Latest Retail

VAT registration turnover threshold breached?

With many businesses seeing a return to pre-pandemic trading levels, now is an ideal time to review your SME’s VAT status.   Businesses must compulsorily register for VAT where ‘VAT-able’ supplies (which is usually, but not always, your turnover), on a rolling 12 month basis, exceeds £85,000. Voluntary registration, however, can take place with turnover below this…

e-Commerce: Are you finding keeping your business’s records a nightmare?

Understanding how to account for your business’s transactions with online selling platforms can be complicated. Ensuring that you are submitting the correct information to HMRC can be tricky as not all platforms have the same VAT treatment.   A2X could make your life easier by saving you time and headaches from the complex world of…

Reduced rate of VAT for hospitality, holiday accommodation and attractions comes to an end!

In July 2020 the government announced that VAT registered business who operate in the hospitality and tourism industry could use a temporary 5% reduced rate of VAT on certain supplies compared to the standard 20% to help them through the Coronavirus pandemic.   The scheme had been extended multiple times, and from 1 October 2021…

Business credit rating: top 10 tips

For some businesses having a strong credit rating is fundamental to their future success. It can affect availability of supplier credit, the ability to borrow and eligibility to be on customer/prospect tender lists as an approved supplier. For many other businesses, however, this credit rating is totally irrelevant. Experian is one of the major rating…

COVID: business interruption insurance claims?

Those businesses with comprehensive commercial insurance cover will possibly be covered for ‘business interruption’. This cover will typically include losses arising from events that close or severely disrupt operations. The COVID pandemic has already led to many claims under this. The insurance industry (as you might expect?) has warned that few policies are likely to…

Which Xero package is right for me?

If you’ve never used a cloud software before coming to a decision on what package to choose can be quite daunting. Well, in this blog I am going to summarise what different packages are available and tell you what each package does and also, what it doesn’t do.   There are three packages that Xero…

Super early retirement? – Not if under 47 now

The government is to increase the earliest age pension savers can access their pension pots from 55 to 57, wef 6 April 2028. Members of the firefighters, police and armed forces public service schemes will not be affected by this increase.

Budget: Hospitality Sector

Well, mixed news in the Budget for our hospitality sector, I would say.   A cut in business rates by 50% for qualifying businesses in retail, hospitality, and the leisure sector for a further year will hopefully help with that large overhead. No extension of the temporary reduced rate of VAT beyond 1 April 2022…

Budget: “Hooray for AIA!”

In the Chancellor’s Budget on 27 October 2021 it was announced that the planned date for reducing the Annual Investment Allowance limit from £1m to £200k is being extended from 1 January 2022 to 31 March 2023. This will effect businesses who are planning on investing more than £200k in plant and machinery from January…

Covid Support: End to most measures

When COVID directly impacted upon the UK in Spring 2020, the Government introduced a range of measures specifically targeted to help SME businesses survive the expected period of financial strain. Such businesses should now be planning ahead for when this support is gradually withdrawn: 21-Jun-21 Deadline for arranging with HMRC when to repay COVID related…