When you first become VAT registered you can choose which VAT scheme to use when reporting VAT.and#160; Whilst you can change this at a later date HMRC would not want you to keep changing from one scheme to another.and#160; So before you become VAT registered you should understand the different ways of reporting VAT and decide which one will suit your business best.and#160; Here are the facts about three of the schemes ..read more

From April 2023 individuals who have income of more than and#163;10,000 per year, including from property, and who complete a Self Assessment Tax Return will have to submit their accounts digitally to HMRC on a quarterly basis.and#160; Whilst this seems a long way ahead now is the time to start thinking how you will manage this ..read more

In November 2020 the Chancellor announced the new rates for the National Minimum Wage which will take effect from April 2021 ..read more

Many businesses have been formed over the last 9 months whilst we have been in this never before experienced situation.and#160; Employees have been furloughed and some businesses have not been able to continue trading, or not in the way they have done previously.and#13;and#10;and#13;and#10;This has given people time to think and assess their work future ..read more

The Christmas and New Year break is a good time to reflect on all that is good and not so good with your business. Business owners have chance to step back and take time to look at what works, what doesnand#39;t and what could be better as well as planning for the coming year ..read more

HMRC have produced clear guidance on what individuals and businesses will need to do when we have left the EU on 1 January 2021.and#160; There is an HMRC tool to use which will give specific information for your own personal or business circumstances which can be found here.and#160;and#160 ..read more

Whilst this has been a tough year for many businesses there are some people who decided that this year was as good a time as any to set up a business.and#160; Some people will have found the time to think and plan what they really want to do whilst they had more time on their hands.and#160; Some people will have always had an idea in the back of their mind and this year has given them the opportunity to explore the opportunities and take their idea forward.and#160; Others may have a hobby which they have been able to spend more time on and have found there is a market for their product.and#13 ..read more

Businesses who deferred their VAT payment which was due to be paid between 20 March and 30 June now have 3 options for payment ..read more

Calculating holiday entitlement can be confusing.and#160; Employees are legally entitled to have 20 days paid holiday plus 8 bank holidays each year.and#160; If the employee works part time their entitlement is based on the number of days each week they work.and#160; For example, if they work 2 days a week they would be entitled to 2and#47;5ths of 20 days and 2and#47;5ths of the 8 bank holidays.and#13;and#10;and#13;and#10;Employees must take the minimum ..read more

As qualified bookkeepers and not qualified accountants we donand#39;t offer accountancy compliance services such as tax returns, partnership or limited company accounts.and#160; This is because, whilst we may have covered the foundation of these in our bookkeepingand#160; qualifications, we donand#39;t have the knowledge or experience to give our clients the advice they need on tax matters.and#13;and#10;and#13;and#10;Of course we know what can be claimed for both VAT and tax purposes but when it comes down to knowing how best to use the tax rules for your personal and business circumstances we ..read more