You may have seen the news that a huge change is hitting tomorrow for anyone that sells clothes or other items online. Back in July 2023 ICAEW reported that OECD rules requiring online marketplaces to report the details and income of the sellers of goods and services on their platforms will apply in the UK. Information on sellers will be …
Treatment of Tips in a salon.
This blog has been inspired by a question from the audience at the women in business Seminar hosted by Re New Beauty Ltd the distributer of Biosculpture Gel Polish and MUD Makeup. As promised on my #60secondswithria video here is the full version with useful links for anybody that is interested in the rules around TIPS given to the beauty …
The ‘A’ Word….
Accounting is often a word that is whispered or buried in the back of one’s mind until a dreaded deadline approaches or the tax man comes knocking. People often comment upon the power of social media and those little e-footprints that are left online. The use of social media into tax investigations and collection of evidence, is becoming more popular. …
VAT
Struggling to keep up with the VAT payments and dreading the quarterly returns! Panicking about where the get the money for the dreaded VAT bill! Tempted to reduce business activity to stay away from the VAT threshold! Sound familiar? Managing VAT can be a stressful time for business especially if hitting the threshold has come as a surprise. In an …
Benefits of submitting your tax return early
Repayments Now this first point needs no introduction really but if you are due a repayment of tax then get your tax return completed and submitted as early as possible. Seriously, the sooner you submit that tax return the sooner you will receive that repayment. Top tip – re-invest the repayment back into the business for further tax relief, or …
The July Payment On Account Deadline for soletraders
If you are anticipating the July payment on account don’t worry there is still time to review this. If your profits reduced in 22/23, then you should be able to reduce your July payment on account that is due 31 July accordingly. This must only be adjusted if your tax liability is LESS than your previous year (assuming this is not …
Sole Trader VS Limited Company
Choosing the best structure for your business can either be one of the most frustrating or easiest decisions that you will need to make in the early stages of starting your business. One of the ways to make the decision a lot simpler is to fully understand the key differences between choosing to incorporate your business or not. I am …
‘Do you really need an Accountant?’
What an amazing first year in practice! I’ve met with some inspiring beauty businesses, influencers and mentors along the way and a constant topic of many conversations that frequently came up throughout the year had a common theme; Why do businesses need an accountant and how do you select the best accountant for you and your business. After a decade …