Monthly Archives :

December 2020

Christmas Shutdown | Merry Christmas | Stepping Stones Accountancy
Christmas Shutdown 758 513 Stepping Stones Accountancy

Christmas Shutdown

As we draw to a close on a very unusual year, the team at Stepping Stones would like to wish everybody a very Happy Christmas and Prosperous New Year. We thank you for your support this year and look forward to working with you again in 2021.

Our offices will be closed from Thursday 24th December until Monday 4th January. However, should you need something during the festive period please feel free to e-mail hello@steppingstonesaccountancy.co.uk and a member of our team will be in contact as soon as possible.

Managing Cashflow 150 150 Stepping Stones Accountancy

Managing Cashflow

In our latest animated video we show how with a little bit of help from your accountant and a cashflow forecast report, you can budget for new equipment that is needed in your business.

A Change In VAT Charges As A Result Of Brexit | VAT Help Brexit | VAT Advice
A change in VAT charges as a result of Brexit 758 513 Stepping Stones Accountancy

A change in VAT charges as a result of Brexit

As we prepare for the impact of Brexit, our European Union customers could be entitled to some VAT-free services.

Any business that is expecting their taxable supplies to be less than £83,000 (which is the deregistration threshold) for 2021 can deregister from VAT on 31st December 2020. Alongside this there are other scenarios of non-chargeable VAT.

If you are a business supplying to a consumer (B2C) that is a resident outside of the EU then no VAT needs to be charged. As an example, if you provide accountancy services to an EU country then prices will need to include the 20% VAT but if the customer is outside the EU (for example in Johannesburg) then no VAT is charged. 

As of 1st January 2021, legislation is being changed so that services provided to customers who are not in the UK, but who still remain in the EU, will not be charged VAT. This means that outside of the UK no VAT charges will apply for the direct business sales of items to consumers. Full details can be found via this link – https://www.legislation.gov.uk/ukpga/1994/23/schedule/4A.   

Although companies can deregister for the VAT scheme if they will be solely working with clients outside of the UK, it is their choice, and they can still remain part of the scheme. This then means that any work within the UK which they receive from a supplier, classed as input tax, enables them to claim back as UK expenses.

In summary the new regulations coming in to force on 1st January 2021 will provide some VAT saving opportunities for UK suppliers of business-2-consumer products dealing with any company outside of the UK. The key benefit will be a decrease in tax yield from the HMRC.

If you have any questions or need some help in regard to VAT charges please call us on 01173 700 079 or e-mail hello@steppingstonesaccountancy.co.uk.

Adapting Diversification & Your Accountant | Managing Company Data | Proactive Accountants Bristol
Adapting, diversification and your accountant 758 513 Stepping Stones Accountancy

Adapting, diversification and your accountant

The word adapt has never been so important. In today’s unusual landscape, the impact of the Covid-19 pandemic has affected everybody. Every business has had challenges to overcome and virtually all have had to adapt. The key element for most businesses was the need to embrace the digital world and implement key changes to stay connected with staff, clients and suppliers.

In the world of accountancy, the perception is of a behind-the-scenes company specialising in crunching numbers, completing mundane tax returns and taking care of payroll. However, modern accountancy practices are becoming a far more valuable asset, especially with the introduction of new technologies. Adapting to becoming people focussed and data-led is a must for any proactive accountancy firm. Where the use of technology allows for virtual conversations, managing data, creating automation and much, much more.

Real-Time Data

Having management data on hand that provides accurate and real-time information along with key insights is vital for any business. An accountant will process a lot of data and often will know much more about a business than its employees. Providing real-time data allows a business to effectively plan and manage both finances and business objectives.

Accurate Data

Remaining one step ahead is vitally important. Having accurate data on hand so immediate decisions can be made is crucial. Gone are the days of taking months to process business receipts and then manually checking figures for inaccuracies. Robust data is at hand for any business to use for making informed business decisions such as salary reviews, profit and loss analysis or payroll benchmarking.

Cloud Accountancy

One of the most effective accountancy solutions for a business is the switch to cloud accountancy. Utilising solutions such as Xero, QuickBooks or Clearbooks can be game changing and will help to tackle pain points. For example, late payments can be flagged immediately so that cash flow planning can be effectively managed.

A New Style of Business Coach

The role of an accountant is so important to any business. Over the past couple of years with advances in technology, the ever-changing business landscape and market demand, a business must have immediate access to all of their financial data. In fact, gone are the days where you don’t have any interaction with your accountant until the obligatory end of year accounts, they now form a vital part of a business. Building personal relationships of trust, advice and guidance is critical for an accountant to be recognised as an important cog in the business wheel. Today’s accountancy role can be seen as more of a business coach where advice can be given on data analysis, strategic growth guidance and diversification.

Should you have any questions or need some support please call us on 01173 700 079 or e-mail hello@steppingstonesaccountancy.co.uk.

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