Styles & Associates Ltd’s Post

Chancellor Rachel Reeves has announced a big update: the UK is moving towards electronic invoicing (e-invoicing) with a view to modernise the tax system. HMRC will be soon kicking off a consultation to get input from businesses on how to best roll this out. The idea is to make invoicing easier and more accurate, improve cash flow, and boost productivity by automating the process. This is part of a larger plan to close the tax gap and enhance compliance. Looking forward to the consultation details—stay tuned! #VAT #VTT #einvoicing

There is an online tool, developed by HMRC, that allows taxpayers to check if they need to notify HMRC about additional income. The online tool can be found at https://lnkd.in/d8KKm89z. #HMRC #SelfAssessment

Christmas Check List: Stay Compliant this Christmas As we approach year-end, why not take the time to check your HMRC data is up to date. As a business, keeping your information accurate and up to date with HMRC is important - not just for compliance purposes but to ensure the smooth running of your operation. Here’s why it’s important: • Avoid Missed Communications: Ensure you don’t miss important updates, deadlines, or tax notifications that could impact your business. • Stay Compliant: Inaccurate information can lead to potential penalties or complications with your tax filings. • Streamlined Processes: Correct details help HMRC process your returns, claims, and payments without delays. Take a moment to review: ✅ Is your registered business address correct? ✅ Are your bank details correct? ✅ Have you updated your contact details? ✅ Are your directors or partners accurately listed? #BusinessCompliance #TaxTips #HMRC

There is an online tool, developed by HMRC, that allows taxpayers to check if they need to notify HMRC about additional income. The online tool can be found at https://lnkd.in/d8KKm89z. #HMRC #SelfAssessment

The IRS is the Accounts Receivable department of the U.S.—and they’re making sure no one skips their invoice. 💼 In 2023, they closed 582,944 audits and added $31.9 billion in additional tax! With collection and audit enforcement on the rise, now’s the time to make sure your business financials are audit-proof. 📊 #TaxTime #IRSEnforcement #BusinessFinance #GetYourReceiptsReady #BusinessOwner

There is an online tool, developed by HMRC, that allows taxpayers to check if they need to notify HMRC about additional income. The online tool can be found at https://lnkd.in/d8KKm89z. #HMRC #SelfAssessment

🚨 #EInvoicing News: UK - Mind the changes! Earlier this week, the #UK Chancellor announced that the HMRC (HM Revenue & Customs) will soon launch a consultation to encourage the wider adoption of electronic invoicing across businesses and government departments. 💡 𝐖𝐡𝐲 #𝐞𝐈𝐧𝐯𝐨𝐢𝐜𝐢𝐧𝐠 𝐌𝐚𝐭𝐭𝐞𝐫𝐬 E-invoicing can reduce admin burdens, improve cash flow, boost productivity, automate processes, and minimize errors in tax returns. This is all part of HMRC's plan to modernize the tax system and close the tax gap. 📅 𝐖𝐡𝐚𝐭'𝐬 𝐍𝐞𝐱𝐭? Chancellor Reeves also mentioned a Digital Transformation Roadmap, set to be released by Spring 2025, detailing how HMRC aims to go fully digital. We’ll be keeping an eye on how these developments shape the future of e-invoicing in the UK. 👉 Follow us to stay informed on the latest e-invoicing news and insights! ___ #TaxCompliance #UKBusiness #DigitalTransformation

Spoke to the Financial Times about the latest government fiasco that is HM Revenue & Customs R&D tax credits system. Their overzealous investigations are impacting small businesses who have, in good faith and based on expert advice from numerous accountants, innovated and invested in creating new technology in their business, only to find our government launching investigations into us. Our business faces having to pay back £118,000 and we are not alone. I'm in a group of hundreds of other founders (some even innovating in the fields of brain health) being systematically targeted by HMRC retrospectively. The irony is that we are now a nicely profitable company paying corporation tax bills every year, something that wouldn't have happened without the investment in innovation and software we made. I have no issue with HMRC tightening the rules, improving the guidelines and giving business more clarity. But draw a line in the sand and do it moving forward, rather than targeting businesses they have in good faith made business decisions based on expert advice. Read.more: https://lnkd.in/egkdbRhy

There is an online tool, developed by HMRC, that allows taxpayers to check if they need to notify HMRC about additional income. The online tool can be found at https://lnkd.in/ejGGKMs6. #HMRC #SelfAssessment

There is an online tool, developed by HMRC, that allows taxpayers to check if they need to notify HMRC about additional income. The online tool can be found at https://lnkd.in/eeYMNRxh. #HMRC #SelfAssessment