To VAT or not to VAT, that is the question
For smaller businesses and sole traders, VAT can be complicated issue. Knowing when is right, or required, to register can be difficult. When does a business need to register for VAT? A business must register for VAT when its taxable turnover exceeds the VAT registration threshold, which is currently set at £85,000. However, a business […]
Small business owners hold on to cash for Brexit
Small businesses across the UK have increased the amount of cash they hold in current accounts by over 78% over the past two years in anticipation of a Brexit fueled credit crunch. The hoarding reflects growing fears over the economy and a desire to have cash assets available to fund any shortfall in trade or […]
Government launches ‘Get ready for Brexit’ website
Ever since the referendum under David Cameron’s Conservative Goverment back in June 2016 the topic of Brexit hasn’t been far from the front pages. As we move ever closer to the 31 October 2019 deadline for Britain to leave the EU the Government have launch a dedicated ‘Get ready for Brexit’ website to help both […]
120k firms miss MTD for VAT deadline
More than 120,000 VAT-registered businesses in the UK missed the August deadline to file returns through Making Tax Digital (MTD). HMRC confirmed that around 116,000 businesses with quarterly obligations and 5,000 firms that file monthly returns did not sign up in time. Most VAT-registered businesses with annual taxable turnover of more than £85,000 have to […]
Open Banking and how this impacts Xero
New EU standards, due to take effect from 14 September 2019, will change the way some banks connect to Xero. To comply with the new requirements, many of Xero’s bank feeds will be replaced by new direct feeds using Open Banking. What is Open Banking? Open Banking means you can choose to share your bank […]
