Future Update to Company Size Thresholds
Plus Accounting Blog
by James Hooper
1w ago
Easing the Burden on Small and Medium Businesses The UK Government have announced that they will raise the monetary thresholds for determining company size, which they feel will be a welcome move that promises to reduce the regulatory burden on businesses, particularly smaller entities. By increasing the turnover and balance sheet total thresholds by 50%, the new measures aim to strike a balance between promoting transparency and minimizing administrative complexities. Auditor’s Perspective: Adapting to Evolving Business Needs From an auditor’s perspective, this reform acknowledges the evolvin ..read more
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VAT Treatment for Gift Cards in E-commerce: A Guide for Businesses
Plus Accounting Blog
by James Hooper
1w ago
In the ever-evolving landscape of e-commerce, gift cards have emerged as a popular choice for both customers and businesses alike. They offer convenience, flexibility, and often serve as a go-to solution for gifting occasions. However, when it comes to VAT treatment, businesses must navigate through regulations to ensure compliance and accurate accounting. At Plus Accounting, our team understand the complexities involved. We will look into the VAT treatment of gift cards for e-commerce businesses to shed light on this critical aspect of financial management. Understanding VAT Treatment: VAT t ..read more
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Spring Budget 2024: Key Changes to National Insurance Contributions and High Income Child Benefit Charge
Plus Accounting Blog
by James Hooper
1w ago
Further changes announced in the Spring Budget include two key areas in National Insurance Contributions (NIC) and the High Income Child Benefit Charge (HICBC). In this blog, we’ll explore the details of these changes and how they might affect you. National Insurance Cut Employee National Insurance Rate Reduction: One of the headline changes is the reduction in the main rate of employee National Insurance (NI) from 10% to 8% effective April 2024. This follows a previous 2p cut in the Autumn Statement, which took effect from January 2024. The combined effect of these reductions means that empl ..read more
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The Impact of Technology in Accounting
Plus Accounting Blog
by James Hooper
2w ago
From automated processes to real-time data analysis, technology has become a driving force behind the evolution of accounting practices. We look at the impact of technology in accounting and how it has transformed and reshaped the way financial professionals operate including what we are doing here at Plus Accounting.  Automation of Repetitive Tasks: One of the most significant impacts of technology in accounting is the automation of routine and repetitive tasks. Manual data entry, calculations, and bookkeeping have given way to sophisticated software solutions that handle these tasks se ..read more
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Spring Budget 2024: Key Changes to the VAT Registration Threshold
Plus Accounting Blog
by James Hooper
2w ago
In the recent Spring Budget 2024, a significant change has been announced to the VAT registration threshold which will provide a boost for small businesses.  From 1 April 2024, the VAT registration threshold will increase from £85,000 to £90,000. This adjustment signifies the first change to the threshold since it was frozen as of 1 April 2017. Simultaneously, the taxable turnover threshold which determines whether a person may apply for deregistration will rise from £83,000 to £88,000. The Chancellor said this would “reduce the administrative and financial impact” for SMEs, explaining i ..read more
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Unlocking Growth Potential: The Power of Enterprise Management Incentive (EMI) Schemes
Plus Accounting Blog
by James Hooper
2w ago
In today’s competitive business landscape, attracting and retaining top talent is crucial for companies, particularly in the fast-paced world of tech and high-growth industries. One powerful tool that has gained popularity among businesses looking to incentivize their key employees and drive growth is the Enterprise Management Incentive (EMI) scheme. In this article, we will explore how EMI schemes work and why companies, especially those in the tech and high-growth sectors, should consider utilising them. Understanding EMI Schemes EMI schemes are a tax-efficient and flexible way for companie ..read more
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HMRC U-Turn on Rule Change for Double Cab Pick-Ups
Plus Accounting Blog
by James Hooper
3w ago
The Starting Position  Since 2002/03, deciding whether a double cab pick-up is treated as a car or van for employment benefit purposes has come down to the weight of the vehicle, specifically the ‘payload’ which is defined as ‘the gross vehicle weight less unoccupied kerb weight’. Currently, if the payload is 1 tonne or more, the vehicle is classed as a van for P11D purposes. Bad News for Businesses On Monday 12 February 2024, HMRC updated its guidance on the treatment of double cab pick-ups to state that from 1 July 2024 the rules would change; all newly acquired double cab pick-ups were ..read more
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Xero Users: Classic Sales Invoice will retire in September 2024
Plus Accounting Blog
by Debbie Marriott
1M ago
As of 2 September 2024, Xero will retire the classic version of its sales invoice. While Xero has been offering both classic and new invoicing options for some time, they have decided to focus their attention on the new invoicing system moving forward. Switching over to the new invoicing system is easy. When accessing classic invoicing, you’ll see the option to switch, as shown below; The new version, shown below, is much more streamlined; New invoicing features include: Auto Save to Draft: Never worry about losing your work with automatic saving features. Streamlined Approval and Mailing ..read more
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Well done to Charlotte Bowen!
Plus Accounting Blog
by James Hooper
1M ago
Congratulations to Charlotte Bowen for passing her Law exam!  Having also passed her Business, Technology and Finance exam recently, Charlotte is now just one exam away from completing the certificate level. All the best for that one too Charlotte! ? Keep up to date with the Plus Accounting team inside and outside the office with our Team News section! The post Well done to Charlotte Bowen! appeared first on Plus Accounting ..read more
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Childcare Allowance – what high earners need to consider
Plus Accounting Blog
by James Hooper
1M ago
High earning taxpayers are probably aware of the loss of the personal allowance which occurs when adjusted income exceeds £100,000, whereby the allowance of £12,570 is lost at the rate of £1 for every £2 by which income exceeds £100,000, resulting in the entire loss of the allowance at an income of £125,140. It is also at this level of income that the 45% additional rate of income tax starts to apply. There is however another minefield potentially awaiting people with high incomes who are claiming the childcare allowance. This allowance was introduced in the Spring Budget of 2023 and is curren ..read more
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