Monthly Archive May 27, 2021

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.

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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.

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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.

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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.

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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?

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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.

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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.

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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.

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Time is running out to join the VAT Deferral Scheme

Companies now have less than one month left to join the VAT Deferral New Payment Scheme.

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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.

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