Limited Companies

The government has announced a package of measures to ensure small businesses get paid on time. Under the proposals, large businesses could be fined for failing to pay smaller suppliers on time as part of a robust package of measures. The measures include:   proposed new powers for the Small Business Commissioner to tackle late payments through fines and binding Read the full article…

HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the rules, businesses with a taxable turnover above the VAT threshold(currently £85,000)must keep digital records for VAT purposes and provide their VAT return information to HMRC using compatible software. The rules have effect from 1 Read the full article…

A report by the Office of Tax Simplification (OTS) calls on the government to prioritise action to ‘address long-standing concerns about the experience of smaller businesses’. The report considers the business lifecycle, especially those starting up and provides recommendations in five areas: providing simple step-by-step guidance about the key things a business needs to do in its early days to Read the full article…

Landlords – remember to prepare your accounts on the cash accounting basis. Unless you have specifically opted out of cash accounting (which you need to do each year on your tax return), remember that the cash basis now applies automatically to all unincorporated property businesses so long as their rental income is less than £150,000 per annum. What does ‘the Read the full article…

For VAT purposes, it’s important to know the difference between cars and other vehicles. This is because in most cases, VAT-registered businesses can’t reclaim the VAT when they buy a car. But they may be able to reclaim the VAT when they buy a commercial vehicle, motorcycle or motor home.

As cycling continues to grow in popularity with e-bikes leading the way in getting more and more people using pedal power, the government has at last lifted its cap on the value of bikes and associated safety equipment which can be bought through a cycle to work scheme. In the period from 2013-2017 only 4% of people cycled to work, Read the full article…

HMRC has issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2019. VAT registered businesses use the fuel scale charges to account for VAT on private use of road fuel purchased by the business. Please do get in touch for further advice Read the full article…

HMRC has published a list of businesses that have not met their obligations under the Money Laundering Regulations. As a supervisor of the Money Laundering Regulations HMRC has a duty to publish details of businesses that have been penalised for not complying with the regulations. HMRC advises that it considers cases individually to decide whether to publish details in full, Read the full article…

In the next in our series of articles on how to improve your cashflow we take a look at the cash conversion cycle and actions you might be able to take to shorten it. I think it’s safe to say that we all agree that turning what we do into good, hard cash as quickly and profitably as possible is Read the full article…

We are now six weeks into the Government’s Making Tax Digital for VAT initiative, and so far, so good. If we currently look after and submit your VAT returns on your behalf, then rest assured that you are in good hands – we are MTD ready and ensuring all clients are compliant with new legislation in plenty of time. If Read the full article…