Making Tax Digital for Business (MTDfB) is the government’s policy to move ALL business-related tax reporting online for a modern, digital tax system. The objective is to make tax reporting more accurate, more reliable, and more efficient. Making Tax Digital for VAT,... Read Article
HMRC has published draft legislation proposing a VAT Reverse charge for construction services. This has been introduced in order to combat fraud in the construction sector, where VAT is not paid over to HMRC by the subcontractor/supplier. The legislation is currently... Read Article
Disbursements can be added to invoices without the addition of VAT on top. However, we regularly identify the overuse of this. An item is only a disbursement if the cost is actually the customer’s legal responsibility to pay, and you have paid this on their behalf... Read Article
Inconsistency is often experienced between what you may be able to claim in relation to VAT versus what you can claim for tax relief. The following is a summary of common VAT errors and misunderstandings which we regularly come across. Please note that in these... Read Article
We are often asked the difference between bookkeeping and accounting. The work of a Bookkeeper and Accountant can overlap, as Bookkeeping is part of Accounting. We agree there are many similarities, but there is often a misconception that bookkeeping and accounting... Read Article
We were delighted that our Commercial Director, Mike Foster, was asked to represent CRM and Entrepreneurship at Number 10 Downing Street. Enterprise Nation invited a group of business owners and ambassadors to meet with the Prime Minister’s business adviser to discuss... Read Article
HM Revenue & Customs (HMRC) have announced changes to import duties, which should make it cheaper to purchase goods from outside the EU. The following in an excerpt from HMRC’s website: From next month, internet shoppers will no longer have to pay customs duty on... Read Article
Traditionally accountants help with your figures in a historical and reactive way. Services such Accounts production and tax returns is all looking backwards at the past, reviewing what happened last month, quarter or year. At Chapman Robinson & Moore, we’re not... Read Article
Here at Chapman Robinson and Moore, we have developed an innovative and new way of accounting for our clients, to help them make their numbers work for their future success. For over 30 years, we have been the go-to trusted advisers for our clients, supporting the... Read Article
VAT is often considered ‘black or white’. For example, you should register or not and an invoice should include VAT or not. However, as with many taxes in the UK, it can be a grey area and can depend! You must register for VAT with HMRC if your business’... Read Article
Making Tax Digital (MTD) is proposed to help bring the tax system into the 21st century by providing businesses with a modern, streamlined system to keep their tax records and provide information to HMRC. The roll out for MTD has been amended to ensure businesses have... Read Article
We are pleased to announce that in October 2017, we will launch our 4th Business Improvement Workshop programme. This programme is for business owners who are looking to develop and grow their business and make more money with less effort. The content of our programme... Read Article
The launch of HMRC’s Making Tax Digital for Business programme has been pushed back for many businesses until 2020, although VAT registered businesses have responsibilities from April 2019. HMRC had planned to mandate the use of digital tax records for businesses by... Read Article
R&D tax relief – It’s a winner! Research and Development (R&D) tax relief and tax credits are amongst the most under-claimed tax incentives currently available. Many people often believe that unless a scientist is employed by the company, then R&D... Read Article
From 1 April 2017, many users of the VAT Flat Rate Scheme will be designated as “Limited Cost Traders” (“LCTs”). Those businesses affected by the Limited Cost Trader Flat Rate Scheme rules will be required to use a relevant percentage of 16.5% of their gross turnover... Read Article
Are you spending your time with the right customers? Many commentators quote The Pareto principle (also known as the 80/20 rule). For example, 80% of our income comes from 20% of our customers or 20% of your people will be responsible for 80% of the businesses output.... Read Article
The P11D is a statutory form required by HMRC from UK based employers detailing the cash equivalents of benefits and expenses that they have provided during the tax year to their directors, and employees earning at the rate of more than £8,500 per year.... Read Article
in addition to the support and expertise we offer here at Chapman Robinson and Moore, please find below a list of other organisations that could help you develop your business. www.gov.uk – Provides advice on starting a business, tax, payroll, H&S, IT,... Read Article
The Construction Industry Scheme (CIS) is a statutory tax scheme introduced by HMRC that provides for certain payments under ‘construction contracts’ to be subject to tax deduction by the payer (contractor), unless the payee (subcontractor) is registered... Read Article
Sage Accounts – List of default VAT codes and examples are: T0 Zero rated – Food, Sewage disposal/water, Books, pamphlets and brochures, Newspapers, Maps, Sales outside of EU etc T1 Standard 20% with effect from 4/1/2011 – all UK Sales T2 ... Read Article
The healthcare industry is coming under increasing pressure to add value, while being forced to reduce costs. In spite of this, it is important that businesses in this sector are protected from complex VAT rules surrounding the industry. The basic rule states that... Read Article
Cash Accounting Businesses whose vatable turnover is £660K or less (this is rising to £1.35 million from 1 April 2007) are eligible to use cash accounting. Once in the scheme, there is an upper limit of £825K before a business has to leave. The prime benefit is that... Read Article
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