In order to avoid tax fraud and increase the accuracy of VAT reporting, tax administrations around the world are adopting an electronic invoicing system which enables tax authorities to have a consistent approach to managing tax audits. This system is known as the Standard Audit File for Tax, and it is becoming an increasingly popular …
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Mid Autumn Festival – more than Moon Cake
If any of the previous articles have not quite grown on you (as you already know all of this, or as they do not apply to your business) well let’s give you a break by for once not talking about the endless topics of tax and accounting, as well as VAT compliance. Let’s talk about …
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Accrual Accounting VS Cash Accounting
In every business, some transactions are recognised and recorded that relate to revenue. There are two different accounting system methods available that relate to the recording of transactions which is known as cash system accounting and accrual system of accounting. The only difference between the two methods is the bookkeeping entry which is timing. The …
R&D Tax Relief – Is your company eligible?
What is R&D Tax Relief? R&D Tax Relief is the term used to describe when companies are awarded R&D Tax Credits. “R&D” stands for “Research & Development” in R&D Tax Credits. These particular tax credits are special in the sense that they are designed to reward innovation and fuel growth. For businesses that invest in …
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Selecting a Legal Structure for Your New Business
When venturing into the world of business for the first time, it can feel rather daunting not knowing where to start and whom to turn to for guidance. One of the first things to consider when forming a new business is choosing a legal structure for it, which can either be a sole trader, limited …
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PSD2 and Strong Customer Authentication (SCA) – How will they affect me?
What are PSD2 and SCA? On 14 September 2019, the Payments Service Directive 2 (PSD2) will come into effect. This is a new regulation that was passed by the EU in 2015, designed to make online payments more secure for both the merchant and the customer. The directive enables consumers and businesses to use third-party …
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A Guide To Full Payment Submissions and Earlier Year Updates
If you are an employer, under Real Time Information (RTI) you are required to submit a Full Payment Submission (FPS) to HMRC every time you pay your employees. The deadline for the amended Full Payment Submission (FPS) for Tax Year 2018/2019 is 19th April 2019 in which you need to report your employees’ pay, any …
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Preparing your business to make custom declarations in the event of a no deal BREXIT
If the UK ends up leaving the EU without an agreement on 12 April 2019, then UK businesses will be required to apply the same procedures to EU trade that apply when trading with the rest of the world. In this article, we will be providing you with tips on how to prepare your business …
Reduction of corporation tax costs Government £6.2bn per year
According to HMRC reducing corporation tax rates will subsequently cost the public purse £6.2 billion per year despite the government’s argument that the giveaway will amplify revenues. The UK currently has one of the lowest tax rates worldwide at only 19 per cent and is expected to further drop by 2 per cent next year …
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Tax Year 2019-2020: How To Prepare Your Business
April can be a daunting time for many small-to-medium businesses, with the end of the current tax year and the start of a new one. New tax rates and thresholds have to be taken into account, and it can be difficult for businesses to prepare for all of these changes on top of making sure …
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J&P Accountants: Blog 