Jan 24 2023 Is your practice’s ‘lockup’ under control? Categories: Professions Benchmarking surveys typically suggest average lockup for legal practices of up to 130 days, or in other words well over 4 months, with less efficient practices exceeding this already high level. Lockup is the total value of unbilled work in progress plus debtor balances remaining unpaid. In effect, this represents working capital requirements. As the more
Jan 13 2023 Can you offer more from your Farm Stays? Categories: AgricultureLeisure Farm stays have become more popular over the past few years, and with the appeal and continued growth of staycations, it’s a great way to generate additional revenue. However, it is important that when you’re offering farm stays to know who your target market is. Are you looking to attract families or couples for a more
Jan 6 2023 Have your say in the Kreston Global Charities survey! Categories: Charities To help understand the current issues facing UK charities, we are conducting a short survey. Our EQ Charities team are running the survey as part of Kreston Global, a network of independent accounting firms that act for over 1,500 charities across the UK and share a common interest in the charity sector. The anonymised data will be more
Jan 4 2023 Points to consider in order to make your farm retail business a success Categories: Agriculture With demand for agritourism steadily increasing among the public, this presents a unique opportunity to farmers across Scotland to engage with an exciting and growing market. It can allow many farms to diversify their income streams potentially proving key in aiding succession to younger generations. Whilst agritourism takes many forms from holiday stays, farm tours more
Dec 22 2022 Charities (Regulation and Administration) (Scotland) Bill Categories: Charities The Scottish Government recently published the draft wording of the Charities (Regulation and Administration) (Scotland) Bill as part of their legislative programme for 2022-23. Although many of the changes are largely cosmetic, including extension to the list of offences which disqualify a trustee to reflect legislative changes since the law was last revised in 2005, more
Dec 1 2022 Flat Rate Scheme for furnished holiday lets Categories: Leisure With many businesses operating within the Leisure sector experiencing increased turnover driven by both ‘staycation’ demand and higher average sale prices, care must be taken to ensure any VAT reporting requirements are up to date. Many Furnished Holiday Let (FHL) operators are not registered for VAT as historically turnover never breached the registration threshold of more
Nov 22 2022 Are you missing out on applying the 5% Reduced Rate for VAT? Categories: Property & Construction To incentivise the improvement and regeneration of existing buildings, HMRC offer a reduced rate of 5% VAT. However, opting to apply the reduced rate is not common as some companies and advisers aren’t familiar with the VAT rules and prefer to stick with zero rated and standard rated (20%). This comes down to a lack more
Nov 20 2022 OTS Property income review: how it impacts Furnished Holiday Let businesses Categories: Leisure The Office of Tax Simplification (OTS) Property income review published in November 2022 focused on simplifying income tax for residential landlords. If some of the recommendations are taken on board, there is the possibility of a comprehensive reform to the existing Furnished Holiday Let (FHL) regime. Presently, FHL businesses can obtain the following benefits compared more