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.
Generally if a business is never paid for its goods or services, it either does not have to hand over VAT or can reclaim VAT that has been paid. However, if an employee steals money from the till for example, the VAT still has to be paid because the business has been paid for its […]
HMRC have published updated contact details for general enquiries about VAT by phone, webchat and post. View the new details here: https://www.gov.uk/government/organisations/hm-revenue-customs/contact/vat-enquiries
A flat occupied for ten weeks qualified for capital gains tax relief. The First-tier Tribunal has held that, during a ten week period for which the appellant occupied a property that he owned, it was his only or main residence because he had intended the property to be his home on a long-term basis.
As part of your business planning process, conduct a SWOT analysis to help you identify your company’s: Strengths Weaknesses Opportunities Threats Use this to again set actions for improvement. Here are some questions to ask: Strengths What are we really good at? What are our unique skills? Where do we outperform our competitors? Weaknesses What […]
A recent report suggests that meat eaters will increasingly consume laboratory grown or plant based products that look and taste like meat. This could have substantial benefits in terms of environment ethics health and robustness of the food supply chain.
A shadow director is someone who acts as a director but is not formally registered as a director. A recent case reminds us that directors’ responsibilities apply to shadow directors as well as registered directors. A company that has failed to pay taxes due had a director and shadow director both banned from directorships in […]
To view the updated guidance on how to make a voluntary disclosure, follow this link to the HMRC website: https://www.gov.uk/government/publications/hmrc-your-guide-to-making-a-disclosure/your-guide-to-making-a-disclosure HMRC customer helpline details: Telephone 0300 123 1078 Outside the UK +44 300 123 1078 Opening Times Monday to Thursday, 8:30am to 5:00pm Friday 8:30am to 4:30pm