Online sales tax ‘morally bankrupt’ says M&S boss

The Chief Executive of Marks & Spencer has called proposals for an online sales tax ‘morally bankrupt’ saying that it would harm customers already struggling with rising costs.

In a comment piece for The Mail on Sunday, Steve Rowe admitted the tax system did need to change, but added “you can’t tax people back to shops”.

A Treasury consultation on the online sales tax has just closed.

Four ways an accountant can help with rising business costs

Operating costs have increased for 90% of businesses according to a new survey from the Federation of Small Businesses.

Almost half of the British companies surveyed said that rising costs would stall growth this year.

Rising food and fuel costs pushed inflation to a 30 year peak in February this year. A study from Cornwall Insight, meanwhile, showed that business gas prices increased 250% in the first quarter of 2022, compared to the same period last year.

Everything you need to know about paying and receiving international currencies

The boom in connectivity over the past 20 years has a huge impact on how and where we do business.

International trade is a vital part of the UK economy, with exports of goods and services reaching over £600 billion annually.

Your international clients will undoubtedly prefer to use their own currency when interacting with your business. Being able to accommodate them and complete transactions smoothly, will benefit your business relationship.

It truly is a global marketplace, and this article will explain what you need to know about dealing with international currencies.

Self-Assessments: filing deadline extended, but late payment fine remains

In response to the disruption caused by the Covid 19 pandemic, HMRC have extended the filing deadline for online self-assessment tax returns.

If you’re not able to file by 31st January, you have another month to get your return submitted.

Late filing penalties won’t be applied until after 28th February 2022. However, HMRC are still expecting payment, even without a filed return. You’ll be charged late payment interest if you don’t pay your tax bill in full by 31st January.

Income tax reporting is changing: Everything you need to know about Making Tax Digital for Income Tax Self-Assessment (MTD ITSA)

What is Making Tax Digital (MTD)?

MTD has been introduced by Government to revolutionize the tax system in the UK.

The new system requires tax records to be kept and submitted digitally, using compatible cloud accounting software.

Over £8.5 billion in tax went unpaid between 2018 and 2019. The aim of MTD ITSA is to make filings more accurate by digitising submissions. This should help people better understand what tax they owe and reduce the deficit.

MTD for VAT has been around since 2019 and will become compulsory from April 2022.

MTD for Income Tax Self-Assessment is the next step in the scheme.

Then MTD for Corporation Tax will be implemented by April 2026.

Businesses need ‘emergency’ budget to cope with rising costs

The British Chambers of Commerce (BCC) has called on Rishi Sunak to introduce an ‘emergency’ budget to help small businesses cope with rising costs.
The business group called on the Chancellor to postpone the recent National Insurance rise, cut VAT on energy bills to 5 percent and to reintroduce free Covid tests for companies to help them combat high absence rates.

What is changing in the new tax year 2022/23?

With the new tax year around the corner, we want to remind you of the upcoming changes HMRC has in store. The tax year runs April 6th-April 5th every year. Read on to lean about some of the upcoming changes.

How an accountant will benefit your business

Unsure about whether your business is ready to hire an accountant?
Read on to understand the benefits of hiring a professional when it comes to your business filings.

£700 million available for businesses most affected by Covid19

The Government has awarded a further £700 million worth of support to local authorities.

The money will be given as grants to businesses in the hospitality, leisure and accommodation industries who have continued to struggle with the impact of the pandemic.

XERO: Understand how to reconcile expenses paid via Cash or a Personal Card

This article will address one of the most frequently asked questions we hear from our clients: How do I reconcile business expenses paid for with cash or a personal card?

We’ll show you a step-by-step of how to get your Xero portal up to date.

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