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Posts in HMRC

Remember to turn on the MTD function!

March 22nd, 2019 Posted by Business, Digital, HMRC, MTD, Quickbooks, VAT, xero 0 thoughts on “Remember to turn on the MTD function!”

Making Tax Digital (MTD) for VAT takes effect for VAT registered business with periods starting from 01 April 2019.  From this date, most businesses who are VAT registered and have taxable supplies above the £85,000 threshold (in any 12 month period) will have to submit VAT returns via MTD compliant means.

Many businesses who prepare their own VAT returns are choosing to do this using QuickBooks or Xero.  Just a quick note though… remember to turn on the MTD feature on your package!  Failure to do so will prevent your returns being properly submitted to HMRC.  Turn on should only be done when you are ready to submit your first MTD-compliant return – for most businesses this will be the quarter ending June, July or August 2019.

In Quickbooks this feature can be enabled by editing the VAT settings within the “taxes” section.

And in Xero MTD is enabled through the VAT return section, and clicking “new report available” in the top right hand corner, then selecting “try new report”.


Importing/exporting goods to/from EU from 29 March 2019

March 18th, 2019 Posted by Business, EU VAT, HMRC 0 thoughts on “Importing/exporting goods to/from EU from 29 March 2019”

If you are an UK-based business who imports/exports goods with the EU from 11pm on Friday 29 March 2019 your business will need to be issued an Economic Operator Registrations Identification number (EORI).

You should have received this letter from HMRC, detailing the steps you now need to take. It can take three days to process an application, therefore we suggest you apply now, if you have not already done so.

If the UK leaves the EU without a deal, or at the end of any transitional period, UK business will need to follow the same procedures that apply for trading with the rest of the world.

If you already have a customs agent or software for trading outside the EU, you’ll be able to use these to make declarations on your EU-UK trade.

If your only trade outside the UK is with the EU, you will need to apply for the Transitional Simplified Procedures (TSP) – an agent cannot do this for you.  TSPs are expected to last up to 18 months, and they allow businesses to defer making a full customs declaration and paying any duty due on import.

To register for TSP you must:

  • Have an EORI number
  • Be established in the UK
  • Be importing goods from the EU into the UK (including goods travelling through the EU from the rest of the world, providing they’ve cleared EU customs formalities)


Please note that the EORI number is only relevant for businesses who import and/or export goods as trade.  Businesses who only sell services outside of the UK are not required to obtain an EORI number.

As always, any queries, please don’t hesitate to get in touch with us.

Tax Free Benefits for Employees and Directors

February 11th, 2019 Posted by Accountancy, Business, Employment, HMRC, Jobs, Tax 0 thoughts on “Tax Free Benefits for Employees and Directors”
  • Interest free or low interest loans to the value of no more than £10,000 in the tax year
  • Relocation payments and expenses to the value of £8,000
  • Vouchers and gifts to the value of £50 (capped at £300 per annum for a director)
  • Staff entertaining, ie Christmas or summary party – up to £150 inc VAT a head
  • Up to £500 of independent pension advice
  • Employer’s contributions to an employee’s pension scheme
  • One health screening check-up and one health medical assessment
  • £4 a week for employees who regularly work from home
  • Long service awards for 20 years’ service of up £50 a year
  • Award schemes (ie staff suggestion scheme) generally exempt to a maximum of £5000
  • Provision of one mobile phone
  • Work related training
  • Onsite sports facilities/gym
  • Onsite parking facilities
  • Season ticket for a nearby public car park
  • Cycling safety equipment and storage (as long as the employee cycles to work)
  • Onsite childcare/nursery

The above list is not exhaustive, however these are the most common occurring items.  Often with the tax free benefits there are caveats attached to enable the benefit to be tax-free.  If you are unsure as to whether something is a taxable benefit or not, please get in touch and we can help guide you.


Paying your income tax bill

January 2nd, 2018 Posted by Accountancy, HMRC, Self Assessment, Tax 0 thoughts on “Paying your income tax bill”

The Self Assessment Tax Return filing and payment deadline is just around the corner (31 January 2018 for the tax year ended 05 April 2017).


Supply digital products to the EU? This will effect you!

January 13th, 2015 Posted by Business, Digital, EU VAT, HMRC, MOSS, VAT 0 thoughts on “Supply digital products to the EU? This will effect you!”

With effect from 1 January 2015 the EU has brought in a new EU VAT scheme which directly affects UK businesses making digital supplies to customers in the EU.

Essentially the change is to “the place of supply”. Up until the end of 2014 the place of supply was where the supplier is based – ie here in the UK. If you are VAT registered you would charge UK VAT on your supply, and if you are not VAT registered you wouldn’t charge VAT. However, now the “place of supply” is where your customer is based.

On 1 January 2015 you sell a download of your latest album to a customer in Germany. You now need to charge German VAT on that product!

You have two choices:-
1. Register for VAT in Germany – which, aside from the language barrier, will be an administrative nightmare; or
2. Use the EU VAT MOSS – “mini one stop shop”. This means you declare the VAT charged (at UK rate of 20%) and pay it over for all of your EU sales. This way you avoid registering in each individual country.

If you are not currently VAT registered you will need to register for VAT to be able to use the VAT MOSS scheme. You can register via HMRC website. However, this does not mean that you need to charge VAT on your UK sales going forward (unless over the UK sales threshold). You do need to go through the VAT registration process, include your VAT registration on any invoices to the EU, submit quarterly returns to HMRC, and pay over the VAT in relation to EU digital sales. Payment can be made via HMRC website.


My UK sales are lower than the current VAT threshold of £81,000 therefore I won’t have to register will I?
You will have to still register for VAT via MOSS. The UK VAT threshold is based on UK sales only. The EU has not sent a de minimis amount. Therefore, if your sales are £1,000 you need to still register for VAT via MOSS. However, you do not declare your UK sales on the VAT return, just those digital sales to EU countries.

When I complete the form on HMRC website it is asking me what my UK sales are – they are below the threshold and I am not sure what to include. Help?
You need to include £0.00 in the UK sales box.

How do I know where my customer is located?
You can use your customer’s postal address or bank sort code. If you search a bank sort code on the internet it will bring up the branch details. You also need to retain this information for your records for the next ten years.

If I register for MOSS can I now claim my VAT on expenses back?

You cannot claim VAT back on UK purchases, however you can claim VAT back on any EU purchases which are wholly attributable or can be part apportioned to the EU digital sales.

If I register for MOSS and then decide that I am no longer going to supply to EU customers – how do I stop reporting to HMRC?
You need to de-register from MOSS. You need to tell HMRC at least 15 days before the end of the VAT quarter in which you intend to stop using the scheme.

This is the link to HMRC’s website where you can register for MOSS and find out more about it:
We hope that this helps gives some guidance to what can be quite a complicated area.  Please drop us a line or give us a call if you want to discuss this further.

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