From 1 October 2019 a new VAT reverse charge comes into effect for building and construction services, where payments are required to be reported under the Construction Industry Scheme. Broadly it means that when a business receives a supply of building and construction services for onward sale, the recipient of the services (the contractor) accounts… Continue reading VAT Domestic Reverse Charge for Building and Construction Services
Accountants can sometimes be seen as too expensive, or a luxury only needed for bigger companies, but there are a number of ways in which accountants are helpful for even the smallest of businesses. Saving Tax I was speaking to a business owner recently who had prepared his own accounts and tax return for a… Continue reading Why is an Accountant Good for my Small Business?
This year was the 6th year of Torr Waterfield raising money through our annual Karting Cup event where 12 teams compete in a two hour endurance race at Sutton Circuit in Broughton Astley. On Wednesday 8 May we raised £1,200 for our charity of the year, the Bodie Hodges Foundation. https://torrwaterfield.wordpress.com/2019/05/02/torr-waterfield-charity-of-the-year-bodie-hodges-foundation/ The track was wet as… Continue reading Torr Waterfield Karting Cup 2019
This year we have chosen to support the local charity Bodie Hodges Foundation. Following the death of 10 month old Bodie, the Bodie Hodges Foundation was formed in 2012. The charity supports families who have been bereaved of a child and also promotes organ donation. They work with local hospices and the NHS to ensure… Continue reading Torr Waterfield Charity of the Year – Bodie Hodges Foundation
From April 2019 VAT registered businesses and organisations with taxable turnover above the VAT threshold of £85,000 are required to maintain their accounting records digitally in a software product or spreadsheet and also submit their VAT returns to HMRC using compatible software. Here are a few programmes that are compatible with MTD for VAT: XeroSage… Continue reading MTD for VAT – Are you ready?
If you are entitled to Working Tax Credit or are receiving Universal Credit, or know someone who is, then this could be for you. The “Help to Save” is a type of savings account; it allows people who are entitled to Working Tax Credit or receiving Universal Credit to get a bonus of 50p for every £1… Continue reading Get help with saving.
Changes were announced to capital allowances in the Autumn Budget. These include an increase in the Annual Investment Allowance (AIA) available. Make sure your business does not fall foul of the transitional rules which apply. Increased AIA from 1 January 2019 You will no doubt be aware that the maximum AIA has been set at… Continue reading Hot Topic! Maximise your capital allowances