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BREAKING: Changes to Making Tax Digital rollout timetable announced by Government
The Government has now set out a revised timetable for implementation of the Making Tax Digital (MTD) project. Three million of the smallest businesses and landlords will be able to move to the new digital system for keeping tax records at a pace that is right for them, Ministers announced today as they set…
Xero – Peace of mind with security
A potential worry to some businesses when contemplating cloud based accountancy software is how secure their information is. Today I am looking at the security measures Xero has put in place to give businesses peace of mind and protection. Xero implement a wide range of procedures to make sure your information is safe. Controlled Access…
Business Excellence: Whitings support Ely awards.
As the Summer season progresses, SME businesses local to Ely will be considering whether or not they wish to enter the area’s premier annual business awards competition this year. Those that have entered one of the 12 categories in previous years have benefited from networking with other entrants, free publicity within the Ely Standard over…
Non-Resident Capital Gains Tax Returns – penalties eased
Since April 2015 non-residents selling UK residential property have been required to report the disposals within a Non-resident Capital Gains Tax return within 30 days of the conveyance. You can view HMRC’s guidance here The timeframe is very tight – some may think unreasonably so, especially since many individuals are unaware of this requirement until…
Setting up your ‘Personal Tax Account’
As part of the move from Self-Assessment to Making Tax Digital (MTD), HMRC are encouraging taxpayers to set up their ‘Personal Tax Account’. Once MTD is underway, the Personal Tax Account will be populated with taxable income from various sources, including employment/pension income, bank and building society interest, and dividends from quoted companies. The account…
Brexit: The end of UK audits?
Audit thresholds are linked to the small company limits, which are currently set by the EU. The UK can choose to impose a lower threshold than the small company limits, but not a higher one. As a result of Brexit, power will return to the UK, and as a result the cap on audit thresholds…
Capital Gains Tax when you sell your house – make sure you disclose all the facts to HMRC
HMRC’s ongoing scrutiny of private residence relief is in the news again, with another case going before the First Tier Tribunal. Mr & Mrs Ritchie were partially successful in their claim for relief on the sale of their home, which cost them less than £200,000 but which they sold to a developer for £2 million.…
Wear It Beat It! – in support of The British Heart Foundation
Whiting & Partners Bury St Edmunds Office wore red on Friday 9 June in support of The British Heart Foundation’s ‘Wear It Beat It’ campaign to raise awareness of the charity and support their research and support for those suffering with heart conditions across the UK. The office team raised £61.00 with donations made for…
Useful Apps to Make Your Life Easier – Asset.guru
Asset Guru is currently the only available app I’ve found which offers a complete asset management system, including but not limited to – depreciation calculations, cloud connection, geospatial mapping and many reporting tools along with future projections of assets. Asset Guru is available to use in either Xero or QuickBooks. Started in Australia, the…
Brexit
Post Brexit: What cutting of red tape might SME’s expect? After almost a full year of foreplay, formal Brexit negotiations with the EU will eventually commence next week. Looking ahead one step further, what can SME’s expect post Brexit? And will the UK Government use this opportunity to further advance their stated policy of reducing…