MTD or Making Tax Digital is a scheme by HMRC to transform their current tax system to make it much easier for businesses and individuals to deal with their tax and VAT obligations. Though there have been some hold-ups since the idea was announced, HMRC is now beginning to roll the scheme out to businesses and in April 2019, businesses will be mandated to use...
As everyone knows, there are huge economic implications from the UK’s decision to leave the EU. While no one can say with any certainty what these implications will be, big changes will occur, and it is very likely that many of these changes will happen to the UK’s tax system. In this guide, we’re going to take you through some of the potential impacts Brexit...
Data protection regulation is about to undergo the most major shakeup in almost 20 years. From May 25th 2018, businesses that operate within the EU will be required to comply with the GDPR, or General Data Protection Regulation. The aim of the GDPR is to modernise data protection regulations and introduce policies that are fit for the 21st century. If you run a business, it’s...
The Construction Industry Scheme has a very simple goal – to prevent self-employed subcontractors from avoiding tax. The so-called ‘Self-Employment Switch’ has helped construction firms take on full-time employees as self-employed subcontractors. The contractor avoids paying the tax and employee benefits and the subcontractor who likewise doesn’t need to tell the exchequer about their earnings. The CIS scheme was designed to thwart this behaviour within...
New and Updated Information can be found here: A Complete Guide to Tax on Crypto There is a lot of hype surrounding cryptocurrencies – like Bitcoin, Ethereum and Ripple. However, these decentralised virtual currencies, based on blockchain technologies, are completely unregulated. This means the tax implications of cryptocurrency investment is a rather important area and requires further analysis. What is all this fuss about? More...
This is the first Autumn Budget which has taken over from the now defunct Autumn Statement. The Chancellor, Philip Hammond MP, froze the threshold for VAT, introduced reverse charging for construction industry VAT reporting and also introducing new online VAT fraud processes to clamp down on illicit online trading. VAT had made the headlines even before Philip Hammond stood up to present his Budget to...
The Chancellor of the Exchequer, Rt Hon. Philip Hammond M.P., has delivered his first Autumn Budget. This article will outline the key details along with supplementary information relating to impact and issues relating to self-employment, tax and other key priorities. The end of the Autumn Statement was always going to make this more of a curiosity than anything else. The media lead-up revolved around...
A little background Are you a bar manager or owner? Do you find the task of undertaking weekly payroll incredibly difficult and time consuming? Have you considered outsourcing your payroll to a professional accountancy service with bespoke in-house payroll support? Prestige Business Management can help process and manage the payroll and help free up more of your time to focus on running your nightclub, bar...
Regardless of your size or market penetration, you will always be looking to increase your sales and grow your company even more. That being the case, the most delicate characteristic of this endeavour is the process of increasing your sales on a small or slender budget. Getting the right ‘bang for your buck’ is a challenge every company faces and increasing sales whilst getting value...
Get the right Accountancy Support to Succeed As a personal trainer, your role is to help your clients maximise their own returns by focusing on their activities. The more they put in, the more they get out. Your goal is change minds and change behaviour. However, tax returns and VAT, pose an altogether more challenging remit. By partnering with Prestige Business Management, we can provide...
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