A client recently sent me an email showing a terrifying demand from the Irish tax office for over 1 million Euros under the VAT MOSS scheme which was payable within 10 days. This was a shock as the client had already paid over their VAT MOSS bill for the quarter through the UK system which totalled less than £50!
As part of my role in the Plus Accounting Healthcare team, I prepare monthly management accounts for medical practices. By preparing and analysing management accounts on a monthly basis practices are able to identify trends, measure performance, and keep better control over their many different types of income streams and costs.
As Tax Manager in the Plus Accounting Healthcare Team, I understand how difficult it can be try to predict your income from one year to another; profit shares can vary in a Practice due to changes in the numbers of sessions worked or updates to profit forecasts. The position is made more complicated as the actual superannuation figures often vary from the superannuation estimates and this all means that tax bills can vary significantly from year to year.
Government plans to extend tax breaks for the British film industry have been approved by the EU. Under the scheme, film production companies can claim tax relief for the costs incurred producing films and this is now regardless of the budget.