This guide looks at how the 3 main accounting schemes work and how they can help businesses. Special VAT accounting schemes for small businesses have been available for a number of years, but they are still underused. The 3 main schemes are: cash accounting, annual accounting and the flat rate scheme. The cash accounting scheme (CA) Cashflow can Continue ReadingRead more
When should you contact HMRC?
A cynic might say that you are required to contact HMRC when you are likely to owe them more money. Realistically, the opposite is also true: you should advise HMRC of any changes that could reduce your tax position. The following notes are extracted from HMRC’s website and set out their requirements. You'll need to tell HMRC if you: get Continue ReadingRead more
UK economy recovers
Its official, in the second quarter April – June 2014 the UK gross domestic product grew by 0.8% and is now bigger than it was before the financial crisis that began six years ago. The state of the economy always attracts politically biased commentary, but reading between the lines it would appear that we are making steady progress. Interestingly, most Continue ReadingRead more
Economic update: August 2014
Following a period of faster than anticipated growth at the end of 2013, the economy has continued to strengthen with consistent growth throughout the first half of 2014. Gross domestic product (GDP) increased 0.8% in the second quarter of 2014 and was around 3.1% higher than the same period in 2013. The economy has grown for 6 consecutive quarters, the Continue ReadingRead more