The UK government is making tax digital. From 2019, if you manage a VAT-registered company, and you have a turnover of more than £85,000 per year, you will be required to keep digital records and submit returns created using software that is compatible with Making Tax Digital (also known as MTD).
Continue readingThe 2018/19 tax year has just ended, which means you can now file your tax return online via the HMRC website. But, is this something that you should do yourself or should you hire an accountant? A lot of people do not want to spend their hard-earned cash on accounting services and would rather attempt it themselves. However, a simple mistake or oversight could end up costing you much more than paying an accountant would.
Continue readingThe new, so-called sugar tax has been a contentious issue since it was first raised. Some, including many doctors and celebrity chef Jamie Oliver, have been in support with calls for a tax against sugary drinks since 2014. Others have been hoping PM Theresa May would reverse her position before the due date, since it was first announced. April 6, 2018, has come and gone however, so the tax is now officially in effect.
Continue readingFollowing the previous year’s Leave victory, the UK Government officially started the Brexit process on March 29, 2017. With intentions to formally leave the EU within two years, businesses and traders must prepare for the inevitable tax law changes. They will additionally need to accept the Brexit accounting implications it will have on company accounts.
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