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What Happens To Farmers When Making Tax Digital

One element of the 2015 budget, that may or may not have escaped your notice, is the announcement of the HM Revenue and Customs plans for Making Tax Digital (MTD). Unfortunately as the launch date of April 2018 gets closer it is something that all farmers need to know about and prepare for.

Making tax digital is the intention that all businesses will file details of their income and expenditure on a quarterly basis with a final year end declaration made nine months after the year end.

For most farmers this seems to be an almost impossible task, given that the business operates Continue reading

Making Tax Digital …. What is it all about…& how can I start to prepare?

Recent budgets have been relative damp squibs, however buried in the March 2015 edition was a point about introducing a new system that HM Revenue & Customs later labeled “Making Tax Digital” or “MTD”

The government says…

“Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs – meaning the end of the annual tax return for millions.” Continue reading

A Live Final Written Warning

A question that crops up quite frequently is the situation when an employee is facing an allegation of misconduct when they are already subject to a live final written warning which is for something entirely different. Can the live final written warning be taken into account?

Let’s have a look at the Employment Appeal Tribunal (EAT) case of Trye v UKME

Ms Trye was a housekeeper. The company who employed Ms Trye ran 200 premises with over 400 permanent staff (and many more seasonal employees) for a prominent family Continue reading

What Motivates You?

A week ago I was asked by The University of Lincoln whether I would sit on an expert panel to answer questions on funding & forecasting a creative start up project.

The panel session was great with some great questions and lively debate amongst the panel and course tutor. We answered a whole range of questions all designed to help the students put a plan together for their next creative project. Continue reading

XERO – Saving Time For Your Business

You may have heard of the cloud based accounting software, Xero. Xero has been designed with business owners, rather than trained bookkeepers, in mind.

A large part of this is a focus on time saving, to make it as quick and easy as possible to keep on top of your books.  Just one of the features which facilitate this is the design of the bank reconciliation function – the process of ensuring all of your payments and receipts are recorded. Here are just a few ways the Xero bank reconciliation can save you time: Continue reading

Death and Taxes!

Never a pleasant subject to consider Richard Grayson, Director at Nicholsons Chartered Accounts explains, but as the saying goes, “it will come to us all”. With the value of farmland rising so much over the past 10 years, it is, however, vital that all farmers and landowners take regular stock of all their assets and liabilities, and review their options so that when the Grim Reaper does come calling, plans have been made to allow a smooth and tax-efficient transfer of assets to the intended beneficiaries.

Continue reading