As reported previously, from 1 April 2019 Making Tax Digital (MTD) will be compulsory for VAT-registered businesses with a turnover above the current VAT registration threshold of £85,000. It will be voluntary for smaller VAT-registered businesses for the time being and there are a few exemptions. If your business is registered for VAT and has […]
Around 1.4 million businesses in the UK employed members of staff in 2018, and all of them shared one thing in common: the legal requirement to run payroll. This task consumes a large amount of time each month, with multiple processes to complete in order to comply with legislation and pay workers on time. The […]
HMRC has recently issued Revenue & Customs Brief 13 (2018), explaining their new policy on VAT treatment of retained payments and deposits. This may be relevant to companies and businesses charging for services in advance of their supply, which are not refundable on cancellation. This is of course commonplace in the travel and hospitality industries. […]
Unlike the last few, yesterday’s Budget proved quite eventful for private businesses and successful individuals. Magma’s review is focused on those impacts. To read more, click here
From 1 April 2019 Making Tax Digital (MTD) will be compulsory for VAT-registered businesses with a turnover above the current VAT registration threshold of £85,000. Under the scheme, all businesses registered for VAT that have taxable income about the VAT threshold will be required to maintain digital records, complete the VAT returns from the digital […]
From 6 April 2019, all employees will have the right to receive more detailed payslips. Where an employee’s pay varies due to the number of hours worked, employers will also be required to provide clear information on those hours. As a result, up to 1.6 million people will be entitled to receive hours worked information […]
Research from the British Chambers of Commerce (BCC) claims that VAT creates the biggest administration burden for around two-thirds of businesses in the UK. Of the 1,100 businesses of various sizes polled, 64% were confused by the array of rates and rules to comply with VAT legislation. This percentage is likely to increase in […]
HMRC has published new ‘advisory fuel rates’ (AFR) for company cars, which apply to journeys from 1 September 2018. Advisory fuel rates are set by HMRC so that employers can use these rates to reimburse company car drivers for business fuel. These rates can also be used if employees are required to repay the cost […]
A couple of weeks ago, Britain’s next biggest firms of accountants, behind the “Big Four”, met with competition regulators to discuss limiting the Big Four’s dominance of the plc Audit market. Amongst the proposals tabled were to limit how many FTSE350 company audits the ‘big four’ should be allowed to conduct. Officials from the ‘prize-chasing’ […]
Box 8 on a VAT return should only record the sale of goods to EU countries. It is a common error to include the supply of services. However, all goods and services supplied to VAT-registered customers in another EU country must be reported using an EC Sales List. If you’re a VAT-registered business in the […]
