I have been sent an email about signing up for something under new regulations, how do I know if its legit?

Feb 10, 2021 2:40:47 PM / by Erin Walls posted in Wednesday Wisdom, Accounting Questions, Tax, VAT, Accounting, Creative Industries, HMRC, Brexit, EU, Free Trade Agreement

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As with anything new there is room in the confusion for scammers to take advantage.

Stay vigilant about scams, which may mimic government messages as a way of appearing authentic. Search ‘scams’ on GOV‌‌‌‌‌‌.UK for information on how to recognise genuine HMRC contact. You can also forward suspicious emails claiming to be from HMRC to phishing@hmrc.gov.uk and texts to 60599.

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I understand that as a Free Trade Agreement (FTA) was reached with the EU, no customs duties are payable on goods imports from and exports to the EU?

Feb 10, 2021 2:37:33 PM / by Erin Walls posted in Wednesday Wisdom, Accounting Questions, Tax, VAT, Accounting, Creative Industries, HMRC, Brexit, EU, Free Trade Agreement

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If it was only that simple. Whilst the FTA means that most movements of goods between the UK and EU will not have customs duty on them, duty could still be payable if the goods originate from outside of the UK or EU (or even if they comprise of components from outside the UK or EU). This is a complex area where principle has got in the way of practicalities. There is a 12month transition phase with reduced reporting.

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What is the difference between profit and cash?

Feb 9, 2021 3:49:55 PM / by Claire Flanagan posted in Wednesday Wisdom, Accounting Questions, Creative Industries, Financial Reporting, Cash Flow, Profit & Loss, Cash, Profit

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What is the difference between profit and cash?

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What is the VAT threshold and when do I have to register for VAT?

Feb 2, 2021 11:36:56 AM / by Tom Kirk posted in Wednesday Wisdom, Accounting Questions, VAT, VAT Registration, Creative Industries, VAT Refunds, Pre-registration VAT

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Compulsory VAT registration -

Legally, you must register for VAT when:

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What happens now with VAT on sales from the UK to the EU?

Jan 26, 2021 2:58:30 PM / by Erin Walls posted in Wednesday Wisdom, Accounting Questions, Tax, VAT, Accounting, Creative Industries, Balance Sheet, HMRC, Brexit, EU

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There are limited changes on VAT on services for Business to Business (B2B) transactions after the UK leaves the EU VAT regime. If you’re supplying services from the UK that come under use and enjoyment rules and are effectively used and enjoyed outside the UK, they will be outside the scope of UK VAT (Note that the reverse charge will still apply for services purchased from the EU when completing your VAT Return). The main impact is therefore on the sale of goods.

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What are the tax rates & bands?

Jan 19, 2021 11:35:51 AM / by Tom Kirk posted in Wednesday Wisdom, Accounting Questions, Tax, National Insurance Contributions (NIC), Creative Industries, Tax Rates, Personal Allowance, Personal Savings Allowance, Dividends Allowance, Self Employed

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Like anything, you normally only look at the bottom line. How much does the dreaded Taxman want from me this time???

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What is employment allowance, is my business eligible for it?

Jan 13, 2021 8:31:02 AM / by Shuang Man posted in Wednesday Wisdom, Accounting Questions, Tax, SMEs, National Insurance Contributions (NIC), Employment Allowance

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NIC – National Insurance contributions are paid by employees and employers on earnings. National Insurance is similar to income tax, but it helps to pay for some state benefits at times when an individual needs help, for example when unemployed, ill, in retirement or on bereavement.

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What is R&D Tax relief, who is it for?

Jan 5, 2021 11:54:23 AM / by Tom Kirk posted in Wednesday Wisdom, Accounting Questions, Tax, R&D, Research & Development, Corporation Tax, R&D Tax Relief, SMEs, R&D Qualification

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Research and Development (R&D). There are two R&D schemes currently available.

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How to record government grants in your accounts?

Dec 29, 2020 9:10:23 AM / by Borhan Jalal posted in Wednesday Wisdom, Accounting Questions, Tax, Accounting, Creative Industries, Financial Reporting, Balance Sheet, Tax relief, Grants, Government Grants

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Grants used to live in the realms of the charity and culture sectors, but with the devastating impact of Covid 19 we have seen government grants being issued to many groups of people this year.

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Why are Bank Feeds so important?

Dec 22, 2020 9:26:28 AM / by Cameron Buchanan-Smith posted in Wednesday Wisdom, Accounting Questions, Accounting, Creative Industries, Cash Flow, Business, Bank Feeds, MTD, Xero, Invoices, Making Tax Digital

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What is Bank Feeds? -

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