VAT Payments for UK Businesses are being deferred due to the Coronavirus – Your Accounting Team
The COVID-19 pandemic caused the most severe challenges to UK businesses in modern times. The government implemented measures to help alleviate the financial strain. A primary measure was the suspension of VAT payments, a much-needed lifeline for businesses grappling with cash flow. In this post, we’ll examine the specifics of the VAT deferral scheme and […]
Allowable Expenses for Self-Employed: Self-Assessment – Your Accounting Team
If you are self-employed in the UK, you will have to file a self-assessment tax return with HMRC each year, detailing your earnings for the year and the income tax you will owe. Calculating your costs, some of which you can deduct from your tax bill but others on which you must pay tax is […]
Deadlines & Payment Options for Self-Assessment Tax – Your Accounting Team
If you are self-employed or have rental income, you are among the 12 million individuals who must pay self-assessment income tax, and you should be conscious that midnight on January 31, 2021, is a crucial day for you. That is when you must have submitted your yearly tax return to HMRC and paid all of […]
What is Invoice Finance? – Your Accounting Team
What exactly is invoice financing, and how does it operate? Invoice financing is a convenient way to borrow money that is secured by the value of your outstanding invoices. A lender advances a percentage of the billed amount to your firm whenever an invoice is raised. Some suppliers promise payment within 24 hours. Depending on […]
Extended furlough and Coronavirus Business Loan Schemes – Your Accounting Team
The Chancellor has stated that the Coronavirus Job Retention (furlough) Scheme would be extended until the end of April, providing continuing support for the UK workers. The initiative, which was supposed to run for three months starting in March, has been extended many times, with the government continuing to pay 80% of people’s salary for […]
How to Read a Balance Sheet of a Company – Your Accounting Team
When it comes to evaluating a company’s financial health, reading a balance sheet is critical. One of the three major financial statements is the balance sheet, often known as the statement of financial status. A financial statement describes a company’s financial situation at a certain point in time. The balance sheet differs from the other […]
What Are Statutory Accounts? A Quick Overview – Your Accounting Team
Annual accounts, also known as statutory accounts, are a series of financial statements prepared at the end of each fiscal year. In the United Kingdom, all private limited corporations must prepare statutory accounts. A limited company’s financial activity and performance are reported in statutory accounts. Corporation tax can also be calculated using annual accounts. Copies […]
UK Cryptocurrency Tax Guide: Trading Cryptocurrencies as a Business – Your Accounting Team
Death and taxes are said to be the only certainties in life, and although we cannot assist you with your mortality, we can help you with the other. When dealing with cryptocurrencies, it is essential to stay ahead of your tax obligations as soon as possible because penalties for not doing so may quickly pile […]
Construction Sector Gets a New VAT Reverse Charge – Your Accounting Team
For bills generated on or after March 1, 2021, a new domestic reverse charge will be implemented in the UK for the construction industry. This was previously scheduled for October 1, 2019, and October 1, 2020. To combat corruption in the construction industry, the reverse charge was implemented. When does the reversal of the fee […]
What Are Trade Receivables and Trade Debtors? – Your Accounting Team
Accounting and bookkeeping might be the portion of the job that we detest the most as business owners. Many corporations can regard the two words as interchangeable. Trade debtors are an unavoidable aspect of the trade world’s largest reality. A trade debtor is created when you issue an invoice for products or services provided. The […]