Business, Accountancy and Tax Related News

HMRC Update to Making Tax Digital (13th July)

HMRC Update to Making Tax Digital (13th July) Gone are the days of shoebox accounting. Millions of businesses across the country are already banking, paying their bills, and working with their customers and suppliers online. As more and more of our lives and business move onto the web, it makes sense that the taxman would also jump on the bandwagon eventually. Making Tax Digital (MTD) is HMRC’s initiative to completely revolutionise the tax system; ultimately bringing an end to self-assessment in the UK as well as many other well-established methods of reporting and paying taxes. Last summer, the government announced their timetable for MTD implementation and they stated that they planned on moving to an entirely digitalised tax system by the year 2020. While there has been plenty of confusion as to how MTD would be brought in, one thing was certain; introducing a brand new tax system across the […]

Why pay raises don’t equal performance increases

Your team is the most critical asset in your business. No matter how new or fancy your machines, computers or even robots are. Your team is the most vital ingredient to your business growth and survival. As business owners, we can forget this or take them for granted. After excessive automation at Tesla car factory caused delays, even Elon Musk admitted ‘humans are underrated.’ Yes, excessive automation at Tesla was a mistake. To be precise, my mistake. Humans are underrated. — Elon Musk (@elonmusk) April 13, 2018 As business owners, we are always looking for ways to improve the bottom line numbers of the business, and when we look at our team, we usually believe that to get the best out of them, we need to give them more money. Money has a short-term boost only, a bit like a shot of coffee. You can’t drink coffee all day every […]

What is a winding-up petition?

Any person or company can apply for a winding-up petition to close a business whose debts have become too big and/or unmanageable. If you’ve been issued with a winding-up petition or you are thinking about issuing one against a company which owes you money, the Maple Accounting team have put together this 2-minute guide covering the most essential points that you need to know. Please note that the information given in this article covers England and Wales – Scotland and Northern Ireland have separate procedures. What is a winding-up petition? A winding up petition is usually issued against a company by a creditor (or group of creditors) which is owed money. If a winding up petition is not successfully dealt with, it will lead to a winding-up order which can not be stopped once started. Under what circumstances can a winding-up petition be issued against your company? Before the issuance […]

What is a company strike off?

If you want to close your company and it has no debts or any other financial or legal obligations hanging over it, you can apply to Companies House to strike it off the register. If you want to close your company and it has no debts or any other financial or legal obligations hanging over it, you can apply to Companies House to strike it off the register. But what is the best way to go about it and how long does it take? The main reasons why directors want to close a limited company Striking off or dissolving your company can be a very tax-efficient way to extract any cash and assets left in the business. If you use a Members’ Voluntary Liquidation (MVL), a form of strike off, the tax applied to capital (cash) take from your company is treated as a capital distribution. This is important because […]

SEIS equity investment

What is SEIS equity investment scheme? SEIS is a government scheme designed to help young companies raise money when they start to trade and grow with the aim of providing a boost to economic growth in the UK. The way it does this is by offering tax reliefs to the individual investors who buy shares in small companies. The investors can choose to use this relief in order to reduce either their current tax bill or that of the previous tax year. SEIS works by motivating individuals to invest in small businesses in exchange for additional tax relief as well as equity. If you’re currently talking to investors and have mentioned SEIS, it’s likely you would have been asked when the investment will close. That’s because it is the date of the equity transaction that qualifies the investor for relief. In most cases, you’ll see these SEIS transactions complete on […]