NEW PERSONAL SERVICE COMPANY RULES START THIS MONTH

The off-payroll working rules that apply to certain workers supplying their services to clients via their personal service companies start from the 6th of April 2021. Under this new regime, end-user businesses will be required to determine whether that individual would have been treated as an employee or not if directly engaged. This will be[…]

INTERACTION WITH VAT FLAT RATE SCHEME

Small businesses with turnover below £150,000 may join the VAT flat rate scheme which makes their VAT accounting much simpler as they pay HMRC a percentage of their VAT inclusive turnover. The temporary reduction in the rate of VAT from 20% to 5% reduces the flat rate percentages for affected businesses as set out below:[…]

VAT TREATMENT OF DEPOSITS

It is fairly common, particularly in the summer holidays, to pay a deposit when booking a hotel or self-catering accommodation but how should the deposit be accounted for? HMRC have confirmed that the hotel has the option of charging VAT according to the ‘basic tax point’ (dates of the stay) rather than the ‘actual tax[…]

IR35 “OFF-PAYROLL” TO GO AHEAD AND THEN DELAYED

It was confirmed in the budget that the new rules for workers providing their services through personal service companies would start from 6th April 2020. However, it has subsequently been announced that this would be delayed by a year.  This would have represented a significant additional administrative burden on large and medium-sized businesses which would[…]

CONSERVATIVE PARTY ELECTED WITH WORKING MAJORITY

Now that Boris Johnson and his Conservative party have won the General Election will we finally “Get Brexit Done”? More importantly, can the Government now get on with running the country and sorting out urgent issues such as the NHS?   We are still awaiting the date of the Budget which is likely to be[…]

The Benefits of Online Accounting

  MMG Archbold is a fully accredited Quickbooks Accountancy. Here are some of the benefits of using online accounting, specifically Quickbooks:   Accessible Users can access the software remotely to view reports and review the organisation’s finances. The app is also available for your smartphone or tablet You can add unlimited users with different levels[…]

Making Tax Digital – what you need to know.

  Why are we making tax digital? Her Majesty’s Revenue and Customs (HMRC) proposes to move to a fully digital based tax system. By the end of the 2020/21 tax year the way that businesses, including landlords, currently interact and liaise with HMRC will change beyond all recognition. This initiative is known as “Making Tax[…]

Cutting the cost of childcare

  For the majority of working parents, especially those with preschool children, the cost of good childcare can be a significant monthly expense, often in excess of the cost of a mortgage. There isn’t much you can do to reduce the cost of childcare, however, there are currently two schemes which can help reduce the[…]