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Stephen Hill Partnership Blog

Category Archives: VAT

HMRC: Making Tax Digital

HMRC are running a webinar for guidance around the changes affecting VAT-registered businesses with a taxable turnover above £85,000. Most VAT-registered businesses with a taxable turnover above £85,000 are required to keep digital VAT records and submit VAT returns under Making Tax Digital rules, using compatible software. You can...

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MTD for VAT: guidance updated:

HMRC have published an updated version of their guidance for businesses on Making Tax Digital for VAT. In particular, the guidance now includes information on how businesses should deal with petty cash transactions. Petty cash is traditionally a small amount of cash on hand that covers day to day...

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Receipt Bank

Interested in reducing the amount of time you spend bookkeeping? Rather invest that time developing your business or with family and friends? Let me introduce you to Receipt Bank – The World’s Favourite Pre-Accounting Platform Founded in 2010 out of frustration from the amount of time and money lost...

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VAT and Prompt Payment Discounts

From 1 April 2015 the VAT treatment of invoices that offer a discount for prompt payment changes. If you receive or issue invoices which have the option of a prompt payment discount or prompt settlement discount then read on.  The rules up till now… Until now the position has...

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VAT Flat Rate Scheme

  If you’re a small VAT registered business or think you may need to register for VAT in the near future you may want to consider using the VAT flat rate scheme. How does it work? When completing a normal VAT return you calculate 20% VAT on both your...

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