by AJN Accountants | Mar 15, 2023 | VAT
All VAT returns must now be submitted digitally using MTD compatible software (unless the business has an exemption) so the VAT penalties have been revised to fit with this new regime. If you submit a VAT return late for a period starting on or after 1 January 2023...
by AJN Accountants | Mar 6, 2023 | Accounting, Advice, Business, FAQs, News
The national minimum wage (NMW) and national living wage (NLW) rates are due to rise significantly for pay periods starting on and after 1 April 2023. These increases – the largest since the NMW began – are being introduced because inflation is running at...
by AJN Accountants | Feb 23, 2023 | Accounting, Advice, Tax Planning
It is widely anticipated that the budget next month may result in big changes to CGT. The Office of TaxSimplification (OTS) has previously produced a report on suggested changes to capital gains tax for individuals and trusts. Amongst the changes they proposed were...
by AJN Accountants | Feb 1, 2023 | Accounting, Advice, Small Businesses
You may have heard of the term ‘pro-rata’, in particular relating to pay for employees. This article will explain what it means and how it is worked out. What is Pro-Rata? Pro rata work is the proportion of earnings based on a full time salary. For example, if a full...
by AJN Accountants | Jan 23, 2023 | Accounting, Advice, VAT
What is the issue? Recent tribunal cases have further highlighted that a business can only claim input VAT if the expense was for business purpose and for supplies related to its own business. VAT can’t be claimed on an expense belonging to a different business even...
