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Is austerity finally coming to an end?

Going into the Budget 2018, between leaks and political instability, few expected Chancellor Philip Hammond would have surprises left to spring. Under pressure to support No 10’s ’end of austerity’ message and safe in the knowledge that it could all go out of the window in the event of a no-deal Brexit, the Chancellor gave the most eventful Budget speech of …

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Can I deregister from VAT? Should I deregister?

If your business’s turnover is predicted to fall below £83,000 over the next year, it maybe worthwhile considering whether to deregister from VAT. The Government is concerned that many business owners deliberately choose to stay below the VAT registration threshold. For some businesses this decision is right for them. Businesses change. A VAT registered business that has traded for many …

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Landlords welcome tax incentives for long-term tenancies

The government is considering introducing tax incentives for landlords who offer longer tenancies, as part of a new consultation. The Ministry of Housing, Communities and Local Government has launched a consultation on implementing a three-year tenancy model. This is intended to support the increasing number of private tenants seeking long-term security, as more families and older people plan to stay …

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Bookkeeping and accounting – what’s the difference?

A common question we get asked a lot is whether there is any difference between accounting and bookkeeping, and the short answer is: Yes!   As for the long answer… What is bookkeeping? Bookkeeping is the regular, day-to-day process of understanding a business’s financial transactions. This helps business owners understand their day-to-day business operations, identify past-due trade debtors, spot duplicate …

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Chamber of Commerce calls for further delay to digital accounts rollout

The government’s flagship Making Tax Digital (MTD) scheme should be delayed until 2020/21 for all taxpayers, according to the British Chambers of Commerce (BCC). VAT-registered businesses with an annual turnover of more than £85,000 are due to be the first to go through the transition to digital accounts for reporting VAT only from April 2019. But the BCC is calling …

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Contractors criticise ‘flawed’ IR35 test

A contractor group thinking about IR35 has slammed HMRC for omitting mutuality of obligation in an online tool designed to assess an individual’s employment status. Mutuality of obligation requires employers to provide ongoing work for an employee, who then has an obligation to perform that work. In a self-employed relationship, there is no continuing obligation on either side to offer …

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Why you NEED a business plan

At The Accounts Centre, we’ve helped a wide range of small businesses create a business plan that has focussed their efforts, kept them on track and fuelled their company’s growth. But what exactly goes into a business plan, and does every business need one? A business plan can play an important role in helping business owners home in on what …

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Benefits of bookkeeping for your business…

Every business of every size in the UK has financial reporting obligations it has to meet. Good bookkeeping plays a vital role in helping businesses compile accurate reports to meet these obligations, but it can also directly benefit a business’s bottom line. Here’s how. Claim the right tax deductions Good bookkeeping can step in to ensure business owners don’t overlook …

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Are you the 8% or the 92%…?

I was chatting with one of my employees the other day, and they mentioned that at a recent presentation by Lloyds Bank, they had said only 1 out of 12 business owners talk to their accountants – that’s just 8%! Perhaps the reason for this could be they are concerned their accountants will charge them through the nose for the …

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This is how Brexit could affect your business…

British business owners are most concerned about the threat of the UK leaving the EU and the financial impact of auto-enrolment pension schemes for staff members, according to a new survey by insolvency adviser trade body, R3. Almost a quarter (23%) of the 500 UK business owners surveyed said they were worried about the financial implications Brexit would bring, while …

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