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.
Whilst many are familiar with Andrew Lloyd Webber’s legendary love story, HMRC’s version doesn’t stand to be such a hit.
As of 5th April 2015 the government introduced shared parental leave/pay as a positive step in order to allow both mothers and fathers to spend more time with their children.
Practice principals, there are many non-financial rewards to owning your own practice, such as your autonomy in decision making and being your own boss. However, have you considered if you receive enough satisfaction and financial reward to compensate for all the extra hours you invest in your practice and the stresses that come with being a business owner?
I was recently in a client meeting and was shown a set of management accounts that had been prepared with such sharpness and precision that running a hand over them might have resulted in lacerations. The beauty of the layout might have featured in any modern art show (for bean counters). A joy to behold.
There is now only a month to go until major changes to the tax calculations for termination payments come into effect from April 2018 which will specifically hit high earners and affect the value of tax due.
Learn how AAB helped a client achieve efficient and effective management of employees across global locations.
We know very little of the detail around Brexit. Yet. But that shouldn’t mean we sit around waiting to find out.
The Scottish rates of tax for 2018/19 were finalised on 20 February 2018, and so Scotland will shortly begin to charge tax on its resident individuals earnings at very different rates compared to the rest of the UK.