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Nearly half of all invoices are being paid late
Nearly half of all invoices are being paid late Small business owners and freelancers continue to struggle with their own cashflow due to receiving late payments with stats showing that 49% of all invoices are being paid late, which is a 6% increase on the previous year. It also seems that where the business is…
Read MoreGetting to grips with Research and Development (R&D) – which now seems to have 5 schemes
Getting to grips with Research and Development (R&D) – which now seems to have 5 schemes The changes which came into effect for R&D in April 2024, as per our previous blogs, saw the introduction of a new merged and enhanced research and development intensive scheme (ERIS). This was on top of the R&D intensive…
Read MoreDomestic Reverse Charge VAT
Domestic Reverse Charge VAT VAT reverse charge rules came into effect on 1st March 2021, which altered the way businesses operating the Construction Industry Scheme (CIS) and are VAT registered complete their invoices. These rules can feel complex, and you need to be aware of what they may mean for your business sales invoices and…
Read MoreHMRC launches new VAT registration estimator
HMRC launches new VAT registration estimator HMRC has launched a digital tool to help businesses estimate what registering for VAT means for them. The VAT Registration Estimator has been developed after small businesses suggested that an online tool would be helpful to show when their turnover could require VAT registration and its effect on profits.…
Read MoreConstruction Industry Scheme (CIS) payment deduction statement
Construction Industry Scheme (CIS) payment deduction statement HMRC have withdrawn another service via the telephone systems meaning that in future, HMRC helplines will no longer deal with requests for payment deduction statements (PDS) for the Construction Industry Scheme. With immediate effect, requests will have to be made in writing to HMRC. In the past, contractors…
Read MoreWith only a week to go – are you ready to make your payment on account for self-assessment
With only a week to go – are you ready to make your payment on account for self-assessment The payments on account scheme is designed to help people better manage the cost of their tax bill by splitting the amount into two payments and spreading the payments across the year. However, missing the deadline can…
Read MoreEU e-invoicing rules
EU e-invoicing rules Electronic invoicing and real-time tax reporting are coming and will fundamentally change the way businesses operate. Businesses of all sizes will soon have to issue and accept e-invoices, a standardised electronic form of invoice, and report them to national tax authorities in real-time in an effort to streamline data reporting, improve tax…
Read MoreHMRC is targeting online sellers – what do you need to know?
HMRC is targeting online sellers – what do you need to know? As mentioned in our previous blog – https://kennedysaccounting.uk/selling-online-is-changing-are-you-falling-into-the-tax-trap-insights/ in January 2024, it seems that HMRC have already started compliance checks on the highest reported earners. Following the UK’s agreement to the Organisation for Economic Cooperation and Development’s (OECD) global data sharing which is…
Read MoreSmall and medium-sized enterprises (SME) are being ‘debanked’
Small and medium-sized enterprises (SME) are being ‘debanked’ The Treasury Committee has ‘condemned unfair de-banking of legitimate businesses’ and are highly critical of ‘substandard processes’ taken by banks. A recent report has advised that in the last year more than 140,000 SMEs have been ‘debanked’ with the majority advising that they received no warning. Subsequently…
Read MoreNew Rules for Company Names
New Rules for Company Names As Companies House continues to introduce new practices as a result of the implementation of Economic Crime and Corporate Transparency Act, the latest is the new rules for company names. Companies House have advised that they are ‘running stronger checks on company names which may give a false or misleading…
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