Time to reconsider use of the VAT Flat Rate Scheme?
The VAT Flat Rate Scheme is an effective way of managing VAT reporting by being far more straightforward to operate than the standard VAT basis.
Changes Affecting all UK Limited Companies from 30 June 2016
From 30 June 2016, UK Limited Companies are required to submit a ‘Confirmation Statement’ and ‘Persons with Significant Control’ on the PSC Register.
Five Reasons to Review Your Business Model
Five Reasons to Review Your Business Model Ahead of the new UK tax year this month there are a number of recent updates to tax legislation and accounting standards that make it a good time to review your business structure and plans. The changes coming into effect represent a combination of new incentives together with […]Read more
HMRC Ordered to Pay Legal Costs on VAT Appeal
A successful appeal by a taxpaying company against a VAT investigation and allegations of fraud have proven costly for HM Revenue & Customs (“HMRC”) which has been ordered to pay the company’s legal costs.
Small Business Accounts Simplified
Small Business Accounts Simplified The government has just announced new measures to ease accounting red tape for micro-businesses. Business Minister Jo Swinson outlined the government’s response to its consultation on implementing the European Union Micros Directive, published back in 2012 to encourage a drive to reduce small business regulation. Businesses meeting new “micro-entities” criteria will […]Read more
Cash Basis Scheme – Accounting Simplification
Cash Basis Scheme – Accounting Simplification A major accounting simplification could be on the way for small unincorporated businesses with the government having issued draft legislation – from the 2013/14 tax year onwards the proposals are to allow small self-employed businesses and partnerships to prepare accounts and their tax returns on a cash basis, bringing […]Read more
New Approach to HMRC Business Records Checks
HMRC Business Records Checks: What New Approaches? HM Revenue & Customs have introduced a fresh approach to Business Records Checks (BRC) from 1 November 2012. In summary, those taxpayers seen by HMRC as more likely to have poor records will be asked to have a call to complete a questionnaire so that HMRC can determine […]Read more
Widening of Audit Exemption
Widening of Audit Exemption Government promises to cut red tape for business are being honoured in the audit area which will lift a significant number of companies out of statutory audit regulation. The audit thresholds are being widened so they are in line with the limits determining company size – a simplification a long time […]Read more
Are you aware of the Real Time Information requirements?
Real Time Information Requirements We have recently joined the Real Time Information (RTI) Pilot which is the new system that is being introduced by HM Revenue and Customs (HMRC) to improve the Pay as You Earn (PAYE) process. The official launch date is April 2013 when most employers will join RTI but all employers will be […]Read more
We have joined the Real Time Information (RTI) Pilot
We have joined the Real Time Information (RTI) Pilot This is the new system that is being introduced by HM Revenue and Customs (HMRC). Most employers will join RTI in April 2013, when it is officially launched, and all employers will be using the service by October 2013. It has been designed to improve the […]Read more