HMRC delays Making Tax Digital scheme

BREAKING NEWS – As of yesterday (13 July 2017) ministers have confirmed a new timetable for Making Tax Digital and have delayed rollout by ‘at least’ two years until 2020, although quarterly VAT reporting using the system will be mandatory from 2019.

LEADING ACCOUNTANTS MOVE TO ‘THE OCTAGON’

LB Group, a Top 75 firm of Chartered Accountants, have relocated their Colchester office into the prestige ‘Octagon’ office building. The second floor suite totalling just under 5,000 sq. ft has been totally refitted to provide a mix of open plan and partitioned accommodation.

Changes to the VAT Flat Rate Scheme

For many businesses the preparation of quarterly VAT returns represents a significant administration burden. Calculating the VAT on business turnover is normally straightforward, but for smaller businesses the calculation of the amount of VAT on expenses which can be reclaimed may often be time consuming with relatively small amounts of VAT at stake.