It is a point that can be easy to lose sight of, but managing information effectively is fundamental to the success of any business.
At the most basic level, this could mean ensuring that your costs do not exceed your income.
At a more complex level, it could mean ensuring that orders trigger the provision of the relevant goods or services and then the issue of an invoice and subsequent credit control processes.
Cloud accounting is simple, fast, and efficient. So why are so many businesses refusing to make the switch?Continue reading
Some 2.8 million people took advantage of the Self-Employment Income Support Scheme (SEISS) in the last year, the latest figures have revealed.
EU workers have just one month left to apply to the EU Settlement Scheme to secure the right to live and work in the UK.
If you employ EU nationals, here’s what you need to know.
What is the EU Settlement Scheme?
European Union, European Economic Area (EEA), and Swiss citizens who lived and/or worked in the UK before the end of the transition period will be offered permanent residence, providing they meet the relevant criteria to stay.
The application process is free, but applicants must demonstrate that they are in the UK as a worker, student, or self-sufficient person. They are also required to provide a form of official ID (such as a passport or driver’s licence) and their National Insurance (NI) number, if they have one.
Workers who have lived in the UK for at least five years can apply for “settled status”, while those who have lived in the UK for less than five years can only apply for “pre-settled status”.
When is the deadline?
The scheme will close to new applications on 30 June 2021. If EU workers do not apply by that time, they may be forced to return to their country of nationality.
What do I need to do as an employer?
Employers should ensure that eligible workers are aware of the scheme and the consequences of not applying in time. You should encourage your employees to apply as soon as possible to avoid uncertainty and offer assistance where possible.
After 30 June 2021, a new digital system will be launched to help employers check proof of settled status. If you continue to employ a worker who has not received settled status, your business may be fined.
Where can I get more information?
To learn more about the EU Settlement Scheme, please click here.
Get expert advice today
For help and advice with related matters, please get in touch with our expert team today.
Reminder letters are being sent out to tens of thousands of UK companies explaining changes in the Making Tax Digital (MTD) system and how it affects them.
The deadline to pay deferred VAT or arrange a payment plan is “fast approaching”, the Institute of Chartered Accountants in England and Wales (ICAEW) has warned.Continue reading
Businesses who are required to use Making Tax Digital (MTD) for VAT but not registered could face fines of up to £400, it has been warned.
The Import One-Stop Shop (IOSS) is set to come into force this summer under sweeping changes to EU VAT law. If your business supplies goods to consumers in the single market, this is what you need to know.
What is the Import One-Stop Shop?
The IOSS is a new electronic portal that can be used by businesses from 1 July 2021 to comply with their VAT e-commerce obligations on distance sales of imported goods.
It comes as the EU abolishes the rules waiving import VAT on commercial goods of a value up to €22, meaning all commercial goods imported into the EU from a third country or third territory will be subject to VAT irrespective of their value.
The IOSS can be used for business to consumer (B2C) sales where the goods are valued at €150 (£135) or less.
What are the benefits of the IOSS?
The new service will allow suppliers selling imported goods to buyers in the EU to collect, declare and pay VAT to the tax authorities in one single location.
Under current legislation, the buyer must pay VAT the moment the goods are imported into the EU.
It means that the buyer will not be faced with surprise fees when the goods are delivered.
How will the new rules impact UK traders?
At present, UK businesses (except those in Northern Ireland) selling physical goods to consumers in the EU must register for VAT in the Member State the goods are being imported. This creates considerable administrative challenges and limits international sales growth.
But from 1 July 2021, traders can register with the IOSS in a single Member State and be covered in the whole of the EU – much like the existing Mini One-Stop-Shop (MOSS) for B2C digital services.
Businesses in Northern Ireland remain subject to EU VAT law under the terms of the Withdrawal Agreement.
According to the EU tax authorities, the changes could save businesses up to €2.3 billion (£1.9 billion) a year in compliance costs.
Get expert advice today
For support using the new Import One-Stop Shop (IOSS), please get in touch with our expert Brexit advisory team today.
The Bounce Back Loan Scheme (BBLs) which has been described as a ‘giant bonfire’ of taxpayers’ money by a senior banker, has seen fraud investigations rise by more than 50 per cent in some areas.
Disruptive times like the Covid-19 pandemic are impacting recruitment and training in many ways.
Digital approaches are evolving at an unprecedented pace and external circumstances now mean it may not be possible or desirable to have candidates and assessors in one place, especially where recruiting for purely remote positions.
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