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5 days ago
Do I Need To Tell HMRC About My Business.
I see hundreds of adverts daily for slimming products, perfumes, body shop, crafts and people offering all kinds of services.
If you are selling a product or service, you are trading. If you are trading HMRC need to know.
The good news is if you sell under £1000 of goods or services you don’t need to do a tax return. This £1000 is the total of all your sales. This is measured over the tax year. You need to keep records of what you have received and what you have spent.
If you sell £1001 you need to register and do a tax return.
If you are about to start up a sideline or a new business make sure you keep records. You need to issue invoices or receipts to your customers and you need to keep invoices or receipts for everything you buy which is business related. Records have to be kept for 6 years. They can be kept digitally.
If you want some help, please contact me. I have some great deals for small businesses of all sizes and types. I can provide software to help you control and manage your business.
Mobile: 07899871845 ...
2 weeks ago
MTD for VAT
Are you ready for digital links - coming from April 2021
Businesses were tasked with implementing digital record keeping from the launch of MTD for VAT in April 2019 but the soft landing period gave them the breathing space to comply. This soft landing period will end on the date of the first Return after April 2021.
Digital records will become digitally linked to the digital submission process from April 2021.
Digital report submission
Although the last piece of the process, it was decided to tackle the digital submission element first under MTD for VAT as this was the least disruptive. All those that exceed the MTD for VAT threshold of £85,000 must now submit their Returns digitally via the HMRC API. Once registered, a business must continue to file digitally even if its Returns dip below this threshold.
What digital records do I need to be compliant?
The electronic account must include the following digital records:
• Business name
• Principal place of business
• VAT registration number
• VAT accounting systems
• Supplies made inc time of
supply/value of supply (net)/rate
of VAT charged
• Supplies received inc time of
supply/value of supply/amount
of input tax to be claimed
• Reverse charge transactions
• Summary data (of your VAT account) ...