The switch to Making Tax Digital (MTD) is approaching fast. It is essential that you get your accounting software ready in time as there are penalties for those who aren't prepared.
The deadline for the introduction of the government's flagship Making Tax Digital (MTD) scheme is fast approaching and if you're not sure what it'll mean for your business, RWB is here to help.
Philip Hammond’s second Autumn Budget, took place amongst the uncertainty of Brexit, yet had some positives for taxpayers and signalled the first signs of an end to the 'era of austerity'.
The Chancellor announced a series of tax measures that will have mixed implications for individuals and businesses.
How will the Autumn 2018 Budget affect you and your business?
Running a business is a numbers game - and not just profit and turnover. Cash is critical for every business so you need a good system in place to keep a record of how much money is coming in as well as going out.
Your time is best spent developing your business on a day to day basis. Too many people get bogged down in keeping a meticulous record of the figures when they should be concentrating on areas where their business can grow. Is it time for you to outsource your bookkeeping so you can stay focused?
Following on the heels of the changes surrounding buy-to-let mortgages for landlords who own four or more homes in 2017, this year saw a new raft of tax rules. Are you up to date with the latest?
Tax rules around owning multiple properties can be complex – not to mention ever-changing, but our experienced property tax team can help you understand what you need to know, so that you can concentrate on your property portfolio and make the most of your tax allowances.
If you're running a small business, invoicing and then chasing for payment can be, at best, a minor irritant or, at worst, lead you to take your eye off the ball when it comes to growing your company.
Timely invoices are the lifeblood of your business and their importance shouldn't be underestimated. When you're starting out and only have a few invoices to track each month, it's a pretty straightforward job to keep on top of everything. But, as your business grows, keeping track of the status of your invoices can quickly take over and, if you're not well-prepared, adversely affect your cashflow.
Whichever way you do your invoicing – whether it’s manually, in spreadsheets, or using online invoicing software such as Xero – these tips will help.
When you make payments on behalf of your customers, for goods or services received and used by them, you might be able to treat these payments as ‘disbursements’ for VAT purposes. This means that you don’t charge VAT on them when you invoice your customer and can’t claim back any VAT on them. However, it can be confusing to know whether it is a recharge or a disbursement.
In a recent VAT ‘Question of the Week’ from Croner Taxwise, HMRC tax advisor Tom Chamberlain gives a good overview of the difference between the two.