Reference to VAT Notices 700/21, 700/22 and 731 suggests that a business using Cash Accounting for VAT under Making Tax Digital will be required to:- Maintain digital accounting records at transaction level: Keep a digital VAT account using Accrual accounting; Cross reference Monies Received and Paid against individual Sales and Purchase invoices within their digital…
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Discover how to manage your wealth effectively at our annual event led by our wealth management and tax experts. There will be three presentations followed by a light lunch – a great networking opportunity. Tax planning tips & traps Barbara Nicholas, Tax Partner at Whiting & Partners Passing on Wealth – How hard can it…
Are you thinking about setting up a business? If so, one of the first decisions you will need to make is that of business structure. The main business structures are: sole trader, partnership, limited liability company, and limited liability partnership (LLP). Sole trader – This is the easiest set up, with very little in the way of red…
A business plan is a written document that describes your business. By committing your thoughts to paper, you can understand your business better and also map specific courses of action that need to be taken to improve your business. It covers objectives, strategies, sales, marketing and financial forecasts. A business plan can help you to:…
Businesses are born in many ways but there are some common considerations for all start-ups. Legal form Consideration needs to be given as to the how you wish to set up and structure your business. If you are going it alone perhaps a sole trader could be the best route or, if there is more…
Whiting & Partners hosted their first Business Fayre on Thursday 20 September at Knights Hill Hotel in Kings Lynn. The event welcomed exhibitors from across a number of industries including insurance, software support, IT, Land Management, HR, Business Growth, marketing and promotions. Each business had the opportunity to chat to delegates and advise them on…
Those companies that continually go through funding rounds, such as your typical techco start-up, should be aware that HMRC are introducing a new tax election wef 6-Apr-19: Proposed legislation contained within the Finance Bill 2018 This election will allow shareholders who hold at least 5% of the company on 6 April 2019, and who are…
The deadline for registering for self assessment is 5 October for the 2017/18 tax year. Anyone submitting a self assessment return for the first time – including higher income child benefit charge (HICBC) taxpayers – need to register by 5th October 2018 so that they can complete and file their return by 31st January 2019…
HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 September 2018 reflecting the upward trend in forecourt fuel prices for higher emission cars. These rates apply from 1 September 2018 and have increased slightly on the previous quarter rates, for petrol cars with engine of 1400cc or more…
Starting up a Business can often be a step into the unknown. There are many aspects to consider when looking to make your mark in the business world with a focus on business planning skills, market research, knowledge of legislation relating to your industry and various other aspects which many business owners find they…
