Getting started in business

VAT – Bad Debt Relief

Posted by Kath Docherty on January 28, 2017  /   Posted in Book keeping, Business start ups, Getting started in business, VAT

It is quite possible within the VAT system for a business to be in the position of having to pay over VAT to HMRC while not having received payment from their customer.

Bad debt relief allows businesses, that have made supplies on which they have accounted for and paid VAT but for which they have not received payment, to claim a refund of the VAT by reference to the outstanding amount. Read More

Small Company Accounting

Posted by Kath Docherty on January 28, 2017  /   Posted in Business start ups, Getting started in business

The required format of statutory accounts that small companies have to prepare and send to Companies House has changed for accounting periods ending on or after 1 January 2016 (or 1 January 2015 if early adopted). In March 2015 the UK Government approved new regulations which have significantly changed the small companies’ regime.

Read More