Time marches on and the start date of 1 April 2019 for MTD approaches. This update bulletin hopefully will bring you up to date as to the implementation and give some guidance as to the next steps.
Many businesses are still trying to understand what Making Tax Digital (MTD) will mean for them. This article explains in more detail the records that you must keep to become compliant with MTD. The main driver for MTD is to reduce mistakes when information is submitted to the HMRC. By using digital means for transmitting data the errors should be reduced significantly.
If you are starting a new business and you are unsure about the best trading structure, then you should read this blog. It outlines the key benefits for each way of trading.
We work with many employers offering a range of services and advice, including payroll services and information on auto-enrolment. We understand the financial commitments and challenges associated with employing staff, even just taking on one person can make a big difference to your business.
All businesses need a business plan to help guide them and ensure that they achieve the targets you set for growing their business. This is particularly important when you are starting your business or if you are planning to expand.
If you are a contractor or freelancer, then you will know about the IR35 'Off-Payroll' Rules. Some significant changes are coming up in April 2020, so it's essential to keep up to date with these.
From 1st October 2019, all businesses that are VAT-registered and work in the building and construction sector need to be aware of and ready to collect VAT under the new rules.
In our previous blog - VAT: domestic reverse charge for building and construction services – we explained how the domestic reverse charge would affect the building and construction services from 1st October 2019.
In July we gave an update on the domestic reverse charge VAT scheme for construction and building services.
We wanted to make sure that all businesses registered for VAT that are in the construction sector and building services were aware of the changes.
The government is working towards a no-deal Brexit; the aim is to leave the EU on 31 October 2019. If this goes ahead, then UK businesses need to be aware of how this will affect them.
As an employer, you need to make sure that all your employees are receiving their weekly or monthly wages on time and most importantly, accurately. A mistake can take up valuable time to rectify and cause bad feelings for your team.
As your business starts to grow, it's a good idea to have a better insight into your business finances. We support many companies by preparing monthly management accounts.
When you start your business, it is essential to understand how VAT works and whether you should be VAT registered or not. Some companies decide to become VAT registered straight away, others wait until they reach the HMRC threshold.
In our last blog – Understanding VAT Rates we outlined when businesses have to become VAT registered and the amount of VAT that needs to be added depending on the types of products or services that you are selling.
A report published by MarketFinance on 9 December 2019 indicates that small businesses are having to deal with late payments regularly.
We don't want to put a damper on all the seasonal festivities. Still, we thought it would be useful to clarify tax obligations for employers and employees if a work Christmas party is organised and paid for by the business.
If you have decided that in 2020 you want to set up a new business, then read this article first. There are lots of benefits being self-employed, and at the same time, it can be very challenging as there is so much to think about when you are setting up.
If you are an employer, it is essential to keep up to date with the changes in National Minimum Wage and National Living Wage rates. This helps you to manage your finances more effectively and help with future forecasting.
Many of you will have spent the last few months sorting out your invoices ready for your self-assessment submission. If you don't use a bookkeeper and prefer to manage all your paperwork yourself.
We wanted to share a brief update on the VAT Domestic Reverse Charge process for construction and building services. This change was announced last year but then delayed until October 2020.
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When you first start a business, your focus is usually on attracting customers, generating sales and building a successful company. Few business owners spend much time thinking about how or when they will eventually leave the business.
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