CIS stands for Construction Industry Scheme. Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs (HMRC). Contractors must register for the scheme. Subcontractors do not have to register, but deductions are taken from their payments at a higher rate if they’re not registered. Did you know … Read more
Benefits In Kind are classed as benefits that employees or directors receive from the business that is not their salary or wages, they can also be referred to as employee ‘perks’ or ‘fringe benefits’. If you receive anything from a company that is not wholly and exclusively for the purpose of the business, it is … Read more
What is MTD for ITSA? Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is a new way for self-employed business owners and landlords to report earnings and pay Income Tax. MTD for ITSA will apply to individuals from April 2024, if their total gross income from self-employment and property exceeds £10,000 in a tax year. … Read more
The importance Life is all about balance. Working 5 days a week can be a high-stress environment that can at times take over our personal lives. There is no doubt that work lives play a big emotional part in our overall outlook on life, with tight deadlines, late evenings, busy days, the rise of social … Read more
Many taxpayers are unaware of the statutory requirements around declaring and paying capital gains tax (CGT) on the disposal of certain residential property. The process differs compared to other assets falling within the CGT regime, and HMRC are likely to levy penalties and interest on any non-compliance. We’ve written this blog to provide clients with … Read more
When completing your bookkeeping as a VAT-registered business, it is important to have a good understanding of the different VAT rates that apply to the different transactions. This help sheet explains what typical transactions would require the VAT rates specified. If you are ever unsure about how to assign a transaction, please always consult your … Read more
What is Xerocon? Xerocon is an annual accounting technology conference organized by Xero, which inspires accountants and bookkeepers to lead the way in a new era of cloud solutions for small businesses. Xerocon is unlike any other conference and is labelled as the “Glastonbury for accountants”, it provides accountants and bookkeepers who use Xero all … Read more
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