You may have heard that the Government recently announced a new timetable for Making Tax Digital (MTD).
Originally, the start date for many businesses was April 2018, however, they will now not be asked to keep digital records, or update HMRC quarterly, until at least 2020. This applies to all taxes except VAT.
Larking Gowen has been running a trilogy of business breakfasts on the theme of ‘How to make business fun, fulfilling and financially rewarding in 2017’. In June we presented part 2: ‘Invest in yourself’, and I thought that I would share some of the presentation with you.
Start by asking yourself some questions:
Focus on what you want to achieve; sometimes it is just not painful enough to make that change and remember, if there is no will, there will be no way!
Are you pulled by a dream or pushed by circumstances?
Have you identified your values?
What would you like to be remembered for?
What makes life worthwhile?
Stephen R Covey said: “If I really want to improve my situation, I can work on the one thing I have control over – myself.
Data protection has always been considered a key concern for big business. High profile data breaches in recent years highlight the scale on which data is now gathered and the risks inherent with collection of data en masse.
It has been almost two decades since the UK Data Protection Act was introduced in 1998.
You’ve started your business, you’ve perfected your offering, now all you need to do is find someone to buy from you. Social media is an effective way to promote yourself, so why bother to network?
What puts people off networking?
Some of my clients are put off networking because they feel it involves getting up at the crack of dawn, and having to stand up and deliver a short talk to sell themselves.
Now that we are in the new financial year it is perhaps a good time to consider the financial state of the agricultural industry in the UK. “Fragile” is a good word to start the assessment. Commodity prices have picked up over the last six months, but much of this is simply a currency movement following the Brexit vote and even so there is still relatively little margin when wheat stands at under £140 for harvest.
February marked the 75th anniversary of American troops arriving in the UK during the Second World War. The arrival of thousands of American personnel to the east of England changed the region forever. By 1943 there were more than 100,000 US airman based in Britain, mainly in East Anglia.
For this reason, Larking Gowen decided to hold its 2017 Tourism Survey Seminar in Suffolk, at The Swan in Lavenham.
HMRC have announced that by 2020 they expect all businesses to upload their profit and loss quarterly and electronically. Though we are still awaiting the details of how the logistics of it will work, two things are sure:
it is definitely going to happen; and
having a cloud accounting system in place will make this as easy as clicking a button.
Finance Bill 2017 has now been passed, but with only 148 of the original 762 pages. Almost 90% of the tax legislation we were expecting to be passed has now been delayed. So what has changed?
In short – the general election. As Parliament was dissolved on 3 May in advance of the election it was agreed to hold over much of the more complex technical legislation.
Making Tax Digital for Business (MTDfB) is a key part in the Government’s plan to modernise the tax system – it is the biggest change in tax administration in decades.
It will affect every business in the UK, including those with rental income, and will change the way that businesses keep their accounting records, report profits and interact with HM Revenue & Customs (HMRC).
Much has changed since last year’s Budget, when we were anticipating the EU Referendum and very few people would have predicted that Donald Trump would become US President. We might also have anticipated that George Osborne would still be controlling the purse strings, and that ‘Remain’ had won the day in the Referendum.