Skillman Accountancy

Skillman Accountancy AAT qualified accountant offering financial accounting, accounts preparation, management accounting. Short term contracts undertaken.

In business, up-to-date and accurate information is the key to success. As well as preparing your annual accounts, I can show you how to interpret the figures and use them to understand your business, how it has performed over the last year and what decisions you can make for the future based on these figures, to ensure future success. Services include converting your expenses receipts and income

invoices into a set of accounts, i.e. a Balance Sheet and a Profit & Loss account. I can email you draft versions of these on a monthly or quarterly basis if required. Additional Services include:-
· Preparation of graphs showing performance and trends
· Preparation of management accounts for interim periods within the year.
· Identifying areas of the business that give you the most opportunity to make improvements
· Using the accounts to help you measure where you are in meeting your goals and what actions you need to take.
· Producing up to date, relevant management information allowing you to make the right decisions.
· Preparing your management accounts so that you can see how much profit you have made, which will enable you to make management decisions based on the information. Management accounts and information services include...

· Monthly or quarterly management accounts
· Reporting of key performance indicators that are the underlying drivers that run your business
· Reconciling the bank account and all major control accounts
· Providing you with a list of debtors and creditors

For me to carry out the above, all you need to do is forward me your sales invoices, purchase and expense invoices, cheques drawn and the bank statements. Maintaining up to date records is the most essential step in order to prepare accurate accounts and provide information on business performance. Financial statements and accounts can be prepared to agreed timescales and deadlines to help with completion of self-assessment tax returns and Companies House returns. I would be happy to complete the bookkeeping for your business on a regular basis

Whether you are a sole trader, partnership or a limited company, no set of bookkeeping requirements will be considered too small or large.

Transition to Making Tax Digital is proceeding smoothly – so far.With HMRC taking a constructive approach to enforcement...
24/02/2022

Transition to Making Tax Digital is proceeding smoothly – so far.

With HMRC taking a constructive approach to enforcement the outlook is positive.

All VAT-registered small businesses with a taxable turnover of up to £85,000 will have to comply with the latest MTD legislation from April 2022. HMRC has urged these businesses to sign up for MTD for VAT before it becomes mandatory.

HMRC has also announced significant changes to the system for late VAT payments, which were initially due to come into force from April of this year. The new points-based system for late payments was intended to be tougher on repeat offenders but fairer on those who occasionally missed deadlines. This new system has now been delayed until January 2023.

It remains important for this last round of eligible VAT-registered businesses to prepare for MTD legislation and ensure the right processes and protocols are in place.

Some businesses are taking a forward-thinking approach and using the Government’s digitisation drive as an opportunity for further investment in cloud-based technology. However, there are concerns that smaller businesses may struggle to see the initial benefits, at least in the short term.

Key dates:

April 1 2022: MTD for all VAT-registered businesses becomes mandatory.
January 2023: new implementation date for new points-based late VAT payment penalty system.
April 2024: introduction of second stage of MTD for Income Tax Self-Assessment (ITSA).

With HMRC taking a constructive approach to enforcement the outlook is positive.

Are you ready for the Plastic Packaging Tax?The Plastics Packaging Tax is set to come into force from 1 April 2022. It a...
22/02/2022

Are you ready for the Plastic Packaging Tax?

The Plastics Packaging Tax is set to come into force from 1 April 2022. It applies to manufacturers and importers of plastic packaging, but could also affect retailers, freight transport providers and fresh food producers.

Under the new legislation, plastic packaging which contains less than 30% recyclable material will be subject to taxation of £200 per tonne.

All businesses that have manufactured or imported more than ten tonnes of plastic packaging over the last twelve months will be required to register for the Plastic Packaging Tax.

HMRC will apply fixed or daily penalties for failure to comply with the new legislation. Guidance published in February included registration advice and tests to carry out to determine when and how to register for the plastic packaging tax.

Under the guidance:

Businesses are required to register for the tax and pay it, within 30 days of becoming liable.

The two tests businesses should carry out to determine tax liability include:

1/ Look back over the previous twelve months to ascertain if the ten-tonne threshold has been reached.

2/ Look forward to the next thirty days to ascertain the likelihood of manufacturing or importing more than ten tons of plastic packaging within that timeframe.

Plastic packaging that comes into direct contact with medicines (such as blister packs for tablets) or containers designed to be used with the goods throughout their lifetime (such as power tool boxes), are exempt from the tax.

The Plastics Packaging Tax is set to come into force from 1 April 2022.

When will 'Making Tax Digital' (MTD) affect me?MTD was introduced for nearly all VAT-registered businesses with a taxabl...
11/02/2022

When will 'Making Tax Digital' (MTD) affect me?

MTD was introduced for nearly all VAT-registered businesses with a taxable turnover above £85,000 in April 2019. They have to use Making Tax Digital software to keep digital records and make VAT submissions to HMRC. From April 2022, this will be extended to all VAT registered businesses in the UK.

QuickBooks Making Tax Digital software allows you to keep digital records & submit VAT returns. HMRC recognised. Best for small businesses. Free trial.

How do businesses comply with 'Making Tax Digital'(MTD)?To comply with Making Tax Digital for VAT, businesses have to ke...
11/02/2022

How do businesses comply with 'Making Tax Digital'(MTD)?

To comply with Making Tax Digital for VAT, businesses have to keep digital records. This must be done using what HMRC calls 'compatible software’. In other words, it must be able to connect directly to HMRC and send your details to them using digital links.

QuickBooks Making Tax Digital software allows you to keep digital records & submit VAT returns. HMRC recognised. Best for small businesses. Free trial.

What is 'Making Tax Digital' (MTD)?Making Tax Digital (MTD) has been introduced by HMRC to help individuals and business...
11/02/2022

What is 'Making Tax Digital' (MTD)?

Making Tax Digital (MTD) has been introduced by HMRC to help individuals and businesses to get their tax right. It means many people are leaving their spreadsheets or paper records behind and moving over to a new system.

At the moment, Making Tax Digital is all about VAT submissions. But over the coming months and years it will include Income Tax and Corporation Tax too.

QuickBooks Making Tax Digital software allows you to keep digital records & submit VAT returns. HMRC recognised. Best for small businesses. Free trial.

AAT comment: HMRC is facing a higher number of repayments under the VAT reverse charge for construction, resulting in so...
09/10/2021

AAT comment: HMRC is facing a higher number of repayments under the VAT reverse charge for construction, resulting in some delays.

The Construction Industry Scheme (CIS) VAT Domestic Reverse Charge (DRC) has created significant cash flow issues for sub-contractors. In addition, these companies may also be due repayments from HMRC if they have not paid VAT on their sales invoices.

https://www.aatcomment.org.uk/audience/members/how-to-address-cis-vat-repayment-delays

HMRC is facing a higher number of repayments under the VAT reverse charge for construction.

From 1 March 2021 the domestic VAT reverse charge must be used for most supplies of building and construction services. ...
05/10/2021

From 1 March 2021 the domestic VAT reverse charge must be used for most supplies of building and construction services. The charge applies to standard and reduced-rate VAT services:

for individuals or businesses who are registered for VAT in the UK

reported within the Construction Industry Scheme

Find out about the domestic reverse charge for supplies of building and construction services from 1 March 2021.

Construction Industry Scheme (CIS): Under this scheme contractors deduct money from a subcontractor’s payments and pass ...
05/10/2021

Construction Industry Scheme (CIS): Under this scheme contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs (HMRC).

What the Construction Industry Scheme (CIS) is, work covered by the scheme and find out whether you should register as a contractor or subcontractor

VAT registered: You will need to register your business for VAT with HM Revenue and Customs (HMRC) if its VAT taxable tu...
05/10/2021

VAT registered: You will need to register your business for VAT with HM Revenue and Customs (HMRC) if its VAT taxable turnover is more than £85,000.

VAT - how to register, effective date of registration, registration thresholds, calculate taxable turnover, change your details, deregister (cancel) or transfer a VAT registration

Sole trader or Limited Company: There are pros and cons of each option.
05/10/2021

Sole trader or Limited Company: There are pros and cons of each option.

What you need to do if you set up as a sole trader - check your employment status, understand your obligations, and register for tax.

Companies House blog: A conversation about the responsibilities of a company director.
05/10/2021

Companies House blog: A conversation about the responsibilities of a company director.

News and updates from Companies House

Companies House blog: Inclusive content design. The way we write is important.
05/10/2021

Companies House blog: Inclusive content design. The way we write is important.

News and updates from Companies House

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