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Small UK businesses plan to stay below the VAT threshold

One of the government’s advisors says small business owners are turning down work to avoid having to become VAT registered.

Since early this year, the Office of (more…)

SA302 Examples

The SA302 form is a useful document that most business owners and the self-employed can benefit from having at hand. Therefore, it makes sense for you understand what it is, whether you can get one, and how you can use it in a way that benefits you.

What is the SA302 form?

Many business owners have never (more…)

UK tax gap falls to just 6.5%

New statistics show that the UK tax gap is at its lowest point ever.

For the 2014/15 year, the tax gap fell to (more…)

Register of interests to be released by accounting regulator

The accounting watchdog for the UK intends to release a register of interests with details on ties between senior execs and the firms it (more…)

How your accountant can help you with staff retention

For any firm, retention of staff is an important issue, and it’s always better for a company to hang onto good people. These employees understand the business, and provided you continue to train and develop them, are a (more…)

HMRC collects £281m in “Google tax”

HMRC collected a combined £281mn in revenue from diverted profits tax (DPT) in 2016-17, a £250m climb from the previous 12 months, according to (more…)

Using your Liverpool-based accountant to export more

Most business owners understand the importance of diversification – especially those based here in Liverpool. According to the latest figures from the Office for National Statistics, over 14,000 active SMEs are (more…)

PwC hit with fine over audit

PricewaterhouseCoopers (PwC) has been fined by the Financial Reporting Council (FRC) to the tune of £5.1m, due to mismanagement in (more…)

Toshiba off hook as PwC happy with accounts

PwC has given the seal of approval to Toshiba’s accounting, after an extended period of doubt when the auditor refrained from commenting on the firm’s financial statements. (more…)

BT sees 42% fall in pre-tax profit

BT declared a significant 42% decrease in before-tax profit during is financial year’s Q1, and The Independent has reported that settlements made during an accounting scandal from earlier in 2017 affected the figure.

BT reported Q1’s before-tax profit decreased to £418m, which was far under the £751mn average estimate, suggests Reuters. Further, basic earnings per share decreased by 51% to 2.9p.

BT reported in January that it had discovered £530m in overstated earnings related to its Italian arm. It had recently said, however, that a settlement had been made with Orange in France and Deutsche Telekom in Germany relating to the scandal.

The news of BT’s accounting blunder erased £8bn of its share price in early 2017.

Outside of the one-time charge, BT’s numbers for Q2 were solid, while core earnings and revenue were largely as expected. Gavin Patterson, chief executive, said:

“BT has delivered an encouraging performance in the first quarter of the year,” said chief executive officer Gavin Patterson.

“We’ve made good progress in our key areas of strategic focus: deliver great customer experience, invest for growth, and transform our costs. In particular, I’d highlight the growth achieved by our consumer facing businesses, helped by mobile.”

Accounting can be a fragile activity, especially when business owners attempt to do it themselves. That’s why employing the services of an accountant in the Wirral is smart advice for any company. When mistakes are made, it can lead to settlements and significant earnings, as well as other consequences any business would wish to avoid.

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