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Online accounting & payroll software for British business & charities

Budgeting for business

22.03.2017

See how our budget tools make easy work of building a budget.

 

From: bookkeeping-

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New Flat Rate VAT Rules

15.03.2017

From 1st April 2017 new rules regarding Flat Rate VAT will be applied that may affect your business. The Flat Rate Scheme was introduced to simplify business record keeping and make the calculation of VAT payable to HMRC much easier and, as a result, many small businesses under the income threshold of £150,000 adopted the scheme. Whilst the principle was to simplify record keeping the VAT payable to HMRC was intended to be broadly the same as the amount payable if not using the scheme. However, in their calculations HMRC hadn’t considered the potential benefit, or as they refer to it ‘abuse of the scheme’, for what they call ‘Limited Cost Traders’. A limited cost trader is defined a business that spends less than 2% of its turnover on goods (not services) in an accounting period. Of course it’s not as straightforward as that as costs cannot include: capital goods (such as new equipment used in a business); food and drink (such as lunches for staff); vehicles or parts for vehicles (unless running a vehicle hiring business); if total spend is less than £1,000 a year even if this is more than 2% of turnover on goods. If you are a limited cost trader a higher flat rate percentage of 16.5% must be applied from 1st April. If you are unsure whether this change applies to you please seek advice from your professional adviser.

 

From: blog

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Improve your cash flow with these 3 easy steps

16.01.2017

The Gift Aid scheme is well known in the charity sector and provides a welcome 25% boost to donation income. There is no limit to how often you can file your claim with HMRC so, if you have processes in place to be able to claim regularly, you can easily boost your income throughout the year in line with your donations. 1. Update your donor details The key is to keep your records of donors and taxpayer declarations up-to-date. If these simple record keeping tasks are performed on an ongoing basis your Gift Aid claim, processed through Liberty Accounts, will do all the hard work of assessing which donors' donations can be claimed against. 2. Keep your donations current Keeping your donations up-to-date will allow you to file your Gift Aid claim including the very latest donations. In addition to Gift Aided donations use the ledger to enter your small cash collections to receive a Gift Aid top up with GASDS (Gift Aid Small Donations Scheme) or Community Buildings GASDS. 3. Claim regularly Liberty Accounts makes it really easy to claim Gift Aid regularly and, having followed steps 1 and 2, submitting your claim monthly, or even more regularly, will be effortless. You can additionally use the ledger to set up your sponsored events and record sponsored income donations for each participant - your Gift Aid claim will be miles easier than a 100 mile bike ride! Note that some changes to the operation of Gift Aid are coming in April 2017 as a result of the passing of the Small Charitable Donations and Childcare Payments Bill 2016-17. We are working to accommodate these changes in Liberty Accounts and will keep you posted when the changes are released.

 

From: charity-

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