MTD for VAT is fast approaching. This cheatsheet shows some helpful information and resources that should assist a smooth transition. Who has to register and what records do you need to keep: From April 2019 VAT registered businesses and organisations with taxable turnover above the VAT threshold of £85,000 will be required to: Maintain their […]
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Automatic Protection Ltd in Biggar have been a client of ours since 2013. They were established in January 2001 by Father and Son team Neil and Stuart Harrison. Based in the border town of Biggar, South Lanarkshire, APL has over 45 years of experience in the fire and security industry with unparalleled expertise in Automatic Fire
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Making Tax Digital – The Short Version Making Tax Digital sounds complex but in the first phase all that it means is that all VAT registered businesses must be submitting VAT returns straight from Software starting in April next year. Making Tax Digital – The Slightly Longer Version HMRC’s Making Tax Digital initiative is edging
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The government announced the abolition of Class 2 NI last year. https://www.gov.uk/government/consultations/consultation-on-abolishing-class-2-national-insurance-and-introducing-a-contributory-benefit-test-to-class-4-national-insurance-for-the-self-employed/the-abolition-of-class-2-national-insurance-introducing-a-benefit-test-into-class-4-national-insurance-for-the-self-employed However as is so often the case the law of unintended consequences kicked in and this week the government announced that Class 2 would not be abolished after all. One of the consequences of this change was that people with self employed profits
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The Autumn Budget of 2017 announced that there would be a change to the VAT regime for Contractor Labour starting in October 2019. Similar to the existing CIS scheme this will mean that VAT charged on labour will be paid over by the recipient of the labour service rather than the supplier. This means yet
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A change in coming in April 2020 that will affect landlords and second home owners when they come to sell up. In the past a Capital Gain on the sale of a second property could be reported in a self assessment return. This meant that if a gain was made on the 6th of April
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Sutherland Black have just become a Xero Silver Partner! This recognises our rapid growth in bringing Xero to our clients. Our listing on the Xero website has been updated with our new status: https://www.xero.com/uk/advisors/accountant/2012/sutherland-black-chartered-accountants/ The advantages of Cloud Book Keeping software are clear to see for our clients. Automatic bank feeds reduce errors and thanks
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An Accounting Revolution While everyone was celebrating the New Year in January a new piece of seemingly obscure banking legislation came into place in the UK which has the power to revolutionise the way that small businesses integrate technology with their banks. Previously if a third party application like a piece of book keeping software
Its nearing the end of the Tax Year! Here are our top tips on year end planning and how to Save Tax. Director’s salary levels: Many small business owners pay themselves a small salary and take the rest of their income in dividends in order to be tax efficient. These salary levels should be reviewed
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We always recommend that Directors of Limited Companies do a self assessment return every year and ensure that our clients do so. If you go here: https://www.gov.uk/check-if-you-need-a-tax-return and tick the box that you are a Director HMRC will tell you that you need to do so. However occasionally we take on a Company Client where the
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