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announced this week by the Department for International Trade (DIT), will allow companies to ask for duties to be withdrawn for a set period – effectively lowering overall production […]
Is your business ready for the changes to furlough?
Following the Government’s decision to extend the Coronavirus Job Retention Scheme (CJRS) earlier this year, businesses now have the opportunity to rely on this support until the end of September. Introduced more than a year ago, the furlough scheme (as it is more commonly known) has helped many businesses to retain talented employees without having […]
Insolvency Service to be given new powers to tackle directors who misused COVID loan schemes
Directors of dissolved companies who have benefited from the Government-backed Coronavirus loan schemes, who now do not intend to repay them, could find themselves facing tough sanctions. The Government has announced that the Insolvency Service will be given new powers to investigate directors of companies that have been dissolved to avoid the repayment of loans. […]
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. […]
Five reasons to set up a Personal Tax Account
Taxpayers are being urged to set up personal accounts to monitor their affairs.