The Chancellor Philip Hammond presented his second Autumn budget on Monday 29 October 2018. In his speech he stated that “austerity is coming to an end – but discipline will remain”. He also promised a “double deal dividend” if the…

Making Tax Digital, the new scheme requiring businesses to file tax returns six times a year have been put on hold. The UK government wanted to put in place a system where business owners would file their returns six times…

There are two new directives, first for the fast reaction mechanism aimed towards preventing VAT fraud. Second one is for the optional and temporary application of the reverse charge mechanism in relation to supplies of certain goods and services. Quick Reaction…

Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of…

Value Added Tax (VAT) is a tax on consumption levied in the United Kingdom by the National Government. It was introduced in 1973 and is the third largest source of government revenue after Income Tax and National Insurance. It is…