Words by Damon Anderson, director of operations, Xero UK
Making Tax Digital is a compulsory HMRC initiative designed to make the UK tax system more efficient and effective for individuals and businesses. Having come into play in April 2019, this new legislation means that businesses over the £85k VAT threshold must now use a digital system to complete their tax returns.
Whilst this legislation came into effect last year, for many business owners there is still some confusion over how the system works. For plumbers who are unsure of what this change means for them, here are four key things to know about Making Tax Digital.
1. Why do I need Making Tax Digital compatible software?
Words by Damon Anderson, director of operations, Xero UK
City Plumbing / PTS has unveiled its 368th branch at the new Taurus Road location, Bristol. The new CPS branch, located in Filton has created 3 new jobs in the local area and includes a new concept Bathroom Showroom, City Heating Spares and expansive Electrical department.
The branch will be managed by Gary McQuaid with a 5 strong team including dedicated Bathroom Showroom and Electrical employees. The new Bathroom Showroom concept is designed to encourage the trade to bring their customers to the showroom so they can choose for themselves from the extensive range of quality bathroom suites and accessories on offer.
Article By Tamara Habberley, Senior VAT Consultant, The VAT People
Small business owners and self-employed individuals very often struggle to understand the complexities of VAT - and for good reason. Even the basic rules can seem like a minefield to those who are not well-informed about this complex area. While even the basics can be confusing, there are also complex additional rules that must be adhered to - otherwise, you may be at risk of flouting VAT regulations and therefore incurring penalties.
Michael Cockcroft, Director of Centurion Plumbing Services Limited, Sleaford, has won the first Big Baxi Golden Ticket prize draw. He bought the winning boiler, a Baxi 600 Heat, from the Sleaford branch of Wolseley. All the Baxi boilers registered on Baxi Works loyalty scheme during the first week of January were entered into the draw, and the winner was drawn at random at the end of the week.
Michael’s Baxi representative, Matt Seaman, and Baxter the Baxi mascot surprised Michael when he visited Wolseley to stock up on materials for his next installation. They presented him with a £1,000 voucher for a well-known high street store.
BRISTAN BUSINESS BLOGS: 5 WAYS SOCIAL MEDIA CAN HELP YOUR BUSINESS.
Over the last few years, digital usage has rocketed. Whether it’s Smartphones, the internet or social media, it has become part of our daily routine – so much so that it’s hard to remember life without it.
According to Ofcom in 2019 ‘nearly every adult in the UK uses a mobile phone’ and nearly 9 out of ten of us now use the internet, so using social media to promote your business and plumbing expertise is a great idea.
Earnings for self-employed plumbers rose by 4.1 per cent in November, according to the latest figures released by Hudson Contract.
Analysis of last month’s payroll data for more than 2,200 construction companies in England and Wales reveals a weekly average of £1,166 for plumbing contractors.
The performance continues an upward trend that started in September and equates to an annual salary of £56,000.
They generated the second highest earnings of all 17 construction trades covered by Hudson Contract, beaten only by specialists in shop fitting and electrical work.
As Self Assessment Deadline Approaches, Which Business Expenses can be Deducted as Tax Relief?
With a little over three weeks until the Self Assessment deadline, over 5 million taxpayers are yet to submit their tax return for tax year 2018/19. With many of those taxpayers classed as self-employed, there are a wide range of commonly-forgotten business expenses which can be claimed as tax relief but are often missed due to a lack of awareness on what can and cannot be claimed as a legitimate business expense. David Redfern, tax preparation specialist and Managing Director of DSR Tax Claims Ltd, explains the categories of business expenses which can be used to offset tax liabilities for self-employed taxpayers.
Salamander Pumps, one of the UK’s leading manufacturers of domestic water pumps, has announced the launch of an exciting new MainsBooster range, aimed at creating a simple solution to boosting mains water pressure and flow – an often complex problem for both homeowners and installers.
Recent research showed that 48% of consumers don’t know that their water pressure problems can easily be rectified with the fitting of a Salamander mains-boosting solution.
The new range, comprising 11 different products, features inline pumps and accumulator tanks, and is designed to provide a quiet, lightweight and easy-to-install solution to all domestic and light commercial mains water-boosting needs.
Yeovil Headquartered Bradfords Building Supplies has won Independent Builders’ Merchant of the Year at the Builders’ Merchants Awards against stiff national competition.
The Builders’ Merchants Awards now in its 18th year is run in partnership with the Builders Merchants Federation and celebrates the best and the brightest in the merchant industry.
The awards were judged by a panel of key industry stakeholders from the Federation of Master Builders, Builders Merchants Association (BMA), Worshipful Company of Builders Merchants and the Construction Products Association (CPA) and presented by Dame Kelly Holmes MBE.
To be by-lined to Colin Yates, chief support officer at WorkMobile, an award-winning mobile data capture solution
Technological advances, such as cloud computing, 5G and improved mobile technology, are facilitating smarter, faster and more environmentally-friendly ways of working for businesses across virtually every sector.
However, despite the numerous benefits of digital transformation, the plumbing and heating industry lags behind in this regard. Indeed, our recent research revealed that more than two-thirds (67%) of those working in the trade and utilities sector still rely heavily upon paper for a variety of day-to-day business processes, such as sending mail and filling in forms.