Business news and opinion from Evans Weir

The simple answer to this question is yes, but as with anything accounting related it’s not entirely straightforward…

Making Tax Digital (MTD) for VAT became mandatory for all companies from April 2022. But despite the impending deadlines for registration and first returns to be made under the new scheme, many companies are still not ready, with some suggesting the figure could be as high as 80% of companies not prepared.

It’s not surprising to hear of an increase in the number of new start-ups formed during or immediately following a downturn in economic activity. However, recent research suggests that the 2021 figures were higher than some may have expected and the growth appears to be driven by the use of digital and remote platforms.

We’re asked this question a lot as these are two of the reports that form part of the regular management information used by most businesses. Whilst they both offer information about the financial performance of the business; they each tell a vastly different story.

With such uncertain times and increased pressure on personal finances, there’s no better time than the start of the new tax year to do a bit of financial planning. With the cost of living rising (the year to March 2022 inflation sitting at 7%) and energy prices and taxes following suit, it’s important to make the most of allowances and reliefs.

The Chancellor, Rishi Sunak, delivered his 2022 Spring Statement on 23rd March, reducing fuel duty and making some concessions on taxes. Read more and download our FREE Guide here.

Limited companies have always been a very tax efficient vehicle for companies and their Directors, but various changes in other taxes and allowances mean this may not continue to be the case.

As the world began to recover from the Covid pandemic, the impact on global shipping came into sharp focus. With medical supplies and PPE using up vast amounts of the capacity for an extended period, combined with major lockdowns of entire regions and ports in China; the availability of shipping containers, space on board ships and the cost became key issues.

Company bosses are being urged to plan for the increase in energy costs over the next 12 months to avoid ‘nasty shocks’ when contracts end. With most commercial contracts for energy running over longer periods than similar residential supplies, there is concern that company bosses may ignore the potential impact of sizeable price jumps in the meantime.

Analysts, economists and brokers are all warning that businesses may face an increase in the cost of a range of raw materials, commodities and natural resources as a result of the war in Ukraine and the sanctions being imposed on Russia.

As a business owner and/or company director, you have certain obligations around the proper collation and retention of company accounting records. Whilst HMRC and Companies House have changed their stance on digital copies compared to paper versions, the requirement to retain copies of key financial documentation remains.

After 34 years, we say goodbye to Christine Plumbridge this week. Christine has been an incredibly important and loyal member of the Evans Weir team and her retirement is richly deserved.