Blog
Pre-registration Input Tax
This is a statutory right, under VAT Regulation 111, and you can find out more in VAT Notice 700, chapter 11.
The claim for pre-registration input tax can include services purchased up to 6 months before registration, and goods purchased up to 4 years before registration, as long as those goods are on hand at the date of registration. Do prepare a simple schedule of the goods. And make sure you have …
Deregistration for VAT
Where a business ceases to make taxable supplies, it is required to notify HMRC within 30 days, and has to deregister immediately.
A business can voluntarily deregister at any time if it expects its taxable turnover in the following 12 months to be below £83,000 (the deregistration threshold is always lower than the registration t…
Fighting threat and prioritising data security in your business
As technology evolves and becomes more sophisticated, so too do viruses, malware and hackers, and their means to violate protective barriers in order to infiltrate sensitive data and information.
According to PwC’s 2016 Global Economic Crime report, cyber crime affect almost one in three organisations (32%), with the financial services industry the ‘most threatened’ by economic crime. As accountancy and bookkeeping practices handle sensitive personal and financial data for their customers, the r…
The Pain of Paying
This concept tells us something that many of us instinctively know. People feel pain when they spend money. This is because we tend to be loss averse.
We can manipulate how great we feel this pain by changing how and when we make payment. If we pay by credit card the pain is less than if we pay by cash. The reason for thi…
Why Go Digital? HMRC’s Reasons for Making Tax Digital
When is an expense not an expense?
The big difference between an expense and a disbursement is how it’s treated for VAT. A disbursement is a payment you make to a third party supplier on your clients behalf. It’s outwith the scope of VAT. This means you neither charge, nor reclaim VAT on it.
The simple reason behind this is that you’re not the customer. It’s your client who buys and receives the goods or services, you are only ac…
Develop an effective employment engagement strategy
Finance and accountancy professionals are now among the most in-demand across sectors, in part due to economic uncertainty following recent political events. These employees have …
7 Ways Hiring a Virtual Assistant Can Help a Busy Bookkeeper
Time is our most valuable commodity (even though we should charge using it!) and as a self employed bookkeeper, you’ll know that there never seems to be enough of it. Being self-employed means you have to wear all of the hats; you’re in charge of customer service, you’re an administrator, a marketer, and so much more. It’s very easy to feel overwhelmed.
An endless amount of administration, emails to answer, and seemingly mundane tasks can leave you feeling like you’ve got a mountain to climb, ye…
Clocks Go Back For HMRC
Experts say the problems have been caused with the new tax free allowances for Dividends and savings and how these interact with the zero rate savings band.
This has become such a big issue that HMRC has updated it's list of those who can file paper returns…
At a crossroads: Choosing technology or outsourcing for your practice
Technology is transforming the way that accounting firms do business. The emergence of cloud-based computing, the growth of mobile, and advances in intelligent data management mean that accounting firms have a new set of tools available that can automate and streamline tasks. Industry leaders expect the shift to mobile and cloud-based accounting to not only continue, but to accelerate, and for good reason. The results are in and technology has come up trumps. More than ever, it is essential that…