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RBS Business Banking Switch

Many RBS business banking customers are being offered financial incentives to move to other banks.   These incentives include cash payments ranging from £750 to £50,000 depending on turnover, additional cash payments based on lending balances and periods of free or discounted bank charges moving forward.If you are an RBS business customer you should have had correspondence from the bank bringing this to your attention, but we have a least one client who thought it was a scam. It isn'...

April 4, 2019

Making Tax Digital

Background VAT registered businesses are receiving another letter from HMRC regarding Making tax Digital for VAT.  It recommends that you talk to your accountant about MTD, we agree but we thought it would be helpful to summarise the position in this article. Making Tax Digital begins on 1 April 2019 with MTD for VAT (it applies to the first VAT period starting on or after 1 April 2019) . From that date, VAT-registered businesses with turnover above the threshold of £85,000 will have ...

February 15, 2019

HMRC issue late filing penalties in error

Early in January 2019 HMRC issued late filing penalties to many self-assessment tax payers in error.  One of our clients received the notice of the fine despite that fact that the return had been successfully filed electronically and deadline date had not been reached. We understand that HMRC have reviewed their records and attempted to correct the error but if anyone has received a late filing penalty which they believe to be incorrect they should contact HMRC immediately. We are able to a...

January 17, 2019

Maximising the benefits of Mileage claims and VAT on mileage

Here are a few simple pointers on how much you can claim.How much mileage can I claim? If you use your own car to make journeys solely for business purposes during your employment,you can claim tax relief on your mileage up to the current rates allowed by HMRC. For cars and vans, the current rates of mileage claims allowed are: 45p per mile for the first 10,000 business miles in a tax year 25p per mile for any miles over 10,000 in the same year the rates are published by HMRC...

November 19, 2018

HMRC Visits: Trouble in store?

Many businesses dread a visit from HMRC; there is always the worry that something may arise, which results in paying more tax. There is also an understandable sense of dread at the potential disruption it could cause in the run up to, during and even following the visit. However, there are a number of things you can do to make the experience far less stressful. Preparation Most HMRC visits are pre-arranged, either by telephone or by letter. If the appointment is made by telephone, ask the offi...

November 19, 2018

Making Tax Digital – a bold vision or a complete nightmare?

You might have heard about “Making Tax Digital” (MTD), HMRC’s plan for getting most businesses and many individuals to make returns of income and expenses to them on a quarterly basis, using digital software which HMRC will not provide. The plans are still under discussion, but with HMRC’s announcement that they’d like to see MTD start in April 2017, it’s clear that they mean business, even if the detail is not yet clear. Many returns are already filed digitally and we’ve been usin...

November 16, 2018

Quotes in Xero

Xero have really increased the pace of their product updates over the past year introducing a host of useful and innovative features. One of the key upgrades has been introduction of sales quotes to the platform.Quoting is a critical function for businesses and having a professional, transparent, traceable process can significantly improve both revenue and customer satisfaction. It is now simple to create, send and track your quotes in Xero allowing you to respond quickly to new sales opportunit...

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