Dec 10 2018 Would Cloud Accounting benefit your business? Categories: LeisureMaking Tax Digital From this April, the current government’s intention to bring Making Tax Digital (MTD) for all businesses, including sole traders and landlords, with a turnover above the VAT threshold (currently £85,000) to keep digital records for VAT purposes comes into force. This means that manual record keeping for VAT registered businesses will no longer be acceptable more
Nov 16 2018 Capital Allowances for Structures and Buildings Categories: Property & ConstructionTaxation The Chancellor announced at the 2018 budget that the government will introduce a new Structures and Building Allowance (SBA) for new non-residential structures and buildings. Relief will be provided on eligible construction costs incurred on or after 29 October 2018. The key features of the SBA are – Relief to be given at a flat more
Oct 30 2018 HMRC announce 6 month MTD deferral for some businesses Categories: EQ AccountingMaking Tax Digital The Making Tax Digital (MTD) for VAT testing phase opened up to the public on 16 October 2018. This means that any business that meets certain eligibility criteria and is currently using MTD compliant software can now sign up in advance of the mandatory adoption date of 1 April 2019. HMRC has also announced a more
Oct 30 2018 Autumn Budget Summary 2018 – Austerity no more? Categories: Taxation “Spreadsheet Phil” delivered his Budget address yesterday afternoon, with a clear health warning that it was based on a decent Brexit deal being secured. The end of austerity was proudly announced and the Chancellor headlined measures such as the extension of the Annual Investment Allowance to £1m for capital expenditure (for two years from 1 more
Oct 3 2018 Paying the penalty Categories: Taxation Revenue Scotland recently released their 2017-18 Annual Report and Financial Statements, announcing an 11% increase in revenue for devolved taxes, Land and Buildings Transaction Tax (LBTT) and Scottish Landfill Tax (SLfT), from the previous year. They also announced that more than £1.7m of penalties were issued within the year – a 500% increase on 2016-2017 – more
Sep 26 2018 Making Tax Digital – choosing the right software for you and your business Categories: EQ AccountingMaking Tax Digital As Making Tax Digital (MTD) draws ever closer, more software providers are engaging with HMRC to test their software for functional compliance with MTD. HMRC have recently published a list of suppliers who are currently working on pilot schemes for the digitalisation of tax recording systems. You can view the list of software providers, by more
Sep 17 2018 Platinum seal of approval Categories: EQ AccountingMaking Tax Digital With just over six months to go until Making Tax Digital (MTD) legislation comes into effect across the UK, we are delighted to be awarded the status of Xero Platinum Champion Partner, the highest possible commendation for our commitment to service innovation and staff development. Xero is Britain’s leading online accountancy software, one of many more
Sep 14 2018 Are you ready for Making Tax Digital? Categories: EQ AccountingMaking Tax Digital HMRC have embarked on a massive project, Making Tax Digital (MTD), to insist that most businesses, including sole traders and landlords, keep their accounting records using computer software. The aim is that the software will automatically update HMRC with relevant data on their business income and expenses on a quarterly basis. From April 2019 VAT more