Guidelines for Compliance — Assistance with VAT Compliance Controls
HMRC has recently released its ‘Guidelines for Compliance — Assistance with VAT Compliance Controls’. These guidelines are offering businesses valuable advice on maintaining robust VAT processes. Purpose of Guidelines These guidelines are specifically tailored for UK businesses that are registered for VAT and operate under the invoice accounting system. Under this system, VAT is generally […]
Companies House Transitioning to New One Login System
From Autumn 2024, Companies House online services will start transitioning to the new government One Login service, with the WebFiling service following at a later date. One Login Process Businesses using Companies House online services will need to switch to GOV.UK One Login, the government’s new single sign-in service. This is replacing the current Government […]
Impact of Late Submissions and Payments to HMRC for PAYE
Are you aware of the importance of submitting your payroll data and paying your PAYE bill on time? Late RTI Submissions (Caused by not sending your payroll information on time) When Penalties are Charged: Firstly, you may incur a penalty if: Secondly, HMRC Will Not Charge a Penalty If: Penalty Amounts The amount you pay […]
VAT Registration Estimator
The UK’s tax authority, HM Revenue and Customs (HMRC) has introduced a new digital tool to help businesses estimate the implications of registering for Value Added Tax (VAT). The VAT Registration Estimator was developed in response to feedback from small businesses, who said an online tool would be helpful in determining when their turnover may […]
Reporting Profits on a Tax Year Basis
Starting with the Self-Assessment return due by 31 January 2025, all sole trader and partnership businesses must report their profits on a tax year basis. What is the Basis Period Reform? The Basis Period Reform represents a major change in how self-employed individuals and partnerships calculate their taxable profits. Previously, the basis period was tied […]
Tips for Preparing Your Self-Assessment Tax Returns
As we approach the end of the current tax year, individuals and businesses are gearing up for the annual task of collating their information to enable them to file their Self-Assessment Tax Returns with HM Revenue & Customs (HMRC). This process can often seem daunting, but with careful preparation and organisation, it can be managed […]
Embracing the Digital Wave: Transforming Accountancy in the 21st Century
In the ever-evolving landscape of business, the traditional role of accountancy is undergoing a significant transformation, thanks to the advent of digital technologies. At NRB, we pride ourselves on being at the forefront of this digital revolution, leveraging innovative tools and techniques to enhance the efficiency and accuracy of our services. In this article, we […]
Extension of MTD Requirements
From 6th April 2026, businesses, self-employed individuals, and landlords with an income of more than £50,000 will be required to keep digital records and provide digital quarterly updates on their income and expenditure to HMRC through MTD compatible software. For those with income between £30,000 and £50,000 will be required to do this by April […]
HMRC introduce New VAT Penalty Regime
HMRC have introduced changes to the way VAT registered businesses will be penalised if they don’t submit their VAT Returns and/or pay VAT liabilities owed, on time. The new regime will kick in for accounting periods starting on or after 1 January 2023 and these changes aim to simplify and separate penalties and interest charged. […]
Going further with Digital Technology and Artificial Intelligence
Digital technologies and artificial intelligence (AI) are becoming more commonplace across all aspects of our lives (whether we like it or not!). Here at NRB, we are harnessing the power of digital tech and AI to modernise, even revolutionise, the systems of our clients…. and we don’t stop at accounting software. In fact, that’s just […]
