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See below and use the filters for the latest news about Colvin Accounting Limited and insights on everything from legislation to best practice.
Insight | 18th July 2017
Sole Trader or Limited Company?
When setting up a new business, the structure you choose is an important decision to take. You typically have two options - Sole Trader, or Limited Company.
We have produced an article to summarise some of the key differences between the two. Click here to view the article.
If this is a decision you will need to make soon, get in touch today for a no obligation consultation to see how we can help.
News | 16th July 2017
Client Portal now available
We are pleased to launch our Client Portal, where our clients are able to access their software all in one place.
Clients can currently access Intuit's state-of-the-art software QuickBooks from the portal. As more software is introduced, we will be providing direct access to it here.
To visit our Client Portal, either click on the link in the top banner, or click here to gain access.
News | 4th May 2017
New guide on how to change your accountant
Following some requests, we have recently created a guide to describe in detail the process of changing accountant. Like with anything, you should always be thinking whether you get value for money with your service and if it may be worthwhile pursuing a change.
Changing accountant should not be a daunting task at all. Your old accountant should keep comprehensive records and make the process of transitioning easy and simple.
To find out more, visit our newly created guide here.
Insight | 03rd May 2017
Why voluntary registration for VAT may be good for business
You are currently required to register for VAT in the UK if your turnover is expected to exceed the £85,000 threshold (as at April 1 2017) within a 12 month period, however there may be benefit in considering voluntary registration. Here are five questions to consider deciding whether VAT registration may benefit your business.
Are your customers mainly VAT registered?
If your customers are VAT registered, your goods or services may be more beneficial to your customers than if they went for non-VAT registered suppliers. This is because you can recover VAT and reduce the cost of supplies to your business, in turn meaning the net selling price you would supply a good or service can be effectively reduced by that amount without compromising the amount of cash you receive.
Are you expecting to exceed the threshold?
If you expect your turnover will one day exceed the threshold, it could be worthwhile registering early for two reasons. First, if you sell to customers who are not VAT registered, doing this early will avoid the need to apply a potentially significant mark-up in the cost of your product to account for VAT, which would not be seen as favourable by customers. Second, an advanced registration ensures you are not likely to fall foul of penalties for not registering in time in case you creep beyond the threshold.
Are your sales primarily reduced or zero rated?
If you sell primarily reduced or zero rate goods or services, you may be able to claim back the VAT from your purchases and potentially earn a refund if they are standard rated.
Would your company benefit from 'improved prestige'?
Being VAT registered can give your customers the perception you are larger, more successful and established than it might be. With certain businesses, this will help to build further trust with potential customers in that they are dealing with an 'established' business. You will also be able to provide VAT invoices, which some companies will insist upon when doing business.
Would you benefit from claiming expenses pre-registration?
If you have kept records, you may be able to claim purchases back-dated from your date of registration. Specifically, you are allowed to go back 6 months for services and 4 years for goods you still have, or used to make other goods you still have.
Accounting for VAT can be a breeze with Colvin Accounting Limited
There are of course considerations that should be made as to whether this would benefit you, including whether your business and your customers fits the profile of the above, the notable record keeping and requirement for filings and additional administration of the process. Furthermore, there are various schemes which may or may not benefit your business further concerning VAT.
The registration and administration of VAT can cause people problems and the subject can become complicated quickly. We can work with you to help understand what is tax efficient for your business, get your company appropriately up and make it a simple process, with ongoing support from us. Get in touch to find out how we can help your business meet its VAT requirements.
News | 19th April 2017
Colvin Accounting Limited acquires Practicing Certificate with Institute of Certified Bookkeepers
We are pleased to announce we have been awarded with a Practicing Certificate from the Institute of Certified Bookkeepers (ICB). The institute is the world's leading bookkeeping orgnaisation and cetficication is issued only to professionally qualified members of the institute.
ICB members are specifically trained on the bookkeeping and accounting of small companies, sole traders and partnerships, making them uniquely poised to serve these entities. They are governed by Professional Conduct Regulations, hold Professional Indemnity Insurance and are required to be supervised under Money Laundering Regulations. The institute continues to monitor best practice guidelines. All members are required to keep their knowledge up-to-date through continuing professional devlopment.
Holding a practicing certificate with the ICB is a further demonstration we are best-poised to serve our clients to the highest standard and with a second-to-none level of personal support. Of course, this is the second Practicing Certificate Colvin Accounting Limited holds, along with the Chartered Institute of Management Accountants.
Please see below for details of our Membership with the ICB and our directory.