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VAT

Making Tax Digital for VAT

Making Tax Digital for Business (MTDfB) is the government’s policy to move ALL business-related tax reporting online for a modern, digital tax system. The objective is to make tax reporting more accurate, more reliable, and more efficient. Making Tax Digital for VAT,...

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New VAT Reverse Charge Rules for the Construction Industry

HMRC has published draft legislation proposing a VAT Reverse charge for construction services. This has been introduced in order to combat fraud in the construction sector, where VAT is not paid over to HMRC by the subcontractor/supplier. The legislation is currently...

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Are you correctly treating costs incurred as disbursements

Disbursements can be added to invoices without the addition of VAT on top.  However, we regularly identify the overuse of this.  An item is only a disbursement if the cost is actually the customer’s legal responsibility to pay, and you have paid this on their behalf...

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Bookkeeper or Accountant?

We are often asked the difference between bookkeeping and accounting. The work of a Bookkeeper and Accountant can overlap, as Bookkeeping is part of Accounting. We agree there are many similarities, but there is often a misconception that bookkeeping and accounting...

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CRM represented at Number 10

We were delighted that our Commercial Director, Mike Foster, was asked to represent CRM and Entrepreneurship at Number 10 Downing Street. Enterprise Nation invited a group of business owners and ambassadors to meet with the Prime Minister’s business adviser to discuss...

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Reducing the cost of online shopping

HM Revenue & Customs (HMRC) have announced changes to import duties, which should make it cheaper to purchase goods from outside the EU. The following in an excerpt from HMRC’s website: From next month, internet shoppers will no longer have to pay customs duty on...

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Why we’ve partnered with FUTRLI

Traditionally accountants help with your figures in a historical and reactive way. Services such Accounts production and tax returns is all looking backwards at the past, reviewing what happened last month, quarter or year. At Chapman Robinson & Moore, we’re not...

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A New way of Accounting to Make Your Numbers Work

Here at Chapman Robinson and Moore, we have developed an innovative and new way of accounting for our clients, to help them make their numbers work for their future success. For over 30 years, we have been the go-to trusted advisers for our clients, supporting the...

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Your VAT reporting

VAT is often considered ‘black or white’. For example, you should register or not and an invoice should include VAT or not. However, as with many taxes in the UK, it can be a grey area and can depend! You must register for VAT with HMRC if your business’...

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Making Tax Digital – in preparation of

Making Tax Digital (MTD) is proposed to help bring the tax system into the 21st century by providing businesses with a modern, streamlined system to keep their tax records and provide information to HMRC. The roll out for MTD has been amended to ensure businesses have...

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CRM announces the next Business Improvement Workshops

We are pleased to announce that in October 2017, we will launch our 4th Business Improvement Workshop programme. This programme is for business owners who are looking to develop and grow their business and make more money with less effort. The content of our programme...

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Making Tax Digital delayed until 2020

The launch of HMRC’s Making Tax Digital for Business programme has been pushed back for many businesses until 2020, although VAT registered businesses have responsibilities from April 2019. HMRC had planned to mandate the use of digital tax records for businesses by...

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Making Innovation Affordable

R&D tax relief – It’s a winner! Research and Development (R&D) tax relief and tax credits are amongst the most under-claimed tax incentives currently available. Many people often believe that unless a scientist is employed by the company, then R&D...

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Who are your Key Accounts?

Are you spending your time with the right customers? Many commentators quote The Pareto principle (also known as the 80/20 rule). For example, 80% of our income comes from 20% of our customers or 20% of your people will be responsible for 80% of the businesses output....

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What should be on your P11D?

The P11D is a statutory form required by HMRC from UK based employers detailing the cash equivalents of benefits and expenses that they have provided during the tax year to their directors, and employees earning at the rate of more than £8,500 per year....

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Sources of general business support

in addition to the support and expertise we offer here at Chapman Robinson and Moore, please find below a list of other organisations that could help you develop your business. www.gov.uk  – Provides advice on starting a business, tax, payroll, H&S, IT,...

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Sage Accounts – List of default VAT codes

Sage Accounts – List of default VAT codes and examples are: T0     Zero rated – Food, Sewage disposal/water, Books, pamphlets and brochures, Newspapers, Maps, Sales outside of EU etc T1     Standard 20% with effect from 4/1/2011 – all UK Sales T2    ...

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VAT on Medical Services: The basics

The healthcare industry is coming under increasing pressure to add value, while being forced to reduce costs. In spite of this, it is important that businesses in this sector are protected from complex VAT rules surrounding the industry. The basic rule states that...

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Can a different VAT scheme help your business?

Cash Accounting Businesses whose vatable turnover is £660K or less (this is rising to £1.35 million from 1 April 2007) are eligible to use cash accounting. Once in the scheme, there is an upper limit of £825K before a business has to leave. The prime benefit is that...

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