Tag Archives: SME

  1. Christmas and New Year Opening Times

    Please note that we will close on Thursday 23rd December 2021 at 5pm and reopen on Wednesday 5th January 2022 at 8:30am for our festive holidays. We would all like to wish you a Happy Christmas and a Prosperous New Year.

  2. Making Tax Digital Regulations

    The new MDT regulations have now been published.  To summarise: Once you have reached your digital start date you have to continue to keep digital records and file these quarterly, regardless of turnover.  Transactions need only be recorded with enough information to meet the quarterly deadline. Recording Cash or Accruals?  The regulations state that digital…

  3. The Chancellor’s Winter Economic Plan

    Since the onset of the coronavirus pandemic, many businesses and individuals have benefited from a range of schemes, including furlough grants for staff unable to work, grants for the self-employed, deferral of VAT and Income Tax payments and cheap, government-backed business loans. With the second wave of coronavirus infections upon us, the whole of England…

  4. National Living Wage and Minimum Wage Rates Increase

    Some three million workers are set to benefit from increases to the National Living Wage (NLW) and minimum wage rates for younger workers from 1 April 2020. The compulsory NLW is the national rate set for people aged 25 and over. The NLW is enforced by HMRC alongside the national minimum wage (NMW), which they…

  5. December’s General Election and Tax

    Following the General election on 12 December, Prime Minister Boris Johnson has confirmed that Sajid Javid remains as Chancellor of the Exchequer and no other changes at HM Treasury have been announced. The Prime Minister has however, confirmed that a more significant cabinet reshuffle will take place after the UK leaves the EU on 31…

  6. How Can You Identify Genuine HMRC Communications?

    Broadly, phishing is the fraudulent attempt to obtain sensitive information such as usernames, passwords and credit card details by disguising oneself as a trustworthy source in an electronic communication. This is generally carried out by email spoofing or instant messaging, and it often directs users to enter personal information at a fake website which matches…

  7. 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…

  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. Can Employers Still Claim the Employment Allowance?

    In broad terms, the Employment Allowance (EA) is available to most employers and should enable them to reduce the amount of National Insurance Contributions (NICs) they have to pay by up to £3,000 per year. The eligibility rules changed from April 2016, and the Autumn Budget 2018 announced further changes expected to take effect from…

  10. 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…

  11. 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…

  12. Buy Goods for Personal Use and Potentially Save VAT

    You may believe you can reclaim VAT for any purchase you put through your business account, but you can’t. You cannot reclaim VAT on a purchase which is not for your business. However, if you purchase an item for both business and personal use, the amount of VAT which can be reclaimed depends on which…