UK VAT Changes from 20% to 5% for Tourism and Hospitality Sectors (08/07/2020)

In today’s summer statement, the UK’s Chancellor said he plans to change UK VAT for the hospitality and tourism sectors from 20% to 5% with effect from Wednesday 15th July 2020 until Tuesday 12th January 2021. Any businesses that buy and sell food, provide accommodation or manage attractions will be affected by the change. We’ll publish more on this topic … Read More

Option to defer paying VAT ends on 30‌‌ June 2020

If, due to COVID-19, businesses could not afford to pay their VAT, HMRC offered a deferral without interest or penalties, meaning although the VAT return still needed to be filed, any VAT due for payment between 20 March 2020 and 30 June 2020 could be deferred until 31 March 2021. To do this, any business who had a Direct Debit … Read More

Coming in 2020 TWO Sage 50Cloud Payroll year end updates

Come and join our support community of Sage 50 Payroll Users on Facebook for tips and advice. This year the Government have announced that the Budget will be issued later than usual on 11th March 2020. Due to this Sage (UK) will be releasing two Sage 50Cloud Payroll updates. The 1st update will be released in February 2020, which will … Read More

MTD Upgrade to v25 of Sage 50

Thinking about a Sage 50 version 25 MTD Upgrade? We’ve had a number of phone calls from clients wanting to upgrade to Sage 50 version 25 in order to be compatible with the upcoming MTD requirements. The good news is that if you’re already a Sage user, the price you pay should be lower than the RRPs you may already … Read More

Common FAQ’s about Making Tax Digital

Making Tax Digital – What does it mean for your business? If you are VAT registered then you will need to start to keep a digital record  (i.e. use software to record all your VAT invoices and receipts). If you are not VAT registered then digital record keeping is optional. If you are VAT registered and do not currently use … Read More

HMRC send out making tax digital letters

Have you received a letter from HMRC about Making Tax Digital? If so, you’re not alone. About 200,000 HMRC Making Tax Digital letters have been issued to businesses to let them know about the new service and how VAT record keeping and the way that VAT returns are submitted will change from April 2019. HMRC has sent the first 20,000 … Read More

Making Tax Digital-Are you ready?

calculator and pen on white background with mtd sign on top

Making Tax Digital – Are you ready? With the ever looming deadline approaching, 1 April 2019, VAT-registered businesses in the UK will need to submit their VAT returns using “functional compatible software”, as part of HMRC’s Making Tax Digital (MTD) plans. One thing to remember is that from April 2019, if your VAT turnover is above the VAT threshold (currently … Read More

The Budget 2018 for businesses

laptop open and lady using smart phone

The Budget 2018 has been announced. It will be the final one before the UK leaves the EU. It was put forward on Monday 29th October 2018 by Chancellor Philip Hammond. Here is what it means for businesses. Will I pay less income tax? 31 million people pay income tax in the UK –  18 million men and 13 million … Read More

Minimum pension contributions to increase in April 2019

orange arrow rising on gold blocks

Minimum pension contributions rates increase again in April Minimum contributions that are set by the government for auto-enrolment will increase again in April 2019. It will be the law. The increase will take the total minimum amount to 8% (at least 3% from you as the employer). This is assuming you’re calculating minimum pension contributions on qualifying earnings. If you … Read More

Campaign warning about pension scams

cartoon of person on laptop saying fraud alert

Don’t let scammers enjoy yours or your employees’ retirement The Pensions Regulator has joined together with the Financial Conduct Authority to launch the ScamSmart campaign in order to warn savers about pension scams. As an employer you pay in to your employees’ pension, with contributions rising again next April. Don’t let yours and your employees’ money go to waste at … Read More