Register for Making Tax Digital for VAT or risk penalties, HMRC warns

Businesses who are required to use Making Tax Digital (MTD) for VAT but not registered could face fines of up to £400, it has been warned.

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Cash basis versus accruals basis

If you manage a business and record its expenses and revenue, you need to find a recording system that suits you. While cash basis accounting has its benefits, accrual accounting can be a more powerful tool for operating your business.

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Claim up to 50 per cent off business software under new Help to Grow scheme

Small and medium-sized firms could get a discount of up to 50 per cent on the costs of business software under the new Help to Grow scheme, it has been revealed.

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Five reasons to set up a Personal Tax Account

Taxpayers are being urged to set up personal accounts to monitor their affairs.

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Workplace pension re-enrolment – how does it work?

Almost all workers should now be enrolled into a workplace pension under the Automatic Enrolment scheme. But as the employer, your legal duties do not end there.

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HMRC unveils penalty regime for VAT deferral scheme

Companies that signed up to the VAT deferral scheme have been warned they face a five per cent penalty if they do not make payment arrangements by 30 June this year. Over half a million businesses deferred VAT payments last

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COVID forces businesses to change direction

The devastating effects of the pandemic have meant small businesses in the UK have changed the direction of their organisations to survive the impact of the Coronavirus pandemic and lockdown restrictions. More than a year on from the start of

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Workers can continue to claim home working tax allowance in the new tax year

One unexpected bonus for staff forced to work from home because of the pandemic has been a £6 per week tax break. People will have seen their household bills naturally go up over the last year, from increased working at

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Reimbursed expenses – What you need to know

In most cases, expenses an employee incurs at work are paid for by their employer, but some, like travel and accommodation expenses, are reimbursed later by the employer. Since 2016, the system for reimbursed expenses has been simplified, which means

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HMRC to tackle SEISS abuse with new penalty regime

With the fourth round of the Self-Employment Income Support Scheme (SEISS) now well underway, HM Revenue & Customs has announced tough new fines for those that abuse the financial support on offer. The new penalty regime is aimed at those

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