HMRC require you to register for VAT when your sales are over £85,000, based on a rolling 12 month period, or that you expect them to be more than £85,000 in the next 30 days. When you register for VAT, you’ll be sent a VAT certificate, which confirms your VAT registration number, when your…
The current Chancellor of Exchequer Rishi Sunak announced his third budget on Wednesday 27th October 2021, with a lead up of interesting “leaked proposals”. This was a budget of expectations, following the recent Covid 19 pandemic, where it was expected that it would acknowledge issues such as increased inflation. and the increase in the cost…
Making Tax Digital for Income Tax is a part of the government’s plans to make it easier for businesses and individuals to manage their tax affairs and get their taxes right. Their main element is to move the recording keeping from manual records, over to software, which in HMRC’s eyes will: enable some efficiencies,…
From April 2019 VAT registered businesses with sales of more than £85,000 must follow the rules for Making Tax Digital for VAT. This is currently also an option for those VAT registered businesses with sales of less than £85,000, who can follow the rules voluntarily. (from 1st April 2022 all VAT registered businesses must adhere…
The Bounce Back Loan Scheme (BBLS) was launched to support small and medium businesses to access emergency finance quickly during the coronavirus outbreak, enabling them to borrow between £2,000 and £50,000 with no repayments in the first year, and the interest accrued being covered by the government. For loans larger than £50,000, the Coronavirus Business…
Following on from the closing of the Bounceback and Cbil loan schemes on the 31st March 2021, the replacement to these has been announced. From the 6th April 2021, applications for the new Recovery Loan Scheme will open, allowing businesses to access loans between £25,000 and £19 million, with 80% of this being guaranteed to…
Having an accountant is always more than just them filing your accounts and tax returns with the relevant authorities. Accountants themselves are business owners, so should be able to answer your queries with empathy, but with the added benefit of seeing the nuts and bolts of other businesses, giving them that direct exposure to many…
“Whatever it will be, is whatever it will be” The above statement is said by those who accept their fate, and that they believe nothing can be done about the situation that they are in. And quite often, many taxpayers have the same belief, in that they don’t feel that there was an opportunity…
When running your business, you’re mainly thinking about the here and now, and making most of your opportunities. And planning consists of the next 3 months, the next 12, and potentially up to around 5 years into the future. As such, Pensions are not high on your agenda, but they should be. When we talk…
It’s certainly been an interesting 12 months, with the global covid pandemic that has affected us all. Many staff members may have experienced what it is like to be furloughed, and many business owners have had to review their situation in depth to ensure that they are able to continue. This had led to a…