An old (by definition!) school friend of mine used to say that you go through life buying experience; not stuff. He said this 40 years ago and has applied it as a life rule ever since. He used to walk a different way to school every day. A tough challenge as he lived about 10 minutes away as the crow flew. He is still like this today. As genuine and compelling a person as I ever met.
Ever since the introduction of VAT in 1973, when it replaced purchase tax, business have effectively been unpaid tax collectors. Increasingly, they are also being asked by HM Revenue and Customs (HMRC) to act as unpaid VAT inspectors too. It is generally accepted it is the supplier's responsibility to get the VAT liability right.
The advent of cloud accounting means that keeping track of your practice's financial performance is easier than ever.
And now, the end of 2017/18 is near, and so dear friends, we face the final UK tax curtain…….and Derek MacKay has said it clear,….. stated his case,… and …we will do it the Scottish way!
Businesses are often faced with a dilemma when a special project comes up that requires significant time input from accounting and finance staff. These types of project can include integrating recently acquired businesses, responding to due diligence requests, bringing accounting records/systems up-to-date, implementing new systems, preparation of statutory financial statements or cover for a member of the team who is absent on maternity or sick leave.