As HMRC closes the latest consultation round of its Making Tax Digital reforms, new research from Geniac reveals the potential impact on SMEs across the UK. At Budget 2015, the government set out the vision for a transformed tax system and in December 2015 launched the Making Tax Digital Roadmap, outlining more detail about what
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Tag Archive for Accounts & tax
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Why businesses should rethink their accounting software for Making Tax Digital
by Ben Lobel • • 0 Comments
Though Making Tax Digital is not here yet, small businesses should consider switching to using online/cloud accounting software so that they are ready for when the new regulations are fully introduced. From the consultation documentation available HMRC has no plans to provide their own free software, which is going to force the majority of businesses
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Ten threatening letters you do not want to receive from HMRC
by Ben Lobel • • 0 Comments
HMRC take a tough approach to companies that owe them taxes and will enforce against companies that don’t pay up. We’ve selected the top ten letters that you don’t want to receive and what they mean if you do. Overdue corporation tax letter All limited companies must pay corporation tax. If you’ve filed the company’s
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Small business options to ward off cash flow issues
by Ben Lobel • • 0 Comments
It’s the word that no one will utter in polite conversation, but it’s often the first word a business owner will have in their mind when a client’s invoice becomes overdue. Let’s take a deep breath and say it together, cash flow. The equation for good cash flow is simple, you provide your client with
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Tottenham FC case raises questions on employment termination and tax
by Ben Lobel • • 0 Comments
Football, and the high salaries paid to players came under scrutiny recently in a disagreement between HMRC and Tottenham Hotspur Ltd over the tax due on employment termination payments. The case was heard by the First Tier Tax Tribunal where Tottenham won the case. It does however highlight HMRC’s treatment of termination payments, and the
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How London’s small businesses are losing out on business rates
by Ben Lobel • • 0 Comments
Business rates were estimated to be worth over £27 billion to the UK economy this year. However, these additional taxes for non-residential properties have been accused of driving start-ups out of London, or even out of business. To remedy this, the former Chancellor of the Exchequer George Osborne had planned to introduce changes at the
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Four ways to tell you’ve found the right accountant for your business
by Ben Lobel • • 0 Comments
With so many accountants and accountancy firms out there to choose from, how can you tell whether or not a particular accountant is right for your business? Finding the right accountant is about more than choosing someone you can work with on a personal level, you need to be able to trust that your accountant
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SMEs claim nearly £1 billion in research and development tax credits
by Ben Lobel • • 0 Comments
Small and medium-sized businesses (SMEs) claimed £970 million in research and development (R&D) tax credits in the past year, up 24 per cent from £780 million in the previous year, but many firms are missing out on their full entitlement, says Moore Stephens. The firm explains that many SMEs fail to claim all the R&D tax relief available
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Making Tax Digital: What every small business needs to know
by Ben Lobel • • 0 Comments
Making Tax Digital or MTD is something we’re all going to hear a lot more about in the coming months. The tax system is set to be transformed to fit the digital age we now live in and will look and feel very different by 2020. For the first time, businesses will be able to
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Why KPMG launched an accounting service just for small businesses
by Ben Lobel • • 0 Comments
KPMG Small Business Accounting is sponsor of the Innovation of the Year category at the British Small Business Awards. Here, Bivek Sharma, head of KPMG Small Business Accounting, discusses how the service emerged to address the needs of the small business market. 1. Talk about KPMG Small Business Accounting and how it came to be.
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