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Here are a few pointers to help you review your tax return when your accountant asks you to authorise it. When you authorise your tax return, whether on paper or electronically, it is you, the tax payer, who are responsible for the content. It’s important that you are sure that your accountant has included all the information necessary and has understood your tax situation correctly.
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MTD is going to be another acronym you will be very familiar with in a few months! Making Tax Digital for VAT goes live in April 2019, only 8 months away as I write, and less than three quarterly VAT returns away!
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Sometimes VAT can be confusing, especially when working in the food industry. Caterers and retailers need to take special care to get this right. So here we get to grips with the fundamentals, helping you to make sense of it all.
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With the summer holidays on the horizon you may be thinking it would be useful to keep the youngsters gainfully employed. It’s long been a small business tradition to bring other members of the family into the business. It makes economic sense and can be a real benefit to business. But how is that done without getting into trouble with the tax man?
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Here come the summer holidays and taking on additional staff to help at peak seasons is a good way to handle high demand, and allow young workers the opportunity to gain work experience. However, there are a few things you need to consider before implementing this strategy, let’s take a look.
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As businesses grow they can go off track. Demands on business owners are great and there is a danger that you deal with the ‘tip of the iceberg’ rather than the underlying organisational issues. So my advice is that you stand back, and have an objective view of your business.
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Step one of Making Tax Digital (MTD) is that from April 2019, sole trade and partnership businesses with turnover exceeding £85k will have to send their VAT Returns digitally. This means all the transactions, not just the summary figures, must be sent to HMRC via the internet. So how is this to be done?
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The good news is that the end of January marks the time of year when you can start your spring cleaning and throw out some tax records. So if you haven’t already done so, you can clear some space now!
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If your employees have two work phones, both can’t be tax exempt, but can you share the exemption between both phones based on which phone is used most each month? Let’s find out!
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The weather has improved again and there is more to come. But what if it becomes too hot to work comfortably? Do you have to send your employees home? Find out more below.
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