Latest Business News from Chichester Accountants Evans Weir

September 4, 2019

Small Firms Under Attack from Cybercrime

Cybercrime is on the increase according to The Federation of Small Businesses (FSB). The organisation, which represents the interests of the UKs small businesses, is alerting business owners to the growing risk posed by cybercrime after research showed that small companies in the UK are collectively subject to almost 10,000 cyber-attacks a day. In a report, the FSB said that one in five small firms had been the victim of a cyber-attack in the two years to January, with an average of 9,741... read more

September 3, 2019

Cryptocurrencies ‘have no intrinsic value’, FCA warns

In a climate of economic uncertainty and low interest rates, some investors may be inclined to look at alternative forms of investment, in a bid to maximise their returns. With much hype around DIY stock trading and cryptocurrencies these may be perceived as good options for short term gain. But the Financial Conduct Authority (FCA) has warned investors in cryptocurrencies like Bitcoin to “ensure they understand and can bear the risks involved with assets that have no intrinsic value”.... read more

September 2, 2019

DELAYED: New VAT Accounting Procedures for Builders

***UPDATE*** The Government has delayed implementation of reverse charge VAT for construction until October 2020 Original article: Companies in the construction sector need to be aware of changes which are being introduced on 1st October 2019. These changes will affect any VAT-registered construction business that: Buys in construction services from other builders and makes an onward supply of those services to another customer Sells construction services to other builders... read more

September 1, 2019

FreeAgent Small Business Accounting Software

As well as being a strategic partner for Kashflow, we also support a significant number of our clients who use FreeAgent, as a result of them banking with NatWest or Royal Bank of Scotland. The FreeAgent software application was acquired by the Royal Bank of Scotland Group in 2018 and subsequently all NatWest and RBS business banking customers have been able to use it free of charge. FreeAgent is an award-winning accounting system specifically designed to meet the needs of small... read more

June 17, 2019

Looming IHT Tax Bill for the Nation

An increasing number of families across the country are facing the prospect of significant Inheritance Tax (IHT) bills. Chichester is at the forefront of this mounting problem as asset rich, cash poor (relatively) families fail to make use of strategies to mitigate the impact of IHT. Whilst many over 50s will be counting the benefit of decades of property price increases, the result is that it leaves the majority of the family assets tied up in bricks and mortar. For some, it may be the first... read more

Capital Gains Tax Rules on Property Change

Property owners need to be aware of significant changes to Capital Gains Tax (CGT) rules regarding the disposal of property assets. A range of measures were announced in the Autumn Budget 2018 that will impact those selling their main home, second homes or buy-to-let properties. One significant change relates to the sale of main homes. Whilst most people won’t be subject to CGT on their primary residence, because they are entitled to private residence relief, there are a number of... read more

May 29, 2019

Recruitment Struggles for SMEs

We have recently noticed a trend in feedback when speaking to clients and other local businesses, with both groups suggesting that recruitment is becoming increasingly difficult. In particular, we are repeatedly hearing of a dearth of workers from across Europe, most notably Eastern Europe. But despite the ongoing Brexit saga, employers do not believe this to be the sole reason for fewer European workers. The reality is that in several countries around Europe, economies are on the rise and... read more

Making Tax Digital – Businesses Reluctant

Making Tax Digital, the initiative introduced by HMRC in April requiring businesses to keep digital records for the calculation and submission of VAT returns, has met with early reluctance to register. Whilst many businesses may have ignored the passing deadline, in the belief that they were already compliant as a result of using approved accounting software, they are being reminded of the fact that they still have to register for Making Tax Digital in order to make a return. Despite HMRC... read more

March 19, 2019

Spring Statement

You would be forgiven for having missed the fact that the Chancellor delivered his Spring Statement on Wednesday 13th March. Hidden deep beneath the Brexit debate and seemingly endless votes, the Chancellor stood up and delivered his regular update on the economy. Historically the budget was delivered in March and the statement was saved for the Autumn, but with so many legislative changes and allowances being changed in each budget, the decision was taken a couple of years ago to switch the... read more

March 14, 2019

Spring 2019 – Tax Briefing

Our Spring 2019 Tax Briefing is now available for you to download. In this edition we look at key tax topics as we approach the new tax year and crucial dates around the Brexit process and introduction of Making Tax Digital for VAT. Employee Benefits Vat: Brexit Realities MTD Facts and Fiction Pension Health Check Tax Rates and Deadlines for Property New Vat Rules for Building Firms Live-In Workers Structures and Buildings Allowances Loan Charges You can download... read more