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The Accountants for Growth

HMRC target tax evasion in the catering sector

HMRC target tax evasion in the catering sector
We have it on good authority that HMRC is focusing a campaign on restaurants, takeaways and street food businesses with a number of taskforces concentrating on this sector. HMRC have successfully used taskforces in the past to collect tax from the building sector and public houses.
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Up & Coming Grant Funding

Up & Coming Grant Funding
From April 2019 Grant Programmes will be released for certain job creating projects for SME's with less than 250 employees.
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Advantages and Disadvantages of Incorporation

Advantages and Disadvantages of Incorporation
An in-depth analysis
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Tax on Tips

Tax on Tips
The catering sector can sometimes benefit from tips received from customers and unfortunately there are some tricky tax rules which must be applied to any tips or gratuities received.
 
Tax is payable on income from employment and unfortunately HMRC consider tips to be income from employment.

Tags:
Tax
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VAT and the flat rate scheme

VAT and the flat rate scheme
Dan Fox and Andrew James ran a session on tax mitigation and business growth strategies at the inaugural NCASS Congress.

We touched on a number of ideas during the session which we are going to expand on in the coming weeks as they will be relevant to many caterers. One question that a delegate asked was: -

Tags:
VAT
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Auto Enrolment – Increase in Minimum Pension Contributions

Auto Enrolment – Increase in Minimum Pension Contributions
Under the Pensions Act 2008, every employer in the UK must put certain staff into a workplace pension scheme and contribute towards it. This is called 'automatic enrolment'. If you employ at least one person you are an employer and you have certain legal duties.
 
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Submit your VAT Returns electronically - MTD

Submit your VAT Returns electronically - MTD
From April 2019 all businesses with a turnover above the VAT threshold of £85,000 will need to send their VAT returns to HM Revenue & Customs in digital format.
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Promote Your Business for Free!

Promote Your Business for Free!
Gaining regular Google reviews is an easy way to promote your business and it helps to promote your website with search engines. 
 
Prospective customers and clients will want to establish that you are a trustworthy and reliable business. One way in which they can do this is by reading your online reviews. This is fast becoming the way in which potential customers assess your business before they take the decision to buy from or engage with you. 
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Paying your Staff - 2018/19

Paying your Staff - 2018/19
There is no doubt that the authorities are stepping up their game against businesses who are not paying their staff the National Living Wage. Recently 50 businesses in the hospitality sector, including two fish and chip shops, have been targeted by H.M. Revenue & Customs resulting in the businesses being censored and fined.
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How Benchmarking your business can keep you ahead of the Game

How Benchmarking your business can keep you ahead of the Game
We live in uncertain times and it is critical therefore for business owners to stay ahead of the competition. The phrase “Cash is King” has never been so pertinent. Most business leaders find it informative to compare their business’ performance to others in their sector and to see how they may be able to strengthen their cash flow. 
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Getting compliant for Making Tax Digital

Getting compliant for Making Tax Digital
MTD-flow-chart.pdf
If you need any help with making sense of how Making Tax Digital will affect your business, get in touch with us! 
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Paying Too Much for your Mobile?

Paying Too Much for your Mobile?
Information has been put out in the public domain by Citizen’s Advice, warning mobile users with a contracted handset that they may be suffering unnecessary charges.
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Investment Properties

Investment Properties
FRS 102 requires investment properties to be valued at fair value with any increase or decrease in fair value shown in the profit or loss account. This policy applied also to properties rented out to other group companies. This forced small groups to incur costs of obtaining a fair value with very little benefit. 
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Director Loans - Accounting Relief

Director Loans - Accounting Relief
Loans from directors to their company are a significant source of finance for many owner-managed small companies. Often, these loans are interest-free. 
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Making Tax Digital (Update)

Making Tax Digital (Update)
In a recent article the Institute of Chartered Accountants in England and Wales have asked the Revenue to delay the roll out of making tax digital for VAT purposes which is due to become into play for most VAT registered businesses for their VAT return periods starting after 1 April 2019.
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Preparing company accounts under FRS 105 can damage your wealth!

Preparing company accounts under FRS 105 can damage your wealth!
Financial reporting standard 105 (FRS 105) was devised for micro entities to enable them to simplify their accounts. Companies were able to prepare accounts under FRS 105 for year ends starting after 1 January 2016.
 
Some accountants have tried to encourage clients from adopting FRS 105 and have recommended that clients adopt FRS 102 1A. Why is this?
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IR35 Update - Are you employed or self-employed?

IR35 Update - Are you employed or self-employed?
In April 2017 the government placed the onus on whether workers were caught by IR 35 legislation firmly in the hands of the engager rather than the worker – this applied to only public sector workers. The intention is to roll this out to the private sector as well.
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Making tax digital – Don’t be caught out on 1 April 2019

Making tax digital – Don’t be caught out on 1 April 2019
Small businesses with annual sales of over £85,000 will be required to file their VAT returns digitally for all VAT periods starting on or after 1 April 2019.
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Can I Gift Aid?

Can I Gift Aid?
In recent years the government have made several tax changes that have taken individuals out of the tax system
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VAT - Benefits of the Flat Rate Scheme

VAT - Benefits of the Flat Rate Scheme
The flat rate scheme is a way of making your accounting and VAT records easier to keep, by allowing you to apply a fixed percentage to your gross sales to calculate the VAT due. The percentage that you apply depends on the sector which your business falls into.
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