Management accounts are a set financial statements, typically prepared on a monthly or quarterly basis. They provide key financial and statistical information that allow you to make timely decisions within your business. Management accounts consist of a profit and loss report, balance sheet, cash flow statement a short overall report of the business. Also, they can be tailored to your … Read More
Reverse charge VAT for CIS
From 1st October 2020, HMRC are introducing a new reverse charge concept into the construction industry. The construction industry has been notorious for ‘missing trader’ or carousel fraud, HMRC originally brought in a specific scheme called ‘Construction Industry Scheme’ to tackle fraud and are now turning their focus to VAT within the construction industry. HMRC have recognised that the company’s … Read More
Making Tax Digital
What we know so far… As most are aware now through advertisements or word of mouth, HMRC have an incentive called Making Tax Digital that aims to revolutionise tax administration to make the tax system more effective and easier for tax payers to keep on top of their affairs by digitalising the way they manage their affairs. HMRC aim to … Read More