MTD and Using Supplier Statements as Invoices

Digital record keeping requirements: Treatment of supplier statements or individual invoices

The Croner Taxwise VAT Advice line has received numerous calls from accountants whose clients receive large numbers of invoices from single suppliers, such as builder’s merchants or drugs companies. (more…)

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ACCOUNTING FOR CHARITIES

If you’re in charge of running a charity, you’ll know how it differs from operating a business and how its motives and goals vary.
Non-profit organisations are treated very differently under the law, and managing a charity’s accounts can offer some unique challenges as a result.

Read the full article here.

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Changes to Probate in 2019

From April 2019, some estates in England and Wales could be required to pay almost £6,000 for a service that currently costs less than 4% of that amount.

This is because of a proposed change to the fees families must pay to administer the estate of someone who has died. (more…)

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Happy New Tax Year!

Hopefully you should all have now received the tax packs we sent earlier this month and an invitation to complete your checklist online at our website. Remember you also need to complete the tax return supplementary questionnaire online (Click Here). This replaces the paper ones we used to send – reception will send you a paper copy if you prefer. (more…)

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April 2018 Tax Insider

This Months Edition includes:

– Thinktank wants major reform of ‘inefficient’ tax system
– More workers aim to become self-employed
– Small firms not ready for data protection shake-up
– Small businesses ‘hugely’ embrace apprenticeships

Download Here

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From sole trader to a limited company

With a new tax year almost upon us, many sole traders will be reviewing their business structure and considering whether it’s worth switching to a limited company.

There’s no denying that incorporating a business proved popular in 2017, with Companies House reporting a 7% rise in the number of actively trading companies – bringing the UK total to 1.9 million. (more…)

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Clipping the wings of phoenix companies

Companies can fail for several reasons and, for the most part, these aren’t the result of wrongdoing by the directors. For this reason, it’s perfectly legal to start a new company after an old one has become insolvent.

However, there are a number of rules that surround carrying on a similar business through a new company after the original company has gone into insolvency. (more…)

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Cash basis for landlords

Traders have been able to prepare their accounts using the cash basis since April 2013, as long as they meet certain eligibility conditions.

This option was extended to landlords running unincorporated property businesses from 6 April 2017.

However, while traders must elect for the cash basis, it applies by default to landlords who meet the qualifying conditions.

Click Here to Downlaod

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