What are self-assessment tax returns?

Self-Assessment is a system used by HM Revenue and Customs (HMRC) to collect income tax and National Insurance from individuals who have varied sources of income and who are not on PAYE.  Who needs to file tax return?  A tax return must be submitted if during the previous tax year (April 6th to April 5th) you were: …Read More

New Temporary Tax Reliefs on Capital Asset Investments

What are capital allowances? Capital allowances allow businesses to write off the costs of tangible capital assets, such as plant or machinery, against their taxable income. Whilst most businesses use depreciation to write down the value of an asset over its usable life, this is generally not allowed for tax purposes. Therefore, any depreciation must…Read More

Tracking Stock in QuickBooks:

One of the many features on QuickBooks Online Plus is the ability of tracking stock. This is helpful for those who need to track the level of stock in their inventory. Using this feature allows users to be alerted when a stock reaches low capacity, track storage levels, and gain insights on what is bought…Read More

VAT changes

What has happened? On the 8th July 2020, the UK government announced that it would be introducing a temporary reduction in the rate of VAT for certain supplies of hospitality, holiday & hotel accommodation and admissions to certain attractions. They will be slicing the rate of VAT payable from the normal standard rate of 20%…Read More

QuickBooks Update – Construction Industry Scheme.

File CIS returns The accounting industry has been evolving for the last 20 years, adapting to the new digital age. Cloud accounting is the practice of using accounting systems that are accessed online; this has been implemented for a variety of accounting purposes, giving us business owners easy access, better time efficiency, relevant reports and…Read More

George W. Bush

In the corporate world, sometimes things aren’t exactly black and white when it comes to accounting procedures.

George W. Bush