Among the most talked about accountancy news these days is the Making Tax Digital (MTD) for VAT scheme set to go into effect in April 2019. VAT-registered companies meeting a certain threshold will be required to start reporting VAT digitally from then. The question is, how many qualifying companies are actually ready for implementation of MTD for VAT?
A decade after the global financial crisis shook SMEs to their core, businesses are finally emerging from a more conservative approach to business funding. They are embracing the risks associated with debt in order to grow and expand. Tens of billions of pounds are now being lent annually as financial institutions are approving eight out of every 10 applications.
With the implementation of Making Tax Digital (MTD) for VAT looming, it’s becoming increasingly more apparent that the new digital system for managing VAT is not going to be everything HMRC promised. In fact, reality promises to be a bit more challenging than the original vision of MTD for VAT. Many accountants are not ready for Making Tax Digital however every client at More Than Accountants are fully compliant.
You run a car dealership in a city with plenty of competition. All of the marketing experts you talk to tell you the same things: get on social media, send out e-mails, do a monthly newsletter, and make your website responsive. But is that all there is? Not by a long shot.
Auto-enrolment was considered an important protection for lower paid workers when it was first announced a few years ago. Now that the vast majority of companies addressed by auto-enrolment have complied with the law, there is growing concern that the same people helped by auto-enrolment are now being hurt by unfair application of pension tax relief. A number of accountancy news stories reveal calls for the government to change things.
Traditional retail has not died under the shadow of e-commerce, it has merely shifted gears. If you need evidence that retail is still alive, pay a visit to London and walk down any busy commercial street. You will not find a shortage of retail stores advertising everything from consumer goods to cheap meals.
Entrepreneurship is not for the faint of heart. If you are new to the entrepreneurial world, be prepared for a road that will not always be easy. Be willing to learn from others who have gone before you, too. Their examples and advice could prove invaluable on your journey.
It was not too long ago that contractors were being offered a seemingly endless number of schemes that allowed them to take home up to 90% of their income while simultaneously reducing their tax liabilities. Known as contractor loan schemes, they offered a way to funnel contractor income through multiple channels before being returned in the form of loans. Read more
The restaurant business is one of the most competitive around. You really have to be on your toes to stay ahead of the competition while at the same time trying to attract new people to sit in your tables. As such, marketing is critical. Effective marketing will bring new customers in the door. Then it is up to the staff to create a memorable experience that will keep those customers coming back.
There is always something to worry about for businesses when it comes to HMRC. Our tax scheme is so complicated that even the most experienced accountants are prone to having problems. A case in point is a recently settled squabble between HMRC and a company that makes chocolate bars. Who knew a chocolate bar could cause such consternation for the taxman?