Making Tax Digital

Types of business structure When first thinking about how to start a business, not many people worry about structure. But your business structure can affect how you’re treated by the government and by the law. Here are some of the ins and outs. Business structures and their effects The main types of business structure are… Read more

Many of the 1.2 million businesses affected by the new rules will be required to submit their first quarterly return to HMRC using software by 7 August. Businesses with an annual turnover above £85,000 are being urged by HM Revenue and Customs (HMRC) to sign up to Making Tax Digital (MTD) before the 7 August VAT filing… Read more

Eligible businesses with a taxable turnover over the VAT threshold of £85,000 had to register for Making Tax Digital to submit their VAT returns from 1 April 2019. Businesses initially affected by this new initiative include sole traders, partnerships, LLPs, landlords and charities. The start date for some businesses has been deferred to 1 October 2019,… Read more

In the second part of the series we show you how you can test your new business idea before you put it into action. Testing business ideas To help organise your earliest thoughts, think about starting a business from three angles. 1. Customers – Who are they? How will you reach them? Why will they… Read more

How do you come up with a small business idea and how do you decide if it’s any good? Can you do your own research? When will you need to get professionals involved? Here’s how to put your business idea into action. Where do good business ideas come from? Not many businesses start with a… Read more

Find out how Hunter Gee Holroyd and HGH Wealth Management have been Making a Difference Spring 2019. What changes have been happening in the last 6 months that may affect your business or personal finances? What’s the latest news from the Hunter Gee Holroyd and HGH Wealth Management teams? Read on to find out! Introduction… Read more

With Making Tax Digital for VAT around the corner we have decided to demystify some of the most common misconceptions surrounding MTD in our myth-buster infographic below.

Amidst all the Brexit debates, the Chancellor Philip Hammond presented his second Spring Statement on Wednesday 13 March 2019. In his speech the Chancellor provided an update on the economy and responded to the Office for Budget Responsibility forecasts. In addition he launched consultations on various aspects of the tax system together with updates on… Read more

Preparing for Making Tax Digital Businesses who are preparing for Making Tax Digital will be ahead of the game from April 2019 when the changes are introduced by HMRC. Making Tax Digital aims to digitise the UK tax system, requiring businesses and relevant individuals to submit quarterly accounting records and tax returns. These records and… Read more

Making Tax Digital (MTD) is an HMRC initiative that requires VAT-registered businesses above the £85k threshold to keep digital records and submit VAT returns using compatible software such as Xero. If that’s your business, you’ll need to be compliant from 1 April 2019. Xero online accounting software is perfectly positioned to help your business get… Read more