Reduction in VAT from 15th July for the tourism and hospitality industries

Yesterday Chancellor Rishi Sunak announced that VAT would be reduced for businesses in the tourism and hospitality industries (although alcohol sales are excluded). The reduction from 20% to 5% will come into effect from Wednesday 15th July and remain until 12th January ‘21 VAT is the tax collected by businesses on the items and services … 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

Advantages of using bookkeeping services

Running a business can be time-consuming, stressful and even overwhelming at times. We understand how easy it is to lose track of managing, monitoring and keeping a thorough record of transactions and finances on top of everything else. However, it is a legal obligation to keep these records and not doing so adequately can result … Continue Reading

Stressed about VAT? Here are some tips

VAT can be an incredibly stressful and complicated process due to the seemingly endless and sometimes confusing rules. It can be overwhelming and difficult to know whether you are correctly handling your VAT or if your business is overpaying or underpaying. If after reading this article you decide an accountant can help with your situation, … Continue Reading

Making Tax Digital (MTD) – part 2

In 2019, HMRC made tax digital meaning people can track their business and professional transactions automatically. This system will help to make tax filing more accurate, efficient and transparent. With big changes happening to the way tax is being processed, businesses may benefit from working with a Making Tax Digital (MTD) expert such as our Sheffield based Millhouses … Continue Reading