Reduction in VAT
Category
Accountancy blog
Is a VAT reduction on the horizon? (Updated – yes was the answer!)
You may have seen recently that a several EU countries have reduced VAT rates in an attempt to stimulate their economies. The theory is that if VAT is reduced, prices should fall which will encourage consumers to spend more.
VAT – Should you charge VAT on things you’ve bought on behalf of your customer?
Quite often in business we will buy something on our customers behalf. E.g. A plumber may buy a radiator for their customer. A solicitor may pay land registry fees for their client. But should you also charge VAT on these items when you eventually invoice you customer? The problem from the customers point of view, … Continue Reading
How do you calculate holiday pay for workers who are not on fixed hours?
The majority of workers in the UK are full-time on fixed hours with fixed pay. These workers are typically on a fixed monthly salary, so if they take a week’s holiday. They will normally receive the same pay at the end of the month. As they would normally receive. However, it’s not always this straight … Continue Reading
Organisations given protection from landlords aggressive debt recovery tactics
,In order to help protect them from aggressive rent collections or unfair price hikes, High Street shops and other bricks and mortar organisations under strain during the current lock-down will be protected and rather asked to simply pay what they can as outlined in a recent government statement “The majority of landlords and tenants are … Continue Reading
Cash basis – only declare money when it comes in & out of your business
What is ‘cash basis’? Cash basis, is a way for sole traders or partners to work out your expenses for self-assessment tax. It suits some small businesses better than traditional accounting as you only need to declare money when it comes in and out of your business. At the end of the tax year, you … Continue Reading
How to start your own business from scratch & how to do it properly
You’re either working on your own dream or your working on someone else’s If you’re currently starting your own business or even just considering it. You have a great opportunity to do it properly and build a solid foundation which will pay dividends in the future. Even more importantly, it’s a great opportunity to avoid … Continue Reading
The new Self-employment Income Support Scheme – a message from the government
The Chancellor has announced more about the new Self-employment Income Support Scheme to support self-employed people who have been adversely affected by COVID-19. Self-employed people do not need to get in touch with HMRC as the scheme isn’t yet open for applications. HMRC will contact eligible customers by the beginning of June, inviting them to … Continue Reading
A quick guide to year end accounts
A quick guide to year end accounts We understand how daunting year end accounts can be, so take a breath, make some tea and use our quick guide to help you understand what is required. If this is your first time dealing with year end accounts or you’re unsure of what to do, at Millhouses … Continue Reading
Making tax digital (MTD) – what you need to know
as the deadline for Making Tax Digital looms ever closer. Millhouses Accountancy are helping more and more business to successfully transition to the new way of reporting tax either by managing the tax on behalf of our clients or by helping our clients learn how to manage it themselves. we’re here to help you too! … Continue Reading
