Back to Tax Basics: How does VAT work?
Is VAT a mystery to you? We’ve got a simple overview of the basics of VAT, so you know how to apply the tax, the available schemes and how to maximise the impact of VAT.
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P is for purpose, not profit
Gone are the days when a business’s sole purpose was to make a profit. While being profitable is important, your purpose is why you exist for your customers; your reason for being. Focusing on your customers’ needs results in better profitability.
Three Tips for Streamlining Your Workflow
Improper business workflow affects efficiency and performance in the workplace and can lead to a loss of profits. Here are some tips on how to streamline the business workflow. Streamlining business workflow, which is applicable across all departments, can be a...
Post Brexit VAT changes
Changes to VAT rules from 1 January 2021 The UK continues to levy VAT and the rules relating to UK domestic transactions continue to apply to businesses as they did previously. VAT procedures, on the whole, remain as those prior to 31 December 2020, but there...
Government help update September 2020
The Government have announced plans to try to further reduce impact of the spread of the virus in areas of England where there are high rates of coronavirus. Where employees are told to self-isolate, and cannot work from home, they will be entitled to payment from 1...
July 20 Mini Budget Summary
Chancellor Rishi Sunak introduced a number of measures in the mini-budget on Wednesday 8th July 2020, offering up to £30bn in support to both companies and consumers. Here is a summary with some key facts which we would like to share with you all: Housing...
Is you bookkeeping system compliant with the new law Making Tax Digital?
What are the requirements of Making Tax Digital? Making Tax Digital for VAT requires VAT registered businesses with taxable turnover above the VAT registration threshold to keep records in digital form and file their VAT Returns using the software. Can Spreadsheets be...
How much is corporation tax ?
If you have a limited company, you are required to pay corporation tax on your profits. This is currently 19%. You can claim capital allowances when you pay for assets that you use in your business such as cars, equipment and machinery. You can also claim capital...
What you need to know about pensions for your employees
If you employ people who are paid through your company payroll then you will need to organise a pension for them. This is known as a workplace pension or auto-enrolment, you may have seen the ad on TV reminding you about it. How the workplace pension scheme works? A...
Watermill Accounting helps Goshawk Communications win major shareholding
We are delighted to announce that Goshawk Communications has won a major shareholding from Manx Telecom subsidiary Vennin Ventures. Watermill Accounting provided its accounting services to help seal the deal for Goshawk Communications. The company will now be able to...