VAT returns

 Tip # 1.    Hire an experienced accounting technician. Why? It will save you money that will be much better spent on winning customers and growing your business. How ? 1.No penalties, surcharges, interest charges. An experienced accounting technician keeps up to date with all the regulations and will ensure you comply with these regulations, and …

Being able to manage cash flow effectively in a small business is critical to the survival of any company, no matter what its size and this is something we help businesses with every day. Putting in place strategies and methodologies to reduce the time that elapses between outgoings and the subsequent income can really make …

ANNUAL ACCOUNTS for the smallest businesses could be simplified following a joint Financial Reporting Council and Department for Business, Innovation and Skills (BIS) missive on cutting red-tape for micro-entities. The main objection is the worry that simpler financial reports will make creditors reluctant to lend and traders reluctant to engage, fearing the mini-companies will be …

Simpler Reporting for Smaller Businesses” sets out ideas to reduce the amount of reporting micro-entities would be required to undertake. This could benefit around 5 million businesses and result in considerable cost savings in relation to the preparation of their accounts. The paper proposes easing corporate reporting procedures so that micro-entities are only required to …

UK red tape now costs £14,200 per firm on average. Tax regulation, employment law and health and safety rules were rated as the most costly burdens on business.

The Government today announced plans to support economic growth by modernising UK intellectual property laws. Ministers have accepted the recommendations made in an independent review which estimate a potential benefit to the UK economy of up to £7.9 billion. Business Secretary Vince Cable said: “The Government is focused on boosting growth and the Hargreaves review …

Britain’s sole traders and accountants have lost faith in the country’s banking system, according to the Forum of Private Business. The Bank of England published its Trends in Lending report for May recently and it showed a record decline in the number of approved loans for smaller enterprises.

Many charities seek to gain efficiencies by sharing costs, but the current VAT system has not helped those who make VAT exempt or non-business supplies.  This anomaly is now finally being reviewed by HMRC. The VAT cost sharing exemption is a European law provision that allows businesses and organisations making VAT exempt and/or non business …

The Government’s proposals to exempt micro businesses from filing accounts could back-fire, creating more administrative work for SMEs.

With the introduction of new EU Vat rules and regulations, and the never-ending twists and turns that all UK tax regulations take, bookkeeping expertise becomes evermore technical and challenging.