You may have heard of this latest new initiative from HMRC sometimes referred to simply as MTD – here we look at what this is and how it will impact you and your business.
Starting a business can be a dream come true and very exciting! There are however, many areas you will suddenly need to be involved in which may not be your core area of interest or expertise. Knowing when to delegate and outsource could save your business and your sanity.
So you may have heard the headlines in the recent budget about the death of tax returns. Don’t start celebrating just yet – this target has a deadline of 2020 and crucially relies on businesses and tax payers moving to online accounting software.
Sounds like a big step ? Over a third of our existing client base are there already!
What is entertainment?
Business entertainment includes hospitality which is provided free of charge to the recipient.
In general, no form of business entertainment is allowable for tax purposes regardless of whether you personally think there is a purpose specifically related to your business UNLESS you are entertaining employees for the purpose of reward and motivation.