Big Firms Could Be Charged in Latest Late Payment Crackdown

Proposals released by Small Business Minister Kelly Tolhurst will make the boards of big companies more accountable for late payments to small businesses.

And, for the first time, large firms could be fined if they don’t pay smaller suppliers on time.

The amount owed in late payments has halved over the last five years, but the government wants to go further to support the nation’s smallest businesses.

Would You Use This Xero Boss’s ‘Coffee Cup’ Interview Technique?

The boss of accounting software firm Xero Australia has revealed an innovative and somewhat controversial interview technique that he uses to weed out candidates that don’t fit with the company culture.

Trent Innes’ technique has nothing to do with skills or experience, it’s all down to how interview candidates deal with a dirty coffee cup.

Think Tank Calls for Single Consolidated Tax on SMEs

The Centre for Policy Studies has proposed a new simple consolidated tax (SCT) to replace the four main taxes currently paid by small and medium sized firms.

The radical proposal would see corporation tax, employer’s national insurance, VAT and business rates consolidated into one tax paid by firms turning over less than £1 million.

Small businesses are the heartbeat of Britain’s economy. Some 5.6 million small firms employ around 13 million people and generate three-quarters of all new jobs.

Xero Launches First TV Advert

Following the introduction of Making Tax Digital for VAT, cloud accounting software provider Xero has launched its first UK television advert.

The not-so-typical accountancy ad shows a business owner come stunt driver changing the back wheel of his car while still in motion.

Starling Bank Launches FreeAgent Integration

After successfully integrating with Xero last year, Starling Bank has announced that its business banking users will now be able to integrate their accounts with FreeAgent, reducing the stress of managing business finances.

The Open Banking integration means that, with permission, FreeAgent will automatically import bank transactions into your cloud-based accounts.

FreeAgent will also pull data like spending category, transaction time and business name and organise transactions in a way that’s suitable for Making Tax Digital for VAT.

All of this means that you can reduce the time spent on routine financial admin and eliminate errors that might creep in while you manually import data.

Amazon Charges HMRC More than It Pays in Tax

HMRC paid Amazon £11 million for web hosting services in 2018, more than six times the £1.7 million than Amazon’s main UK business paid in corporation tax.

A new report from the GMB union reveals that Amazon received more than £460 million worth of public contracts in the last four years.

FreeAgent Making Tax Digital MTD VAT CloudAccountant.co.uk

Making Tax Digital (MTD) for VAT is here and it means a number of important changes to the way that businesses file and report their VAT.

If you run a VAT-registered business with a taxable turnover above the VAT threshold of £85,000, you are required to keep digital VAT records using MTD-compatible software like FreeAgent or Xero.

The new rules took effect from April 2019. To make life easier for busy business owners, FreeAgent has introduced a range of updates and improvements to their VAT filing system.

In this blog post, we detail some new features and functionality that will make the VAT process quick and simple.

Six Small Business Insurance Policies You Should Consider

When you’re setting up a new business, the last thing you want to think about is what happens if everything goes wrong. But accidents do happen and, if you aren’t insured, they can have a dramatic impact on your fledging company.

Some types of insurance are compulsory for businesses. Others should be considered carefully while you are setting up.

There may even be one or two types of insurance on this list that you aren’t even aware of.

The Pension Changes Employers Need to Know About

All employers, including small businesses, need to be aware of changes to auto-enrolment pension schemes that take effect in the new tax year.

Starting on 6 April 2019, employers will need to increase the minimum contributions that they and employees pay into an auto-enrolment workplace pension scheme.

Directors: How to Claim Work From Home Expenses

Many limited company directors find it cheap and convenient to work from home.
Working from home also gives limited company bosses the opportunity to claim certain expenses against their company’s tax bill.
If you work from home for some or all of the time, there are three main ways that you can claim home working expenses such as electricity, gas and telephone bills through your limited company.

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