HMRC have reminded businesses that a website that will directly generate sales, subscriptions, advertising or other income will normally be regarded as creating an enduring asset. Consideration should therefore be given to treating the costs of developing, designing and publishing the website as capital expenditure.
Facebook has moved into the cryptocurrency market with plans to launch Libra, a new global currency powered by blockchain technology. This will be available as a payment method on WhatsApp and Messenger. No matter how much you avoid social media, your customers are very likely to want to use Libra at some point in the […]
Government and various agencies are coming up with a package of measures which will introduce fines when big businesses pay small businesses late. It is likely there will be a 60 day payment term.
Nice recent article in the Guardian suggesting we should all get outdoors regularly. For those that don’t know our back story, Green Accountancy was indeed founded to bring environmental matters to small businesses, which in turn was inspired by outdoor hobbies.
From 1 October 2019 new VAT rules will require certain business to business supplies within the construction industry to have reverse charge VAT applied. This means the supplier will not charge VAT but instead the recipient of the supply will charge themselves VAT. This already happens in many business-to-business supplies of services from the UK […]
Have you incurred VAT in another EU country? Any VAT incurred during the calendar year 2018 can be reclaimed via HMRC by 30 September 2019. Note that older EU VAT cannot now be reclaimed. If Brexit goes ahead any such VAT would have to be reclaimed from the relevant EU country in future. As with […]
Nowadays, users of the financial statements want to see more on the financial implications of climate-related impacts on companies. In response to this, more and more businesses are including climate-related information in their financial disclosures, but are still failing to provide sufficient clarity for investors. Jon Williams, sustainability & climate change partner at PwC, believes […]
New capital allowance for commercial buildings – Structures and Buildings Allowance (SBA) The Autumn 2018 Budget announced a new 2% straight line tax deduction for the cost of construction or renovation of commercial buildings and structures. Unlike the old Industrial Buildings Allowance the new relief, SBA, is available for the construction of shops and offices […]
Both the National Minimum and National Living Wage increased on 1 April 2019. The hourly rate for the minimum wage depends on the employee’s age and whether they are an apprentice. As the minimum wage increases more employers than ever will be directly affected, including some of those who currently pay above the minimum. The […]
Pension contributions under Auto Enrolment are by default split between employer and employee. From the 6 April 2019: Employer contributions must be at least 3% Total contributions must be at least 8% Many employers will simply treat the difference (currently 5%) as employee contributions. The problem with this approach is that whilst all contributions are […]