What VAT rate is charged on renovating an empty residential property?
You may be able to charge 5% reduced rate vat if you are renovating empty residential premises if the property has not been lived in during the 2 years immediately before you start the renovation. The property must be a qualifying residential premises. The renovation or construction of a garage on the qualifying property can also qualify for the reduced rate of vat if the work is done at the same time as the property renovation, and the garage will only be used for residential purpos...
February 20, 2021What is the Construction Industry Domestic VAT reverse charge?
The Construction Industry Vat Reverse charge applies from 1 March 2021. The new rules mean customers account for the suppliers output VAT where domestic vat reverse charge applies. It applies to construction supplies made from one business to another business, that fall under CIS. It means the customer will no longer pay VAT on CIS supplies to the supplier but will stop the VAT and pay it directly to HMRC....
February 8, 2021What Support is Available to Businesses for the January 2021 Covid 19 lockdown?
The Chancellor made an announcement on 5th January 2021 that additional support would be available in the form of 1 off top up grants to help businesses who have to close due to lock down and are in the following sectors: Retail, Hospitality, Leisure The 1 off grants will be as follows: £4000 for a business with a rate-able value of £15000 or under£6000 for a business with a rate-able value between £15000 and £51000£9000 for a business with a rate-able value over £51000...
January 7, 2021How can I feel more in control with the Cash Flow in my business?
A cash flow projection is a table showing how much money, you project, will come in and go out of your business over the coming months. It is a guide that can help you make key business decisions....
December 19, 2020I Don’t Understand My Business Accounts
Business accounts are a vital tool that helps the Business stay on track and keep growing and moving forward. At the end of the business year a set of accounts is created to show the: Profit & Loss of the Business at the year-end Balance Sheet at the year-end Some Financial Notes explaining who the owners are...
December 12, 2020How do I save for Christmas?
Christmas is the most wonderful time of the year, but it can also be very stressful as you try to find time to run a business AND keep everything together for Christmas. It is one holiday that needs a Project Manager. There is also the cost of Christmas which can go into the thousands with presents, food, decorations etc. Below is a guide of how to save for Christmas, and how to take every step this year so you have a map for Christmas every year. Following th...
December 12, 2020Partnership or Limited Company: Which is Right for Your UK Business?
When starting or restructuring a business in the UK, one of the most significant decisions you will face is choosing the right business structure. The choice between a partnership and a limited company can have far-reaching implications for your operations, taxation, and personal liability. This guide will help you understand the key differences between partnerships and limited companies, highlighting the advantages and disadvantages of each structure....
December 4, 2020What are the new rules after we leave the EU?
From 1st January 2021 the new rules for import, export and working with the EU will change. All businesses should be preparing now so you are ready for 1st January 2021....
November 27, 2020I Need Help with My Bookkeeping in Stafford
Struggling with bookkeeping in Stafford? You're not alone. In this blog post, we'll explore the challenges many individuals and businesses face in managing their financial records, and we'll provide expert guidance on how to find the assistance you need to streamline your bookkeeping processes and regain control of your finances....
November 20, 2020What help can I get for the November 2020 lock down?
The Furlough scheme has been extended for November 2020 to March 2021. The Furlough scheme was due to finish at the end of October 2020 but is being extended to cover November 2020 to March 2021. The Employee should still receive a minimum of 80% of their salary for hours not worked and the Employer can top this up to 100% of hours not worked. The Grant recovered from the Government will be as follows: MONTH ...
November 14, 2020How can I pay my staff after Furlough ends?
Furlough also known as the Job Retention Scheme will end on 31st October 2020. After this date, the available support for paying staff is the Job Support Scheme. The Job Support Scheme (JSS) will open on 1st November 2020 and run for 6 months. JSS is split into 2 parts, JSS Open where the business can stay open or JSS Closed where the business has a legal requirement to close due to lockdown rules....
October 27, 2020How much does an Accountant in Stafford cost?
Embarking on the journey of financial management often prompts the question: 'How much does an accountant cost?' In this blog post, we delve into the various factors that influence accounting fees, demystifying the pricing structures and providing insights to help you make informed decisions about hiring an Accountant in Stafford for your personal or business needs....
October 8, 2020How can I keep my Business going after Furlough ends?
As once said in Star Trek, we continue to trek Covid 19 while restrictions are eased. We now must balance safety with normality and find a new normal. As lockdown eases further in July 2020 we have to find a way to move forward together, to survive and thrive. The Chancellor made the following announcements on 8th July 2020 listing all Grants, Price Cuts & Vouchers available to Employers, Families & Home Owners so: Your Business can surviveYou Keep your staffYour home & family can thrive ...
July 8, 2020What is the Tax-Free allowance for 6th April 2020 to 5th April 2021?
The tax-free allowance is the amount of Gross Income you can earn in a year without having to pay any tax. The tax-free amount is set every year in the budget and is announced by the Chancellor....
June 24, 2020The Force Accounting journey
My name is Parjit and for most of my youth everyone called me Parj. In 1999, I started my career in Accountancy after my first set of qualifications were completed. On my first day in my new career, as I was introduced to 1 new colleague after another, somehow along the morning introductions, I had been introduced as Parj, then Peej and by the time I stretched out my hand to meet the Managing Director Peej was translated to PJ. By the end of the week I was even referring to myself as PJ. 2...
June 4, 2020Digital Bookkeeping is here
The Government had announced that Digital Bookkeeping was going to be enforced by 2018. Although this decision was postponed later, as proactive accountants, we wanted to make sure our clients were prepared, and so in January 2017 the journey began as to which package would be the best fit for the majority of our clients....
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