Special VAT Schemes

Did you know that there is not just one fixed way to pay VAT? The government has created various schemes via which you can potentially save money on VAT. This week, we will have a look into what they involve and how you might be able to benefit. Standard VAT Accounting Most businesses submit returns and pay VAT on a …

What taxes do I have to pay as a company director?

So, you’ve developed your business plan, you’re confident that it’s viable and you’ve decided to open your limited company. Whilst your priority at this stage may well be trying to find as many new clients as possible, it is vital to gain an understanding of what taxes you are liable to pay and when. So, here is our straightforward guide …

Who should submit a Self Assessment tax return?

There are a number of reasons why a taxpayer needs to complete a Self Assessment return. This includes being self-employed, a company director, having an annual income over £100,000 and/or have income from savings, investment or property. Taxpayers that need to complete a Self Assessment return for the first time, should inform HMRC as soon as possible. The latest date …

Schoolgate Accounting Services attends CBBC China Outbound Conference in Shanghai

Schoolgate Accounting Services attended the 6th CBBC China Outbound Conference, part of the UK’s official programme during the first China International Import Expo (CIIE), held in Shanghai on November 8th, 2018, with over 300 guests attending the conference in total. The company was represented by Luda Beanland, Charles Swain and Annie Qian (pictured). Since Schoolgate opened their China Desk earlier …

Autumn Budget 2018

The Prime Minister announced at the Conservative Party conference that the end of austerity was in sight. Recent tax revenues have exceeded expectations, and although there was an expectation that these declarations and indicators would herald a relaxation of fiscal policy, the Chancellor is mindful of the potential fallout next year when we leave the EU, with or without a …

New style £50 note to be introduced

In a joint statement issued by HM Treasury and the Bank of England it had been confirmed that the £50 note is to continue to be part of the UK currency. The new £50 note will be designed and printed on polymer, a thin flexible plastic that includes a number of important new security features. Polymer notes are cleaner, safer …

An Introduction to Financial Statements

Financial statements are key indicators of the health of your business at specific points in the company’s accounting year and on an ongoing basis. Your company’s fundamental success is dependent on a complete understanding of these documents, so we felt that a handy explainer would be useful for anyone wanting to know more. There are three main types of financial …

Self Assessment Deadline Reminder

HMRC has published a news release to remind taxpayers that there is now less than 100 days to file their 2017-18 tax return. Last year over 11 million taxpayers completed a 2016-17 self assessment tax return, with 10.7 million of these taxpayers doing so on time. The deadline for submitting 2017-18 self assessment tax returns online is 31 January 2019. …

Alert for VAT registered traders

The deadline for businesses with a turnover above the VAT threshold to keep digital records and provide regular digital updates to HMRC for VAT purposes using Making Tax Digital (MTD) is fast approaching. From 1 April 2019, businesses with a turnover above the VAT threshold (currently £85,000) will be required to keep their records digitally (initially for VAT purposes only). …