Tag Archive

Real Cost for Small Businesses in Making Tax Digital

Published on February 28, 2017 By admin

Form the next tax year, smaller businesses are encouraged to keep digital records of their financial information such as income and expenses. A survey of accountants reveal nearly half of them think that this will cost small businesses somewhere between £200 and £500 and 27% think that it would be between £500.00 and £1000,00 while […]

Restrictions for the use of VAT Flat Rate Scheme

Published on November 28, 2016 By admin

The flat rate scheme is used by many small to medium sized businesses to simplify their VAT reporting. Many of those businesses enjoys a cash advantage from using this scheme. However, this advantage is due to be cut back significantly from 1 April 2017. The FRS will continue but many businesses will not find it […]

VAT – Planning for Uncertainty

Published on August 8, 2016 By admin

The doubt has increased since the Brexit if the government and the business plans for the future has an effect on VAT. The tax was introduced in 1973 and is a relatively young tax in UK terms. But VAT has wound its way into the system with ruthless efficiency. Now that the Referendum happened and […]

Keeping Digital Records of Your Bookkeeping will be Compulsory

Published on June 22, 2016 By admin

The government is on its way enforcing all businesses whether large or small to maintain their bookkeeping records electronically. Eventhough you can get a good idea of the government’s intentions by reading the article “Making Tax Digital” it doesn’t give any concrete information to say how businesses should plan for this. While it’s just an […]

More Tax Investigations on the Way

Published on October 19, 2012 By admin

Now it is a practice of HMRC to visit businesses to check the authenticity of their records. But earlier this year, they were put on hold. However, they are going to restart this process. The government has made has made their intentions clear to check on the records of businesses as part of its war […]

Tax Return Tips and Advice

Published on December 23, 2011 By admin

Deadline for filing your tax return For individuals in the UK, the deadline for filing your paper tax return is 31 October each year.  For online filing of tax returns the deadline is 31 January each year. If you happen to file you paper tax return after 31 October or your online tax return after […]