Elizabeth Eyre Ltd provides all of its clients and customers Tax Protection Cover as part of the service. As an accountancy firm, we have seen an alarming increase in the number of tax investigations instigated by HMRC. It is not just big firms either. HMRC do have the right to investigate any business and indications show the number of businesses … [Read more...]
Making Tax Digital
What does it mean? You may have seen articles in the press about "Making Tax Digital" but what does this really mean? Making Tax Digital for Business (referred to as Making Tax Digital or MTD) is a government initiative to try and make it easier for small businesses to manage and pay their taxes. It aims to provide you with an up to date view on … [Read more...]
Changes to the VAT Flat Rate Scheme
What is the flat rate scheme? The VAT flat rate scheme is a simplified accounting scheme for small businesses, designed to simplify your records of sales and purchases. It allows you to apply a fixed flat rate percentage to your gross turnover to arrive at the VAT due. You decide which flat rate percentage to use by reference to your trade … [Read more...]
Tax Changes from April 2016 – Impact on Limited Companies
I am sure there are a lot of people understandingly confused about the Tax changes from April 2016. Here is a summary of my thoughts on the tax changes coming next month – and the impact on Limited Companies. This website also gives a useful comparison of the additional tax payable next year. Tax Changes 2016/17 – Limited Companies take a … [Read more...]
My Business is Only Small, Should I Go VAT Registered?
Over the next few weeks I will look at some of the most common issues business owners face. Having a good idea is only part of running a business; there are loads of other questions you need to ask yourself. There are very many businesses which are either new, and below the VAT threshold but growing, or small enough to stay below the VAT … [Read more...]
Why Set up in Business?
Thank you for taking the time to look at my website. I hope you have found what you are looking for, if not let me know. My business started from a conversation with a friend , and I meet so many people where their business has grown from an idea or a wish to do things differently. For some it is perfect timing – they may have a redundancy … [Read more...]
Where do you draw the line with tax avoidance?
Did you watch Eye Spy on Channel 4 last night? It challenges our moral compass, and raises some important questions. It shows a banker and a builder saying the same thing and asks whether it’s more objectionable for one or the other to hide money from the tax man. The press have lambasted large Corporations for avoiding UK Corporation Tax, … [Read more...]
Do I Need an Accountant?
I often meet people who say “my business is too small to need an accountant” or “I will do it myself until I’m busier”. There is absolutely nothing wrong with this (like many things it is another overhead for small business) – but there is an opportunity cost to not using an accountant or a bookkeeper. If you’ve tried reading the HMRC website it … [Read more...]
Whats Ahead?! – The Good & Bad News for 2014-15
Welcome to 2014-15! Good News - Employment Allowance As an employer you are likely to have just received a letter from the Prime Minister about the Employment Allowance. If this hasn’t arrived yet it will be with you in the next few days, be patient. David’s letter talks about the £2,000 allowance available to employers from 6th April … [Read more...]
VAT Schemes, which one is for you?
After I had written my blog last week my little cat (Rosie) had a scrape with a car – which luckily she survived – and she is struggling now with a bruised jaw and bad leg. It got me thinking about what happens in an owner-managed business if the owner is ill or unable to work for other reasons. Personally I don’t have critical illness cover … [Read more...]