Tag Archives: business finance

  1. Zero-Rating VAT of Transport of Disabled Passengers

    HMRC have issued Brief 3 (2019), which aims to clarify that the Department’s policy on the scope of the VAT zero rate for transport services has not changed following the Upper Tribunal (UT) decision in Jigsaw Medical Services Ltd (2018) UKUT 0222. In this case, the UT heard an appeal by HMRC against the First-tier Tribunal’s…

  2. We’re Recruiting!

    We’re looking for a friendly Receptionist for our comfortable Shiphay offices. Main duties will include: Keeping the Reception area and meeting rooms tidy. Setting-up meeting rooms, including Skype, video and any other technology required. Diary maintenance. Managing our CRM and Workflow system (full training provided). Answering the telephone Welcoming visitors. Filing. Handling incoming and outgoing…

  3. Making Tax Digital for VAT Update: How to Deal with Petty Cash Transactions

    HMRC has published an updated version of their guidance for businesses on Making Tax Digital for VAT. In particular, the guidance now includes information on how businesses should deal with petty cash transactions. Petty cash is traditionally a small amount of cash on hand that covers day to day expenses of a business, such as…

  4. Minimum Pension Scheme Contributions Rise

    The minimum contributions employers and their staff must pay into their automatic enrolment workplace pension scheme increased with effect from 6 April 2019. From that date, the employer minimum contribution has risen from 2% to 3%, while the staff contribution also increased from 3% to 5%. As part of the ‘phasing’ process, the increases mean…

  5. Choosing the Right Accounting Software for Your Business

    So you have decided to take the plunge, you want to follow your dream of becoming a successful business entrepreneur, you have the knowledge of your chosen product, the contacts and the funds to get started, just one thing is getting in your way to becoming the next Peter Jones or Deborah Meaden and that’s…

  6. Trading with the EU? You will need a UK Customs Number After Brexit

    If you are a UK business and you are trading with the European Union by importing or exporting goods, you will need a UK EORI number to continue trading after Brexit. EORI is short for Economic Operators Registration and Identification Number. This is used by custom authorities throughout the European Union. This unique number is…

  7. January 2019 Record Tax Revenue

    The Treasury has been given a boost after official figures showed the Government recorded its largest January budget surplus, as they enjoyed a bumper haul of tax receipts. Figures from the Office for National Statistics show that public finances were in surplus by £14.9 billion last month, the largest January total since records began in…

  8. Juicy First Tier Tribunal Case

    The First Tier Tribunal (FTT) was recently called upon to examine whether fruit and vegetable juices sold as meal replacements were beverages and therefore standard-rated for VAT. The case (The Core (Swindon) Ltd [2019] TC 06874) concerned a juice bar and health café which supplied juice cleanse programmes (JCPs) consisting of fresh drinkable products made…

  9. Efficient Tax Savings

    As the end of the current tax year approaches, it is worthwhile making a check to ensure that the various tax-efficient saving opportunities have been utilised wherever possible. The following paragraphs highlight some of the areas where savings may be made. ISAs The maximum annual investment limit for Individual Savings Accounts (SAs) will remain at £20,000 for…

  10. Making Tax Digital – Be Ready

    The April deadline for Making Tax Digital is rapidly approaching so we all need to be prepared, which includes using a software programme compatible with HMRC. Making Tax Digital will help bring the tax system into the 21st century by providing businesses with a modern, streamlined system to keep their tax records and provide information…

  11. Making Tax Digital: MTD for VAT

    From April 2019 all VAT registered businesses with a taxable turnover above the VAT threshold of £85,000 will be required to: Maintain their accounting records digitally in a software package or on a spreadsheet. Paper records will no longer meet the legal requirements in tax legislation. Submit their VAT returns to HMRC using MTD compatible…

  12. Apprenticeship Levy Help for Smaller Firms

    In a bid to make apprenticeship schemes more accessible, the Treasury has raised the amount of the apprentice levy that larger companies can transfer to smaller firms in their supply chain from 10% to 25%. The change, which was announced by Chancellor Phillip Hammond at the Conservative Party conference, aims to provide additional flexibility for…