News
5 Amazon Seller VAT Stories – From Disaster to Success
Having been working with e-commerce businesses for a number of years now we have come across many stories of accounting and tax disasters (some of which had a happy outcome, but you will probably guess that they are in the minority). Accounting in an e-commerce...
Changes to R&D Tax Credits: Tax Relief is Changing
R&D Tax Relief is Changing From 1 April 2023, new rules for R&D Tax Relief claims will require businesses to submit a pre-notification of their claim to HMRC. This applies to new claimants or any business in the United Kingdom that has not claimed any R&D...
How to Pay Self Assessment Tax: Everything You Need to Know
In this article, we walk you through everything that you need to know about making sure you pay your self assessment tax bill in full and on time. Discover how to pay Self Assessment tax for your business in the UK. We also highlight some common pitfalls and issues to...
The New VAT Penalty Regime Explained
A new penalty system will take effect for VAT periods beginning on or after 1 January 2023. The aim is to penalise persistent offenders rather than those who make the occasional mistake or late return. The systems for late submissions will actually be different from...
Enterprise Management Incentive (EMI)
A Tax Efficient and Flexible Incentive to Attract and Retain the Best Employees Enterprise Management Incentive ("EMI") schemes offer tax advantages to employees of smaller companies with growth potential that qualify and can therefore help to attract and retain the...
Corporation Tax Rate Changes
The corporation tax rate will change from 19% to 25% from 1 April 2023 for many companies. Small companies with taxable profits of under £50,000 are unaffected and their rate of tax will remain at 19%. The full 25% only applies if profits exceed £250,000 and there is...
Advantages of Cash Flow Forecast for eCommerce Businesses
In this article, we consider how having an accurate and up-to-date cash flow forecast in place for your eCommerce business can positively impact the financial success of your business. What is Cash Flow Forecasting? How does it differ for an eCommerce business? A cash...
Shopify VAT: Everything You Need To Know
Unless you are trading in the UK only with an income of less than £85,000 and are NOT dropshipping from an overseas supplier, then you will need to consider how to account for VAT on your Shopify sales. What is Shopify VAT? VAT is a tax that is levied on the sale of...
Do I Need an Accountant For a Limited Company?
In this article, we'll look at some of the key things to consider when looking at whether to appoint an accountant for your limited company. What is a Limited Company Accountant And Why Does My Business Need One? In short, do I need an accountant? An accountant is an...
Xero Shopify – A Guide to Setting up a Shopify Xero Integration
If you're an eCommerce business owner looking to build your own brand, there's a good chance that you'll have created your own website to do so. There are many different platforms on which you can build the website for your business and many different payment...
Autumn Statement Summary
Income Tax Thresholds All personal thresholds relating to income tax, national insurance and inheritance tax are frozen until April 2028, with the exception of the additional rate threshold which decreases from £150,000 to £125,140 from April 2023. Higher earners will...
Mini Budget
Last week's mini-budget was heralded as a growth plan with tax cuts across the board, although in the most part the cuts were either the cancellation of recent increases or the bringing forward of already announced cuts. The Health and Social Care Levy The Health and...