BS Business Club

BS Business Club We help businesses owners implement the systems and strategies necessary to remove themselves as the bottleneck and scale faster than ever.

What does the Scheme aim to do?- This Government backed scheme enables eligible businesses, across the whole of the UK, ...
01/09/2022

What does the Scheme aim to do?

- This Government backed scheme enables eligible businesses, across the whole of the UK, to obtain a discount of up to 50% on approved software solutions up to a maximum of £5,000 (excluding VAT).
- This discount covers 12 months’ worth of the approved software’s’ core product costs.

What cost does the discount not cover?

- Planning and delivery services.

Smart Accounting - Professional Accountants & Tax Advisors in UK. Fastest growing company providing Tax, VAT, Bookkeeping & Payroll services in UK

As inflation rises and the cost of living crisis bites, accountancy firms could consider alternatives to pay rises with ...
30/08/2022

As inflation rises and the cost of living crisis bites, accountancy firms could consider alternatives to pay rises with share schemes as one option

There are three options that could potentially help employers and employees alike:

1. Consider enterprise management incentives (EMI)

Employees are granted options to acquire shares at a point in the future (such

Smart Accounting - Professional Accountants & Tax Advisors in UK. Fastest growing company providing Tax, VAT, Bookkeeping & Payroll services in UK

The result of the case- The Court of Appeal found in favour of HM Revenue & Customs (HMRC) that certain types of modifie...
25/08/2022

The result of the case

- The Court of Appeal found in favour of HM Revenue & Customs (HMRC) that certain types of modified crew cab vehicles should not be classed as ‘vans’ for income tax and national insurance purposes but as cars instead. Click here for judgement1.

What does the tax legislation say a van is?

Smart Accounting - Professional Accountants & Tax Advisors in UK. Fastest growing company providing Tax, VAT, Bookkeeping & Payroll services in UK

What is the aim of the PPT?- PPT is an environmental tax designed to provide a financial incentive for businesses to use...
23/08/2022

What is the aim of the PPT?

- PPT is an environmental tax designed to provide a financial incentive for businesses to use recycled plastic in the manufacture of plastic packaging.

Who could be affected by PPT?

- Businesses that manufacture or import plastic packaging, including if you import packaging which already contains goods.

Smart Accounting - Professional Accountants & Tax Advisors in UK. Fastest growing company providing Tax, VAT, Bookkeeping & Payroll services in UK

1. LPPWhat is the aim?- To bring the LPP regime in line for both VAT and income tax.When will the new penalty regime sta...
18/08/2022

1. LPP

What is the aim?

- To bring the LPP regime in line for both VAT and income tax.

When will the new penalty regime start?

- For VAT – From 1st January 2023.
- From an income tax perspective, for those self-employed and property landlords who will be caught by Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) – From 6th April 2024.

Smart Accounting - Professional Accountants & Tax Advisors in UK. Fastest growing company providing Tax, VAT, Bookkeeping & Payroll services in UK

When employers make an employee redundant and a ‘redundancy payment’ is made, it is easy to make the wrong decisions on ...
16/08/2022

When employers make an employee redundant and a ‘redundancy payment’ is made, it is easy to make the wrong decisions on the tax and national insurance (NI) position of such a payment, especially if it is made up of several constituent parts.

Smart Accounting - Professional Accountants & Tax Advisors in UK. Fastest growing company providing Tax, VAT, Bookkeeping & Payroll services in UK

For many property landlords (PL), completing a self-assessment tax return may soon become a thing of the past. Depending...
11/08/2022

For many property landlords (PL), completing a self-assessment tax return may soon become a thing of the past. Depending upon your particular circumstances, the last one might be in respect of the year ending 5th April 2024.

On the surface this would seem to be a cause for celebration. The reality is the exact opposite. Why?

Smart Accounting - Professional Accountants & Tax Advisors in UK. Fastest growing company providing Tax, VAT, Bookkeeping & Payroll services in UK

- Do you control more than one business?- Are they VAT registered or about to become VAT registered?- Do they not only t...
09/08/2022

- Do you control more than one business?
- Are they VAT registered or about to become VAT registered?
- Do they not only trade with unconnected businesses but also between themselves?
- Is there a cash flow problem arising from one of your entities having to charge VAT on a supply of goods or services to another one of your businesses?

Smart Accounting - Professional Accountants & Tax Advisors in UK. Fastest growing company providing Tax, VAT, Bookkeeping & Payroll services in UK

Family finances are being stretched at the moment, be it rising heating and fuel bills, food prices on the up, mortgage ...
04/08/2022

Family finances are being stretched at the moment, be it rising heating and fuel bills, food prices on the up, mortgage hikes and the health and social care levy starting to bite. On top of that, for working parents, there may be childcare costs to fork out for as well.

Every penny counts.

Family finances are being stretched at the moment, be it rising heating and fuel bills, food prices on the up, mortgage hikes and the health and social care lev

The Energy Profits Levy- A windfall tax will be charged on the profits of oil and gas companies at a rate of 25%.- The l...
02/08/2022

The Energy Profits Levy

- A windfall tax will be charged on the profits of oil and gas companies at a rate of 25%.
- The levy will raise around £5 billion over the next year.
- It will be used as part of the package to support people struggling with rising energy costs.
- There will be a new 80% investment allowance to encourage firms to invest in oil and gas extraction in the UK.

Smart Accounting - Professional Accountants & Tax Advisors in UK. Fastest growing company providing Tax, VAT, Bookkeeping & Payroll services in UK

What is a service charge?- It is added to the customer’s bill before being presented to them.- It could be either discre...
28/07/2022

What is a service charge?

- It is added to the customer’s bill before being presented to them.
- It could be either discretionary or mandatory.
- For it to be discretionary it must be made clear to the customer that it is a voluntary contribution (e.g. reflected on the bill).

Mandatory Service Charges (MSC)

- VAT at the standard rate should be charged on a MSC.
- Pay As You Earn (PAYE)

Smart Accounting - Professional Accountants & Tax Advisors in UK. Fastest growing company providing Tax, VAT, Bookkeeping & Payroll services in UK

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