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.
Monthly Archives: May 2021
Getting prepared for the financial challenges after lockdown
It is vitally important as we come out of the year-long lockdown and hopefully into a brighter future, that businesses are fighting fit and ready to take on new challenges and opportunities ahead.
Remember to sort out your P60 certificates before the month-end
April saw many businesses and individuals rushing to sort out their end-of-tax-year duties, so the next couple of months are thankfully much quieter, with fewer key dates requiring your attention.
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?
Keep a clear focus on cash flow problems
Cash flow is an important factor in running your business. Not having sufficient money coming in and having too much money going out of a company is a recipe for business failure.
Claim up to 50 per cent off business software under new Help to Grow scheme
Small and medium-sized firms could get a discount of up to 50 per cent on the costs of business software under the new Help to Grow scheme, it has been revealed.
Crippling debt affecting mental health
The stress and stigma around crippling debt has always left people feeling isolated, lonely and desperate.
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.
Five reasons to set up a Personal Tax Account
Taxpayers are being urged to set up personal accounts to monitor their affairs.
New advice on EU imports customs declarations
New Government advice will help traders submit customs import declarations for non-controlled goods imported from the EU, it has been announced.