My Latest Blogs
20th December 2022
MTD: delayed & threshold increased
After Press speculation over the weekend, it’s official, HMRC have now confirmed that the introduction of Making Tax Digital for income tax is to be delayed for 2 years: https://questions-statements.parliament.uk/written-statements/detail/2022-12-19/hcws465 The mandate of MTD for ITSA will now be introduced from April 2026, with businesses, self-employed individuals, and landlords with income over £50,000 mandated to…
7th June 2022
Virtual Finance Officer: Outsource your book-keeping to us
Following the increase in use of cloud accounting software’s like Xero, QuickBooks and Sage over the past few years, businesses have never been better positioned to look to outsource their accounting function. For all businesses, getting the accounting function working efficiently can be challenging, as you will need potentially different people with different skills: someone…
23rd September 2021
MTD Delay
Making tax digital (MTD) for income tax is being delayed, originally due to come in from 6 April 2023 this has now been delayed. New proposed timetable: 6 April 2024: MTD for individual landlords with >£10k pa of rental income. 6 April 2025: MTD for general partnerships. No sooner than 2026: MTD for corporation tax.…
28th May 2021
Xero – Multi-factor Authentication
Do you use Xero? If you do, then multi-factor authentication when logging in will become compulsory after 2 July 2021. From 1 June you will be prompted to set this up but can defer up until 2 July 2021. Having a second layer of security is designed to prevent anyone but you…
28th February 2021
1-Mar-21: Are you ready for new VAT Domestic Reverse Charge rules for construction services?
VAT registered businesses working within the construction sector should be aware that new domestic reverse charge VAT administration rules are being introduced wef 1 March 2021 (delayed from original October 2019 launch date). The Government announced in the 2018 Budget that they are trying to reduce missing trader fraud; where builders collect VAT from their…
22nd July 2020
Government sets out draft agenda for a 21st century tax system
Today the government has set out its draft agenda for a 21st century tax system, they say these are the next steps in an ambitious plan to create a modernised digital tax system fit for the modern world. This is part of the Treasury’s long term tax digitisation plan, which is designed to increase…
22nd July 2020
Are you MTD compliant?
Over the last week or two HMRC have begun getting in touch with small businesses across the UK who are not complying with Making Tax Digital (MTD) but are required by law to do so. These businesses need to take action now to avoid any potential penalties being levied. If you are a VAT…
28th February 2019
The ‘Right to Build’
In 2016, new legislation came into force which meant that councils now have a duty to grant planning permission to appropriate serviced plots as part of the ‘Right to Build’ entitlement. This was part of the government’s solution to tackling housing shortages across the country – the objective was to double the value of the…
1st February 2019
MTD for VAT: Which Bridging Software?
As we approach the 1 April 2019 deadline for the introduction of MTD compliant VAT submissions, many businesses will at last be focusing on what solution they should adopt. If their current bookkeeping system does not already have an upgrade that automatically provides this new functionality, they will be considering adopting ‘bridging software’. Looking through…
11th January 2019
Financing your self-build project
Borrowing to build Self-builders require more money up front than conventional homebuyers. This is because they have to buy their building plots and fund their planning applications before they can apply for any loans. Self-build mortgages tend to be interest-only as fixed-rate loans have substantial exit fees for those who change loans when the…