As of 1 March 2021, the VAT is changing for the Construction Industry subcontractors. This applies to any subcontractors if the CIS rules apply to them, and they are VAT-registered, and the contractor is VAT-registered and the applicable VAT is at a Standard or Reduced rate, All subcontractors who invoice their contractor (NOT … [Read more...] about Domestic Reverse Charge VAT for the Construction Industry

As of 1 April 2021, the tax regulation known as IR35 will be rolled out in the private sector, a.k.a. Off-Payroll Working.   What is IR35? The IR refers to the Inland Revenue, as HMRC was known then. IR35 was a press release issued by the Inland Revenue in 1999, about tax avoidance, and it became law in 2020. Then it was about … [Read more...] about IR35

I spent all day today studying MTD = Making Tax Digital.   See: https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital.   I also watched a seminar from Sage, and got some docs from QuickBooks to get all their data.   Here's my summary: HMRC wants to make ALL tax digital … [Read more...] about MTD

I was at a short seminar today, and something that was said, reminded me that I’d been a little lax in my function as Director of the company.   I get so busy producing my product on a daily basis that I “forget” to have an overall view of the company as a whole.   I remember a few years ago I was operating with a scheduled … [Read more...] about SCHEDULING

  As a bookkeeper, and I’m sure in every other profession, you will inevitably run into words you don’t understand. Every industry has its own vocabulary or terminology, also called nomenclature. As a bookkeeper I get to see accounts, bills, and invoices from lots of different industries, and then come across lots of different … [Read more...] about Words

The biggest job I have as a bookkeeper, is reconciling, and I thought you might like to know more about that.   What do I mean by Reconciling?   Reconciling is defined as: the process of ensuring that one’s records of transactions on a bank account matches the bank statement. That is, each time one writes a check, uses a debit … [Read more...] about RECONCILING

People like bank managers, accountants, and bookkeepers like myself are always telling you to get your bookkeeping done. Why?   And what is bookkeeping really?   Per Websters Dictionary it is defined as: “The process of recording financial transactions and maintaining the financial records to support a company’s financial … [Read more...] about Why Bookkeeping?

This subject has already been touched on in another newsletter, but it’s such an important subject that I thought I’d expand on this a little more. Before you start spending your money, it’s important to do Income Planning! This is planning your week/month/year as to what and HOW you are going to get your income. This will then tell you where … [Read more...] about Income Planning

I attended a weekly breakfast business meeting this morning, and was reminded of the importance of recording statistics, so that you take all the guess work out of management, and base your management decisions solely on statistics.   I’m afraid I’ve been a bit lax lately on such recordings, with the excuse that I’ve been very busy. Not … [Read more...] about STATISTICS

What do you do when your business isn’t doing so good; when your statistics are heading in the wrong direction? The first thing people often do when faced with this situation, is to stop advertising and promotion, as this costs money, and money should only be spent on vital functions! Huh? When faced with a slump:   THE MOST … [Read more...] about HIT A SLUMP?