Guidelines for Compliance — Assistance with VAT Compliance Controls
HMRC has recently released its ‘Guidelines for Compliance — Assistance with VAT Compliance Controls’. These guidelines are offering businesses valuable advice on maintaining robust VAT processes. Purpose of Guidelines These guidelines are specifically tailored for UK businesses that are registered for VAT and operate under the invoice accounting system. Under this system, VAT is generally […]
Companies House Transitioning to New One Login System
From Autumn 2024, Companies House online services will start transitioning to the new government One Login service, with the WebFiling service following at a later date. One Login Process Businesses using Companies House online services will need to switch to GOV.UK One Login, the government’s new single sign-in service. This is replacing the current Government […]
Proposed Increases in Company Size Thresholds for UK Audits
As the United Kingdom is no longer within the European Union the government is not tied into the maximum EU thresholds. The Government announced on 18th March 2024 the proposal to increase these thresholds. These proposed changes are part of the ongoing reforms aimed at reducing the regulatory burden on small and medium-sized enterprises (SMEs) […]
Impact of Late Submissions and Payments to HMRC for PAYE
Are you aware of the importance of submitting your payroll data and paying your PAYE bill on time? Late RTI Submissions (Caused by not sending your payroll information on time) When Penalties are Charged: Firstly, you may incur a penalty if: Secondly, HMRC Will Not Charge a Penalty If: Penalty Amounts The amount you pay […]
VAT Registration Estimator
The UK’s tax authority, HM Revenue and Customs (HMRC) has introduced a new digital tool to help businesses estimate the implications of registering for Value Added Tax (VAT). The VAT Registration Estimator was developed in response to feedback from small businesses, who said an online tool would be helpful in determining when their turnover may […]
NRB Currency Converter: Revolutionising International Payments
In today’s interconnected world, managing international transactions is crucial for businesses. That’s why we have teamed up with Crezco to provide our own powerful and user-friendly NRB currency converter which allows you to benchmark your foreign currency transaction. This exchange tool provides an efficient and cost-effective solution for handling cross-border finances, benefiting companies of all […]
Preparing for the Unexpected: Enhance Risk Management
In today’s dynamic business environment, uncertainties are unavoidable. However, statutory audits, once seen as routine, have evolved into powerful tools for businesses to bolster their risk management strategies. This exploration delves into how statutory audits significantly enhance risk management, providing companies with resilience and strategic foresight to navigate the unpredictable. 1. Identifying Risks: Statutory audits […]
Proposed ID Verification at Companies House
One of the proposed amendments to the Companies Act 2006 aim to implement rigorous ID verification measures. This is for individuals establishing, managing, or controlling companies, to eradicate money laundering through the use of false identities. Registrar Regulations In May, a draft Statutory Instrument titled the Registrar (Identity Verification and Authorised Corporate Service Providers) Regulations […]
Reporting Profits on a Tax Year Basis
Starting with the Self-Assessment return due by 31 January 2025, all sole trader and partnership businesses must report their profits on a tax year basis. What is the Basis Period Reform? The Basis Period Reform represents a major change in how self-employed individuals and partnerships calculate their taxable profits. Previously, the basis period was tied […]
The Importance of Evaluating Business Processes
In the digital age, business processes are the backbone of organisational operations, ensuring tasks are completed efficiently and effectively. These structured sequences of digital tasks enable businesses to achieve their goals, streamline operations, and maintain competitiveness. However, it is crucial for organisations to periodically pause and scrutinise their processes. Simply taking the time to stop […]
