The VAT deferral scheme ended on 30th June this year. In September the chancellor Rishi Sunak confirmed that businesses who opted to defer their VAT between March 2020 and June 2020 will now be able to pay the amount in instalments over a longer period of time. Originally businesses who took advantage of the VAT deferral scheme were due to … Read More
Why has Making Tax Digital (MTD) been introduced and what are the benefits?
HMRC are aiming to become one of the most digitally advanced tax administrators in the world. They have made significant changes to the way our tax system works to make it more efficient, effective and less complex in order to achieve this. The HMRC carried out live pilot testing in order to prepare for MTD. They invited some businesses to … 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
Making Tax Digital – More Information
Making Tax Digital Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their accounts. HMRC’s plan is to become one of the most digitally advanced tax administrations in the world. MTD is making fundamental changes to the way the tax … Read More
NEW advisory fuel rates from December
New advisory fuel rates from December HMRC has released its latest advisory fuel rates (AFRs), to come into force from December 1. There are no changes to the rates for petrol cars, but the rate for diesel cars, with an engine above 2,000cc, increases by 1p per mile (ppm), from 13-14ppm. All other diesel rates remain unchanged. There is also … 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?
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
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
Insurance Premium Tax (IPT) Changes
Insurance Premium Tax (IPT) is a tax on general insurance premiums.
