Philip Hammond announced the Spring budget as his first and last. This is due to the move to autumn for the main budget with a spring update instead. This update highlights some of the key impacts for small businesses: The Chancellor announced a one year deferral from Making Tax Digital for Business for unincorporated businesses…
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George Osborne, Chancellor of the Exchequer, has announced the latest Autumn Statement along with his Spending Review. Download our full Autumn Statement 2015 report The two biggest politcal issues were tackled and the Chancellor agreed to scrap plans to cut tax credits; however the devil will, as ever, be in the detail. In light of recent times the loudest…
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Keep viewing here for updates on the 2015 budget as declared on 18th March 2015. This will be updates that affect small businesses and individual tax Expected measures Further pension measures Annual tax returns to be replaced by individual online accounts Personal Allowance to go beyond £10,600 Here we go Growing, creating jobs and economy…
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We take a look at recent developments with VAT. After last year’s controversies regarding VAT on such things as pasties, caravans, self-storage and listed buildings, this has been a fairly quiet year so far regarding VAT changes. The 2013 Budget provided the usual announcements about the new registration and deregistration thresholds from 1 April 2013…
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What is Electronic Invoicing? Electronic invoicing is the transmission and storage of invoices without the delivery of paper documents. Why use this method? This can offer many advantages over traditional paper invoices. The rapid electronic transmission of documents in a secure environment may provide for: An improvement to the traceability of orders Decrease in paper…
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Value Added Tax (VAT) is a tax levied on the sale of certain goods and services. There are different rates of VAT which apply. Suppliers are either exempt, zero-rated or chargeable. Currently chargeables supplies are at 5% or 17.5%. Do I have to? Registration for VAT may be compulsory, depending on the level of…
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