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Money Laundering – what are the facts

Money Laundering – what are the facts?

Accountants are key gatekeepers for the financial system, facilitating vital transactions that underpin the UK economy. So when it comes to money laundering, what are the facts? Here at The Hollies, Bookkeepers in Shropshire, we have been undertaking an Anti-Money Laundering review for our practice licence and will be doing some further training. Accountants and bookkeepers have a significant role to play in ensuring their […]

How Do I Retire from My Own Business

How Do I Retire from My Own Business?

After years and maybe even decades of working hard to build your business up, it’s hardly surprising that business owners might struggle to retire. All that work can translate into some understandable emotional attachment, especially when it’s your name above the door. So just how do you extract yourself from a business? Hollywood would have us believe that passing the business on to a family […]

Charity tax reforms could unlock a wave of giving

Charity tax reforms could unlock a wave of giving

An independent commission has come up with a series of charity tax reforms which could unlock a wave of giving. The reform suggests measures aimed at making giving to charities easier, decreasing spending on unnecessary admin and potentially increasing charity income by hundreds of millions per year. The Charity Tax Commission, led by Sir Nicholas Montagu who was the former chairman of the Inland Revenue […]

How much money should I set aside to pay my personal tax bill?

How much money should I set aside to pay my personal tax bill?

Once you’ve been working for yourself for a while and have started to make a bit of money, you might think to yourself ‘how much money should I set aside to pay my personal tax bill?’ This is a great mindset to be in if you already are! One of the most manageable ways to handle your tax bill is to put some money aside […]

Guidance on how to spot HMRC scammers

Guidance on how to spot HMRC scammers

We’ve all been there and most of us have even fallen for a scam email or text two, so HMRC just updated its guidance on how to spot HMRC scammers. Scam emails pretending to be any number of companies to get you to input information, which is then used fraudulently against you, are on the rise. Official sounding emails Hackers are clever people who know […]

VAT change building construction

Major VAT change for building and construction sector

A major change in the way that VAT is accounted for in the building and construction sector which will take effect later this year may cause chaos. The warning comes from the Federation of Master Builders (FMB) which says that the VAT domestic reverse charge for building and construction services, which applies from 1 October 2019 is an anti-fraud measure. Invoicing and VAT returns It […]