TMC - Accountants and Business Advisers

Delighted to announce more exam success

Mark Benton has today received his exam results, confirming that he has qualified as a member of the Association of Chartered Certified Accountants (ACCA). He becomes the third person in the firm to hold this qualification.

Congratulations to Mark from everyone at TMC.

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1 comment | 8th August 2013, 13:57:13 | Posted by Kevin Gamble

Its a VAT trap, or is that TVA, or IVA, or the German one I can't spell

In the past, importing and exporting was the preserve of large or specialist businesses. However, now that everyone has the ability to trade online, many smaller businesses are making international transactions.

VAT has become a minefield for the unwary. As the rules are set in Brussels, not the UK, 28 countries contribute to the drafting of VAT legislation.

The VAT you have to charge, if any, varies depending whether the customer is an individual or a business, and whether you are selling goods, services or a combination of the two. Add to that the complexities of transactions outside the EU, together with a raft of exemptions from the normal rules, and you have a fair chance of getting it wrong. In some circumstances you may even be required to register for VAT in another country, as most European Union countries have a zero registration threshold for non-resident businesses trading in their country. You may even have to complete the forms in a foreign language!

If you are considering dealing with customers or suppliers overseas, please check with us first, so that you don’t fall foul of the regulations. This starts from recording the right information on your document...

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| 2nd August 2013, 14:39:57 | Posted by Kevin Gamble

More exam success for TMC staff

We are delighted to announce that Emma Donley has successfully completed the exams for the Association of Accounting Technicians. Emma joined us from sixth form, and has studied at York College, passing all levels of the exams at the first attempt.

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| 2nd August 2013, 14:36:50 | Posted by Kevin Gamble

Cash accounting for small businesses

With effect from accounting periods beginning in April 2013, sole traders and partnerships with turnover under the VAT threshold will have the option of preparing accounts on a cash basis, without the need to account for stock, work in progress, accrual and prepayments etc.

Whilst this may sound straightforward in practice, there are some catches. The amount that can be claimed in interest payments is limited, and detailed mileage records will have to be maintained to justify motor expenses claimed. Also, if the business makes a loss it will not be allowed to set it off against other income for tax purposes.

Another issue is that to use cash basis, the business must have a March or April year end. Obviously, this could cause problems for seasonal businesses.

If you are interested in changing to cash basis accounts, call us and we can discuss whether it would be right for you.

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| 2nd May 2013, 15:46:48 | Posted by Kevin Gamble

Are you ready for RTI?

May we remind all employers that the new RTI filing regime starts on 6th April. Any wages payments to employees after that date should only be paid when a submission has been made to HMRC.

Employers with under 9 employees may use HMRC’s online filing system, otherwise you will need to buy payroll software.

If you have any problems with RTI, or would like our payroll bureau to deal with your wages, please let us know.

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| 28th March 2013, 09:13:24 | Posted by Kevin Gamble

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