You may think that you have done all your need to once you have reached your Staging Date for Auto Enrolment. You have set up your pension scheme and sent out communications to your employees. You have auto enrolled your workers and deducted contributions from their pay. You have even remembered to do your Declaration of Compliance. So what else is there to do? …
Making Tax Digital (MTD) is HMRC's term for submission of tax information online. The revised implementation date was announced in July 2017 and now we have a little more information about what will be expected. From April 2019 VAT registered businesses over the VAT registration threshold (£85,000 for 2017-18) will have to submit their monthly or quarterly VAT returns online through their accounts software. VAT registered businesses below the VAT registration threshold will not be required to but can submit in this way voluntarily. If you submit annual VAT returns you will be able to continue to do this. …
Businesses should have a separate bank account for their business transactions as it will make preparing their accounts so much easier. Trying to extract business income and costs from a personal account takes a lot more time and if you needed to prove any business transactions when applying for a loan, for example, they would have access to your personal spending habits too. …
Being a business owner comes with a variety of challenges. The list of jobs to do is never ending even if you do outsource some of them. There are still many things which you just know you have to do yourself. Sometimes being a business owner can feel like being on a treadmill endlessly moving from task to task without actually moving on. …
