On 15th March 2023 Chancellor Jeremy Hunt delivered his Spring Budget. Here is what it means for businesses and bookkeepers. What the Budget means for personal tax What the Budget means for business tax If you are a business owner and you do your own record keeping using Sage 50 Accounts, and want to know how to do more of … Read More
Changes to VAT penalties and VAT interest charges
A new VAT penalty scheme will come into effect from January 2023. This will alter the way that penalties are issued for submitting and paying VAT returns late. This means penalties will now apply to persistent late filing of VAT returns, and to late payment of the declared VAT liability (this includes where there is no liability to HMRC to … Read More
Help to Grow: Digital Scheme
As part of the Government’s plan to try and rescue as many small and medium sized businesses as possible from the impact of the pandemic, they have introduced the Help To Grow: Digital Scheme. By introducing this scheme they are hoping to encourage the growth of as many businesses as possible. In order to support businesses to invest in new … Read More
What I need to know about VAT for the 2022/2023 tax year
VAT wasn’t mentioned during the Autumn budget back in October. This means that for the 2022/2023 tax year the following will apply for VAT; Rates will remain the same The VAT threshold will remain the same The current VAT rates of 20% for the standard VAT rate, 5% for the reduced rate and 0% on zero-rated supplies will still be … Read More
What you need to know about the final Job Retention Scheme payment
The job retention scheme ended on 30th September 2021. Final claims for September should be made by 14th October 2021. For September you can still claim 60% of your furloughed employees wages for the hours that they have not worked. This is capped at £1,875 per employee per month. You will need to top up your employees furlough by 20% … Read More
What’s new in V27.2?
In the latest version of Sage 50cloud Accounts (v27.2) Sage have introduced various new features, one of which is a new tax code being introduced – T14 for ‘Import of goods-No VAT’ which affects box 7, no VAT. We’re delighted to announce that our Sage 50 Accounts Support Community was instrumental in this new tax code being introduced, well done … Read More
Invoice basis or cash basis for VAT – what’s the difference?
When it comes to the time to register your business for VAT, whether that be because you’ve hit the threshold or that you are opting to register voluntarily, you need to decide whether it will be on an invoice or cash basis*. When we (Sage Accounts Solutions Limited) deliver training or are helping you to setup Sage, we have to … Read More
Changes to wording on VAT returns from 8th April 2021. What’s changed and why?
The way in which VAT returns have been worded has changed, this was implemented as of the tax year 2021/22. The wording will not impact your VAT return or the way you should report. It’s been introduced to measure clarity to the recent changes due to Brexit. If you are using Sage 50 in order to prepare your VAT returns … Read More
What do I need to know about changes to the National/Minimum living wage?
Back in November of last year it was announced that as of April 2021 The National Living and National Minimum Wage would be increasing. Not only has the amount risen but the age in which employees become eligible has lowered. As an employer it’s vital that you know these facts so that you are paying your employees fairly. All employees … Read More
Christmas gifts for your clients and employees and tax implications
Christmas is an ideal time to express your gratitude to your clients and employees. A simple gift or gesture can go a long way. But does this need to come out of your own pocket or can you claim the gifts as expenses? Client Gifts and Tax The guidance from HMRC is that you can claim for gifts worth up … Read More
