VAT, should you be registered?

Letters have gone out to businesses that HMRC believes are trading above the VAT threshold but who are not yet registered. Agents have not been sent copies, so if you have received such a letter, you will need to tell your accountant. Registration is required if in the previous 12 months exceeds the VAT threshold,Continue reading “VAT, should you be registered?”

Is diversification worthwhile?

I am talking about diversification in business here, and from the perspective of a sole trader. I believe diversification as a whole, be it with race, religion, gender, is always a good idea, how can taking ideas and input from a greater field of experience not lead to better decisions and innovative ideas? This comesContinue reading “Is diversification worthwhile?”

What will the cost of Covid be?

This is a very difficult question to answer. Firstly, are we talking economic, social, environmental or human cost? Eventually a figure will be published of the economic cost of Covid, but there are so many factors that will go into calculating such a cost that it will be difficult to dissemble. It is estimated byContinue reading “What will the cost of Covid be?”

The Role Of The Volunteer Vaccinator

As I have been asked about the vaccinator role, I thought I would write a blog about it, about my journey along the volunteer route and where it is heading. I was introduced to St Johns Ambulance at the age of 11 when I joined a local group as a cadet. After 7 years, earningContinue reading “The Role Of The Volunteer Vaccinator”

Post Covid Homeworking – Sole Traders & Employees-What Can Be Claimed?

Like it or loathe it, homeworking has become necessary for many and the adoption of the practice was somewhat rushed. But what are the rules of working form home from a tax perspective? ABC reports back after reading an article published by AAT, our supervising professional accountancy body. Sole Traders The same mantra applies toContinue reading “Post Covid Homeworking – Sole Traders & Employees-What Can Be Claimed?”

Furlough Fraud – How to protect your business

The government have paid out huge sums in grants to support businesses during the Covid pandemic. This has been a lifeline for many businesses and employees, but unfortunately there are always those who will use the system fraudulently. Claims are submitting by the businesses, so they are not checked, there was no time to doContinue reading “Furlough Fraud – How to protect your business”

Tech rules – even in accountancy

It is not long since most accountancy was done on wide sheets of analysis paper and a calculator, a small step up from the abacus. But technology is here and there is no getting away from it as HMRC embraces technological changes and the use of it becomes a legal requirement. At first, it seemedContinue reading “Tech rules – even in accountancy”

Wholly and Exclusively

When it comes to categorising business expenses, the rule is ‘wholly and exclusively for business purposes’ (The Income Tax (Trading and Other Income) Act (ITTOIA) 2005, s 34). The expense must have been used purely for the running of the business or trying to attract more customers in order to be allowable as a taxableContinue reading “Wholly and Exclusively”

All bound for MTD

A timeline for the MTD (Making Tax Digital) rollout and what you need to do. Now that MTD has been introduced for VAT registered businesses above the registration threshold and most of the creases have been ironed out of the system, it is time to roll it out into other business categories. I have aContinue reading “All bound for MTD”

How to make it easy for your customers to spend money

Consumers want convenience, you may have a great product or service to sell but if you don’t make it easy for the customer to make the purchase you may lose them. It is worth paying a small commission to a merchant bank to capture that sale. If the customer has to go into their bankingContinue reading “How to make it easy for your customers to spend money”