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Making Tax Digital (MTD) is an HMRC initiative designed to make sure the UK tax system is effective, efficient and easier for taxpayers. It begins on the 1st April 2019 with VAT. From that date VAT registered businesses have to keep digital records and submit VAT returns using compatible software. With so much information available [...]
VAT Changes You will have heard us talking about Making Tax Digital (MTD) and how it affects small businesses. The new rules mean if you are VAT registered with a turnover more than £85k per year, you have to submit your VAT return differently in April this year. You will have also heard me talking [...]
At Yorkshire Accountancy, we help new businesses get off the ground and encourage our clients with proactive support. If you’re thinking about starting a business, here are some key signs you’re ready to take the plunge! 1. You can explain your idea in 15 seconds Even if your idea is complicated, you’ll have to explain [...]
For many reasons, owning a business is a complicated mental task, full of paradoxes. You’re your own boss, but don’t have the safety net of a large corporation. You’re at the same time master of your destiny but at the mercy of fortune. That mental rollercoaster can often scupper your motivation. It can at times [...]
One of the things we take pride in is making sure we provide a thorough service to our clients. Missed expenses are all too familiar, and often if you take your books to an accountant they will simply check what you have done, correct any errors and help you file things correctly. We believe that [...]
One of the appeals of running your own business or being self-employed is the freedom that comes from not having a boss. Being the boss appeals to many people whether that means they have a small team of staff or just work for themselves alone. However, the flip side of not having to deal with [...]
Should I Register for VAT? One of the most common concerns among those running new and, believe it or not, not so new businesses is VAT. It is not well understood, and people are often confused as to whether or not they need to register. VAT is a complex area and the penalties for non-compliance [...]
Whether you have been a sole trader and are looking to expand, or have a new business venture that you want to get moving on in the Hull area, setting up a company could be the best structure for you. However, on discovering that you can choose a UK Limited Company, a Limited Liability Partnership [...]
You started a company a few years ago and it’s doing well. A friend has suggested you give some shares in it to your young children. You’re thinking of going ahead, but how should you go about it to avoid trouble with HMRC? Planning v avoidance Tax avoidance is obviously frowned upon even if [...]
