Tax

Online VAT deferral scheme now open

Over half-a-million businesses that deferred VAT payments in 2020 can now join the new online VAT Deferral New payment Scheme to pay what they owe in monthly instalments, HMRC has announced. To take advantage of the new payment scheme businesses will need to have deferred VAT payments between March and June 2020, under the VAT Payment Deferral Scheme. They now

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Bookkeepers can your clients really afford to leave your self-assessment until 28th February?

Bookkeepers can your clients really afford to leave your self-assessment until 28th February? Have you and your clients welcomed the news of no penalties for filing late, are your clients one of the millions yet to file your self-assessment due to being adversely affected by coronavirus? Having the self-assessment up to date has aided the self-employed with claiming government schemes

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Time for a ‘Working from Home’ tax?

Those working from home should be taxed to help support those whose jobs are under threat, says Deutsche Bank in a new report. Economists at the bank have said an additional tax of 5% on workers’ salaries should be added to those who opt to work from home. Such a tax in the UK would generate a pot of £6.9

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Why Use Digital Software Over HMRC

With Making Tax Digital for Income Tax around the corner HMRC will be moving away from maintaining their own software. Now is the time to switch to digital. Digital software helps those that need to submit a tax return keep on top of their bookkeeping. But that’s just the beginning. We’ve asked Mike Parkes from GoSimpleTax to better explain the

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How To Limit Your Stress This Tax Return Deadline – Take control of your clients

Dreading January? As an accountant to self-employed sole traders, we’re going to guess that’s a yes – unless you’ve managed to file your clients Self-Assessment tax returns already… hats off to you if you have! Getting this monumental task completed early is no mean feat. But it is possible to get through the tax season without experiencing a stressful sprint

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Bookkeepers The Paper Tax Self-Assessment Tax Return – What you need to know.

The paper return deadline is this month, 31st October, therefore we thought it would be useful to invite Mike Parkes from GoSimpleTax to explain how best to prepare your clients for the Self-Assessment tax return submission and file with confidence. If your clients are new comers to submitting Self-Assessment tax returns, they should understand it pays to know that there are

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A Guide To Record-Keeping And Expenses For Bookkeepers

Whether your client is new or not to self-employment, record-keeping might sound like hard work to them – and certainly will be to you when they have days to spare for the deadline and cannot find ‘that receipt’. And while that may be true, it does come with its own reward – namely, that sole traders can claim back allowable

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The tax system of the future?

The Government has published ‘Building a trusted, modern tax administration system’, which sets out HMRC’s 10-year vision for the future of tax administration. HMRC said the plan “will ensure we create a modernized, digital tax system that is underpinned by modern digital infrastructure and uses closer to real-time information to provide better targeted support – making it easier for businesses

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How effectively are you transforming from a Compliance to Advisory focused accounting firm?

Spend a couple of minutes reading the BBC article below and you’ll be putting ‘Avoiding the Competency Trap’ as a priority agenda item for your next board meeting.  After all, why would you risk becoming an IBM or Xerox when you could just as easily become an Apple or Microsoft? https://www.bbc.com/worklife/article/20200608-what-is-the-competency-trap In the world of accounting the competency trap continues

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