The deadline to pay deferred VAT or arrange a payment plan is “fast approaching”, the Institute of Chartered Accountants in England and Wales (ICAEW) has warned. Businesses who deferred VAT in the wake of the coronavirus pandemic must take action before 30 June 2021 or risk penalties. If your company has outstanding VAT liabilities, here’s […]
Register for Making Tax Digital for VAT or risk penalties, HMRC warns
Businesses who are required to use Making Tax Digital (MTD) for VAT but not registered could face fines of up to £400, it has been warned.
How using technology can make your business more profitable and leave you with less work
Running a business has its challenges, especially when there is a lot of work to do and obligations to adhere to. However, using technology can make your business more profitable and leave you with less work to worry about.
How will the EU’s Import One-Stop Shop impact traders in the UK?
The Import One-Stop Shop (IOSS) is set to come into force this summer under sweeping changes to EU VAT law. If your business supplies goods to consumers in the single market, this is what you need to know. What is the Import One-Stop Shop? The IOSS is a new electronic portal that can be used […]
Recruitment agencies must take care of their use of umbrella companies
By Ben Chernoff, Director at Davis Grant Employment organisations and tax experts are issuing warnings over the use of so-called ‘mini-umbrella’ companies, which have been linked to fraudulent tax activities and the abuse of workers’ rights.
Cash basis versus accruals basis
If you manage a business and record its expenses and revenue, you need to find a recording system that suits you. While cash basis accounting has its benefits, accrual accounting can be a more powerful tool for operating your business. So what is the difference?
UK to roll out independent tariff suspension scheme
Tariffs on some imported goods will be partially or wholly suspended to help UK firms become “more globally competitive”, it has been revealed. The new scheme, announced this week by the Department for International Trade (DIT), will allow companies to ask for duties to be withdrawn for a set period – effectively lowering overall production […]
What you need to know about the new EU VAT e-commerce rules
The new European Union cross-border VAT e-commerce rules are set to come into force on 1 July 2021. If you move or supply goods to the EU or Northern Ireland, here’s what you need to know. What are the new e-commerce rules? The new regulations are designed to make life “simpler and fairer” for traders. […]
What is IR35 and what does it mean for contractors, freelancers and sole traders?
Introduced in April this year, the new off-payroll working rules may significantly change the economic landscape for contractors, freelancers and sole traders. If you’re concerned about IR35, here’s everything you need to know. What are the new off-payroll working rules? A contractor who works like an employee – but is paid through a limited company […]