If you’re not registered for VAT and your taxable supplies have exceeded £73,000 in the last 12 months, you MUST register for VAT. However, many businesses do not have that level of turnover, or may not have traded a full 12 months, and register VOLUNTARILY for VAT. So should you do it? There are several …
There are three predominant forces in the social media arena – FaceBook, LinkedIn and Twitter. Without a doubt, my favourite is Twitter. Early on, I was told that you either ‘get’ Twitter or you don’t, and there are many users who try it and just don’t seem to get on with it. I think …
I joined GBM Accounts in September last year as a Modern Apprentice, to train in accountancy. I’d been looking for a way to train for a few years and thought that training as I worked would be the best option for me. I’ve just reached the end of my college course, and am now a …
The following are some of the more common tax deadlines coming up in August. VAT If your VAT quarter end is 31 July, you need to submit your return by 31 August (paper) or 7 September (online). Your payment is usually the same as the due date for your return. More information on deadlines …
As a limited company, one of the filing requirements is an annual return, which summarises the directors, company secretary (if you have one), registered office and shareholders of the company. Companies House have recently changed the reminder letters they send out, which are headed up “Annual Return Reminder – Urgent Action Required”. The following is …
In September 2010, we took on Amy Reeves as an apprentice. We wanted to provide a career opportunity to a young person who would be able to contribute to our business whilst learning the basics of accounting through working and day release at college – ‘earn and learn’. We are thrilled that Amy has progressed …
We come across a lot of businesses and the vast majority don’t have a business plan. This is simply a document which summarises your business and critically examines the various components – finances, markets, customers, products, processes, etc.. Many business owners have some kind of plan or idea in their heads about how they …
Being a new employer can be a daunting experience, given the changes in employment law over the last 5 years. The following link (opens PDF document) is a useful guide for new employers produced by ACAS, and covers many of the legal issues you need to consider when taking on employees. We can help with the …
HM Revenue and Customs (HMRC) have recently announced that they will be sending letters to over 40,000 businesses who they consider should be VAT registered, but who are not, outlining how they can register and pay their VAT. The deadline for responding is 30 September and the concession for coming forward voluntarily is a lower …
This particular area has caused confusion for many taxpayers over the years; hopefully, the following explanation will help to simplify it a bit! Under self assessment, tax liabilities are based on tax years, which run to 5 April. The tax liability on a tax year is due by the following 31 January: Tax year: 5 …