business processes materials or assembles goods for sale it will usually need to keep a stock of items to ensure that future sales can be met.

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. 

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. 

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

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.

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.

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.
 

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.

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. 

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.

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.

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. 

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

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. 

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. 

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.’

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.’

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

 

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 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 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.

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

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

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 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.

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.
 

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.
 

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.

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.

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.

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.

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.

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

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

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

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

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.

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.

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.

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.