Small businesses see changes to the VAT Flat Rate Scheme

Small businesses see changes to the VAT Flat Rate Scheme

Small business users of the VAT Flat Rate Scheme who have low costs may see the rate they pay drastically increase under new changes, which came into effect at the beginning of this month. The Flat Rate Scheme was created to simplify businesses’ record keeping, by making it easier for smaller companies to figure out their bill. VAT is usually calculated using a two stage Read more…

Warning over unexpected late payment notices in relation to now-liquidated companies

Warning over unexpected late payment notices in relation to now-liquidated companies

A number of prominent UK collection agencies appear to be closely monitoring liquidations and issuing some businesses and individuals who have purchased goods and services from now-liquidated companies with unexpected payment notices. In some cases, such notices may demand interest and compensation on invoices backdated as far as six years. It would appear that such agencies are effectively approaching liquidators to purchase the rights to Read more…

Trivial in name only – do you know the rules on trivial benefits in kind?

Trivial in name only – do you know the rules on trivial benefits in kind?

Although designated as ‘trivial’ by the taxman, trivial benefits in kind can result in tax savings for you and your employees, which can be anything but trivial. The rules cover benefits such as taking employees out for meals or giving gifts at Christmas – costs which can quickly add up and might, over the course of the year, attract a hefty tax bill. New rules Read more…

Making Tax Digital: Cash basis accounting for landlords

Making Tax Digital: Cash basis accounting for landlords

As part of the introduction of Making Tax Digital, HM Revenue & Customs (HMRC) has confirmed that it will extend the simplified cash basis of accounting for businesses with a turnover below £150,000. This expansion of cash basis accounting is likely to be welcomed, with an ounce of trepidation, by landlords, who will now be able to declare income if they have actually received it, Read more…

Record number of employers underpaying workers

Record number of employers underpaying workers

As the National Minimum Wage prepares to go up this month, the Department for Business, Energy and Industrial Strategy has released its latest ‘rogue’s gallery’ of under payers – and it is the biggest list to date. More than 350 employers were found to have failed to pay either the National Minimum Wage (NMW) or the National Living Wage (NLW) to their staff, according to Read more…

Businesses are more buoyant, says the Bank of England

Businesses are more buoyant, says the Bank of England

New research from the Bank of England has shown that Britain’s businesses are feeling more confident and are planning to invest more in the months ahead. According to the Bank’s most recent Agents’ Summary of Business Conditions, investment in research and development, renewable energy and automation is likely to increase later this year, despite fears about Brexit. The Bank’s latest study also shows that manufacturing Read more…

Does Annual Tax on Enveloped Dwellings (ATED) apply to you?

Does Annual Tax on Enveloped Dwellings (ATED) apply to you?

While changes affecting private residential landlords have made headlines in recent years, the ATED regime is a significant cost for companies, LLPs and partnerships that own a UK residential property valued at more than £500,000. The ATED regime requires you to file a return and pay tax due for the 2017-18 tax year by 30 April 2017, if you meet these criteria. Failure to file Read more…

Give your business’ finances a spring clean

Give your business’ finances a spring clean

With the clocks now having sprung forward and the new tax year upon us, what better time to give your business’ finances a spring clean? There are a number of steps you can take to ensure that you make the most of 2017-18 and to set your business up for future success. The most important ingredient for any business looking to make money is its Read more…

Spring Budget 2017

Spring Budget 2017

Various rumours were swirling around Westminster in the days before Philip Hammond rose to deliver his first Budget – confirmed as the last time a major fiscal statement will be made in the spring. The Chancellor, still scarcely nine months in the job, has a reputation as a cautious man and in advance many expected that much of today’s speech would be laying the ground Read more…

New late payment regulations to come into force

New late payment regulations to come into force

On 6 April 2017 new rules will come into force that will require Limited Liability Partnerships (LLPs) and medium and large companies to publish reports on their payment practices. The Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017 and The Reporting on Payment Practices and Performance Regulation 2017 will require these businesses to report specific information online every six months. While the new rules come into Read more…