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Accounting & Compliance

Friend & Grant Chartered Accountants have been helping small and medium sized businesses in the Medway towns and North Kent for over 20 years

28th March 2022
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The Spring statement and our assessment of the impact on business

With the war in Ukraine continuing and huge increases in energy costs inflation is expected to increase substantially over the coming year. The financial pressure is huge with households facing the largest ever recorded cost-of-living squeeze and businesses suffering substantial planned tax rises as well as pressure on wages and fuel costs. Chancellor Rishi Sunak delivered the government’s Spring Statement last Wednesday but it was clearly aimed at households. For businesses there was very little content.

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29th October 2021
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The 2021 budget- how does it impact you?

Every year we sit with baited breath waiting to see what is in store for businesses and individuals from a tax perspective. Were we in for some surprises? Was there going to be a radical overhaul of the tax system particularly in respect of capital gains tax and inheritance tax?

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24th September 2021
Book shelf

Do writers have to pay tax?

It is often the case that those who have creative flair possess no interest in more mundane things like figures. Unfortunately for those people, especially if and when they become successful, they need to pay tax on their profits and so they either require some understanding of accounting and tax matters or be prepared to pay someone else to deal with it for them.

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10th September 2021
Girl using tablet

Tax Man Set to Clamp Down on Online Tax Evasion!

Year by year the net has been closing in on individuals who fail to declare their incomes. The latest attack focuses on digital platforms such as Airbnb and similar online accommodation sites, tax and private hire services, food delivery services, freelance work, shopping platforms for resellers etc….

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7th June 2021
Confetti on floor

What are the common traits of a successful business owner?

Having been in business myself now for almost 30 years I have seen the common traits of those business people who are successful and those who aren’t. It isn’t about having an extraordinary new idea which no one has thought about or tapping into new markets, although this is great if you can. It is more about doing the right things and doing them well.

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26th May 2021
Laptop on table

How much should small companies spend on their accounting function?

This is a really good question, and the simple answer is that it depends, but in many cases it is not nearly enough!!!! In general it depends on what the business owner wants and how big and complex the business is.

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9th March 2021
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Budget 21- Chancellor supports business in the short term with big tax increase planned for the future

In the Chancellor’s second real Budget on 3 March 2021 he announced that he had to level with people about the state of the UK economy. Unsurprisingly given the amount of support necessary for businesses and to keep unemployment levels down the UK finances are in a mess! The national debt is expected to hit £2.5 trillion by the end of 2021!

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5th March 2021
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VAT domestic reverse charge- chaos for the construction industry.

The long delayed VAT Domestic Reverse Charge for the Construction Industry was finally introduced on 1st March 2021.

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4th March 2021

HMRC VAT deferral new payment scheme

If you opted to defer your vat payment between 20 March and 30 June 2020 and still have payments to make, you can now defer your payments for a period of up to 11 months, making payments in equal instalments, interest free!

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14th January 2021

Five top tips to adopt in 2021 to improve your leadership skills

In today’s fast pace business world the need for growth is essential. However doing it on your own is incredibly difficult. Having a strong team around you is key but this can only be created and sustained through strong leadership.

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5th January 2021
BREXIT next chapter

Brexit trade agreement signed and sealed!

As expected at the 11th hour a trade deal was struck! The transition period for the UK leaving the EU has now ended. The trade deal has been ratified by the UK Parliament so from 1 January we are trading with the EU quota and tariff “free”.

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9th December 2020
cargo containers

How post Brexit VAT works for businesses importing into the UK

Postponed VAT accounting starts on 1 January 2021, but what does it mean and what effect does it have to businesses?

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7th December 2020
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Brexit Update

The UK will leave the EU on 31 December 2020, with or without a trade deal, what action should you be taking now to prepare your business?

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2nd December 2020
Gold Pound Coins

How to pay VAT deferred due to Coronavirus

If you have deferred your VAT liability due to Coronavirus, make sure you know your options for payment!

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19th November 2020
Metro newspaper get ready for Brexit

How do I prepare my business for Brexit?

Will we or won’t we get a free trade agreement with the EU? Whatever the outcome our Brexit 20 point checklist will help you to prepare for the changes on 1st January 2021.

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12th November 2020
man working on roof

What is the flat rate scheme for VAT?

The flat rate scheme was first introduced in the 2002 budget and is a simple way for small businesses to account for VAT on their supplies.

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11th November 2020
green leaves

Looking to set up in business? Want to increase the odds of success?

If building a business was so simple then why do almost half of businesses which set up fail within the first 5 years? Construction is even worse with 2 out of every 3 startups failing in the first 5 years! It isn’t the lack of cash but this is often the nail in the coffin. It all started on day 1 with the failure of the business owner to understand what is really involved in becoming a successful business owner.

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6th October 2020
Man at desk using apple imac in office. The pitfalls of enguaging consultants and contractors

The pitfalls of engaging consultants and contractors

There are important changes being introduced in April 2021 to combat companies employing individuals through their own personal services companies. In our blog we highlight the dangers to business owners and how over the years the rules have changed and the net tightened leading to the new off payroll rules which come in to play on 6th April 2021.

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2nd September 2020
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Update to the Kickstart Scheme

The application process for the Kickstart Scheme is now live, but do you know what’s involved?

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24th August 2020
Star Wars robot R2D2

Have you felt the force of the digital age in your finance department?

Automation can prove beneficial for businesses, but what’s involved and where do you start?

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21st August 2020
Man has trodden on chewing gum on the road

Looking to give shares away in your company? Beware the pitfalls.

Looking to give shares away in your company to secure an investor, business partner or lock in an employee? Beware the pitfalls. In this blog we look at why company owners are prepared to sell or giveaway shares in their companies. We look at the problems, the tax issues, some of the solutions and recommendations we would make to ensure that if you do sale or give away part of your company that you secure your financial position.

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12th August 2020
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How prepared is your business to respond and adapt to future challenges?

Forecasting and scenario planning can help ensure you are better equipped to deal with different situations as they arise, but what is scenario planning?

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10th August 2020
Man wearing apron with tools in a workshop

What is the government’s Kickstarter job scheme?

With the government building a plan for jobs, there are not only changes to apprenticeships but also a new Kickstarter job scheme.

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7th August 2020
Open sign in a shop window

VAT reduction for hospitality and tourism sectors

Businesses in the hospitality and tourism sector can now reduce their rate of VAT, but only on certain goods and services!

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3rd August 2020
Man with macbbok, calculator, iphone and newspaper on a desk

What next for Making Tax Digital?

The government has updated their Making Tax Digital project and this is likely to affect all businesses in some way!

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23rd July 2020
tree at night by water with reflection

What is factoring?

Need finance to cope with your business growth? Have you considered factoring? If not then please read our article which looks at what is factoring and 8 key points to consider when choosing a factor.

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3rd July 2020
person holding grinder with sparks

Warning! Doing works on a property? You might need to operate a Construction Industry (CIS) scheme.

The construction industry scheme is designed to stop tax on invoices raised by the self employed or limited companies (called subcontractors) who provide labour within the construction industry to businesses which are also within the construction industry (called contractors).

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8th June 2020
bank notes and coins

Cashflow problems? How do I build a better credit control system?

Cash is king! In bad times there isn’t the luxury of being slack with extending credit to customers. For many businesses poor cash collection is the difference between life and death. Here are 15 easy steps to building a better credit control system and improving cashflow management.

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8th June 2020
Black samsung tablet showing graphs on table

Looking to increase your profits? Is it a good idea to voluntarily register for VAT?

Business startups and small businesses often do not need to register for VAT. However by registering for VAT the VAT incurred on expenditure can be recovered potentially increasing profitability. The article explores the circumstances when voluntary registration makes sense and when it doesn’t.

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1st June 2020
Joint hands at wooden desk

An important update to the Coronavirus Job Retention Scheme

On 29 May 2020, the Chancellor announced some changes to the Coronavirus Job Retention Scheme that will likely impact a lot of businesses - the "Flexible Furlough Scheme"

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28th May 2020
silhouette of man raising hands on top of a rock at dusk

Our 10 point plan to survive and thrive in the current environment

Everything has changed. For many businesses the coming months will be a real challenge. With the removal of lockdown and a deep recession many businesses will not survive. If you have been adversely impacted by Covid 19 here is our 10 point plan to not only survive but more importantly thrive.

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20th May 2020
working from home environment

Did you know we offer virtual training for your Cloud Accountancy System?

We understand that the majority of businesses are operating differently. Our virtual approach to providing you with support and training on cloud accounting solutions means that your finance function does not have to stop.

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14th May 2020
3 acorns on grass

What is the Coronavirus Future Fund?

The Government has announced a new scheme to issue convertible loans to innovative companies which are facing financing difficulties due to the Coronavirus outbreak.

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13th May 2020
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Is it a good idea to claim for the Coronavirus Business Support? A word of caution…

There are a few technicalities that businesses should be aware of when they are taking advantage of any Coronavirus Business Support.

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6th May 2020
chairs around a table

Coronavirus - Is there any help for those not paying business rates?

The Government has announced an improvement to the grants that are currently available for small businesses.

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30th April 2020
graphs on paper

What is my breakeven turnover?

The current crisis has highlighted to many business owners how precarious business really is. Many businesses have suffered. Now is the time to start rebuilding and one of the first things to do is determine your break even point.

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29th April 2020
bank notes and coins

What is the Bounce Back Loan Scheme?

Increased pressure from businesses unable to access the Coronavirus Business Interruption Loan (CBILS) funding has led to the government announcing a new loan scheme for those in need of smaller loans.

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17th April 2020
wooden signs with locations

Breaking up in Business

It’s fair to say that business relationships usually begin with enthusiasm and passion, grow through balance and communication and endure the highs and lows of life. Sometimes, however, businesses don’t weather the storm and things come to an end. Do you have a plan?

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15th April 2020
trees by house

Are you using the best software for your property rental business?

Working in the property industry can be a minefield with all the various accounting regulations that need to be followed. This can be made easier with a good record keeping system that works for your business and keeps you compliant!

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14th April 2020
copper coins

How to use Technology to Reduce Debtor Days and Improve Cash Flow

Cash flow is king in any business. Yet cash flow is one of the areas that many businesses struggle to manage. We explain ways in which you can use systems to help chase your debts more efficiently.

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10th April 2020

Government to provide cash grants for frontline charities

Charities across the UK will receive a £750 million package of support to ensure they can continue their vital work during the coronavirus outbreak, tens of thousands of charities will benefit from direct cash grants to ensure they can meet increased demand as a result of the virus as well as continuing their day-to-day activities supporting those in need.

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3rd April 2020
Man sitting down using a laptop

How can my team work productively from home?

We look at what action business owners can take to ensure their staff stay motivated, productive and mentally healthy during an extended period of working from home.

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28th March 2020
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Can a director be furloughed?

We examine the circumstances in which a company director can furlough themselves and take advantage of the government's Coronavirus Job Retention Scheme.

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23rd March 2020
tall building in docklands, canary wharf

What are the Coronavirus Business Interruption Loans?

The Chancellor announced the Coronavirus Business Interruption Loan Scheme (CBILS) in his latest Budget. This scheme opens for applications from 23 March 2020 and can provide facilities of up to £5m for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cash flow.

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23rd March 2020
man holding mug in front of laptop at night

Coronavirus – Help for the Self-Employed

The Chancellor has set out a package of temporary, timely and targeted measures to support businesses through this period of disruption. Regrettably for most of the self-employed there is little help.

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21st March 2020
Joint hands at wooden desk

What is the Coronavirus Job Retention Scheme?

The Chancellor outlined a package of measures that have never been seen before in order to protect million’s of jobs and incomes in response to the coronavirus crisis. A new Coronavirus Job Retention Scheme will be set up to help pay people’s wages.

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16th March 2020

How Your Business Can Survive The Coronavirus Crisis

There is no doubt we are living in unprecedented times. The coronavirus has increased uncertainty to levels that we in the UK have not seen for decades. The first thing to say however is that life goes on and to a large extent we can only deal with what is immediately in front of us....

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5th March 2020
book locked up in chan=ins

Confused About Data Protection Letters From The ICO?

If you have received a letter from the ICO about Data Protection fees, then the chances are this applies to your business.

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5th March 2020
countryside property

Radical Changes to Tax Payment Date for Residential Property Disposals

With effect from 6 April 2020, a new tax payment regime will be introduced for the disposal of residential property in the UK by individuals. Here’s what you need to know.

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10th February 2020
man wearing blue hard hat using hammer

Construction Industry Pitfall Number 4: All About The Tax

Poor book-keeping alone doesn’t usually bring a business down. Usually the accountant will step in to clean the books up and calculate the company’s tax liabilities with time to spare. But it’s different for construction, primarily due to CIS.

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22nd January 2020
man and woman talking

Will Proposed Changes to Off-Payroll Working Rules Affect You?

The off-payroll working rules, known as IR35, were introduced in 2000 to ensure that individuals who work like an employee, but through an intermediary such as a company, pays similar taxes to other employees. Important changes are being introduced in April 2020. There has been a lot of press recently (and most of it negative) stating how many businesses are going to be badly impacted by the changes.

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15th November 2019
men on building site

Next Steps re VAT Domestic Reverse Charge for the Construction Industry

The delay in the domestic reverse charge VAT for construction services was welcomed by many in the Construction industry as it has given affected businesses another year to prepare for the changes. The changes have been detailed by us in a previous blog and will have a major impact on the construction industry. Here’s our plan to ensure a smooth implementation of the changes.

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12th November 2019
person holding clapper board

Keep Details of Your Director’s Loan Account and Keep it in Credit!

In a recent Tax Tribunal case the judge agreed with HMRC that a detailed breakdown of director loan account transactions is required, including dates. The significance is that where the loan account is overdrawn (debit balance) there may be a possible P11D benefit on the director and also a tax charge on the company.

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10th October 2019
man holding his head looking worried

Need Help With a Revenue Enquiry?

Nobody likes to receive post from the tax man, especially when HM Revenue & Customs have chosen your Tax Return for enquiry. It’s easy to panic and you’ll have lots of questions rattling around your head. Here are our top tips for handling a HMRC Revenue enquiry.

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17th February 2021
Telsa Electric car in feild at sunset

Time For A New Company Car? Why Not Make It An Electric Car?

Thinking about getting an electric or hybrid car for your company? The government has announced that there will be a zero P11D benefit for the drivers of electric cars from 2020/21. This is instead of the 2% scale charge that was originally included in Finance Act 2017 to apply for 2020/21.

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4th September 2019
Brexit flag

Are You Ready For No Deal?

Will your business be prepared if we leave the EU on 31 October without a deal?

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31st August 2019
Cargo Boat at night

Do You Need an EORI Number?

All businesses within the EU, from sole traders upwards, need an EORI number when importing or exporting any commercial cargo from or to the rest of the world (i.e. outside of the EU).

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21st August 2019
gold coins

Where Has My Cash Gone?

Many business owners look at their bank balance to give an idea of how their business is doing, then when they sit down at the end of the year with their accountant to sign off the accounts, they have made a profit (or a loss) that does not match their bank – but why?

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8th July 2019
birds eye view of exotic beach and blue ocean

Planning for Your Summer Holiday

Everyone needs a holiday to recharge their internal battery and to strengthen those vital family bonds. However getting away from the business is a problem in itself. Here’s some ideas!

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5th July 2019
young children playing football

What To Do With the Kids This Summer

As a parent one big headache could be what to do with the kids this summer. If the kids are under 11 the government can help. If they are over 13 how about getting them to come to work for you?

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3rd July 2019
sunset across the sea

Offshore Funds Taxation

Friend & Grant have experience tackling the taxation challenges of a variety of foreign savings, investment, & retirement products, such as offshore funds; we can help advise you on what income needs to be reported, the available allowances, and can help formulate a tax-efficient repatriation plan.

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12th June 2019
builders working on construction site

Important VAT Changes to the Construction Industry - Do Not Ignore!

In the Government’s ongoing campaign to eliminate the effects of fraud, HMRC are bringing in new legislation from 1 October 2019 that will significantly affect the construction industry. This new legislation is the “Construction Reverse Charge”. The changes are major and if you provide labour in the construction industry then you will be impacted!

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13th May 2019
hand written checklist

The Importance of Good Corporate Governance

Good corporate governance is as crucial for SME’s as it is for large listed companies. Corporate governance refers to a set of internal policies, rules, and procedures that a company follows on a regular basis to make sure it operates in a fair, equitable, and appropriate manner.

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26th April 2019
building construction

One Minute Guide to R&D

Businesses are missing out on a huge tax windfall if they conduct Research & Development and don’t claim the additional tax relief – over 250,000 successful claims have been made to HMRC

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5th April 2019
Winstone Churchil giving a speech

Use Fewer Words for Clearer Communication

We waste so much time writing & reading long expansive sentences when a bullet point would be just as effective! Here is Winston Churchill’s memo to the War Cabinet about brevity.

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5th March 2019
Startup Guide to VAT Registration

Startups VAT Registration Get it Right!

For all startups knowing when to register for VAT is fundamental. Get it right and you could save £’000s in tax, get it wrong and there could be penalties and additional costs. The rules are fairly straightforward but unfortunately many businesses still fail to register on time.

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26th February 2019
Tax saving calculations for company directors

5 Easy Tax Wins For Company Directors Looking To Grow Their Businesses and Save Tax!

As a company director are you looking to build a strong working relationship with a trusted advisor who will help you save tax and grow your business. If you are then why not speak to us about 5 easy tax wins which we can implement with you.

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14th February 2019
Man with macbbok, calculator, iphone and newspaper on a desk

Making Tax Digital – Two months to go!

In a little under two months, the majority of VAT registered businesses with turnover exceeding the £85,000 threshold will be required to file VAT returns digitally.

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17th January 2019
Xero Gold Partner logo - Friend & Grant Achieves Gold Partner Status With Xero Cloud Accounting

Friend & Grant Achieves Gold in Cloud-Based Accounting

Friend & Grant are delighted to achieve Gold Champion Partner status with Xero, the global leader in cloud accounting software. With intuitive real-time, integrated software, more and more of the firm’s clients have been taking advantage of the flexibility and benefits that cloud accounting has to offer.

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16th January 2019
Man with macbbok, calculator, iphone and newspaper on a desk

Making Tax Digital – Are You Ready?

From April this year, for the 2.55 million VAT registered businesses with a turnover exceeding the £85,000 VAT threshold, it will be mandatory to file VAT returns through Making Tax Digital compliant software and not via the current HMRC portal.

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13th January 2019
Couple in a yoga pose

How Strong Is Your Balance Sheet?

Your balance sheet is important and shouldn’t be ignored. It’s visible to everyone if you’re a company so people can assess whether to do business with you or for a potential buyer to value the business.

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4th January 2019
credit cards in back pocket

Does Every Client Deserve Credit terms?

Most business failures could be avoided with a little care and attention. No one has the right to credit so don’t give it away unless clients have earned it. Read our tips and make sure your cash flow and your business doesn’t suffer.

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7th November 2018
Budget Report 2018 - Friend and Grant - Financial and Tax Advisors Kent - Friend and Grant

Budget Report 2018

This is our special budget report following the Chancellor’s Autumn Budget announcements. As previously announced, these were the main themes of the Chancellor Phillip Hammond’s third budget but what we were waiting to hear was where the extra money was going to come from? Had he found a “Magic Money Tree”, or would tax and...

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23rd October 2018
Beef burger in a roll

Is My Big Mac Tax Deductible?

Subsistence is a big problem area in tax. Many clients incorrectly assume that if you are working and buy a lunch or grab a snack when re-fuelling the car or van that this is fine to claim against your tax bill.

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23rd October 2018
Horse Racing

Don't Let the Taxman Ruin Your Day Out!

Entertaining clients is a legitimate business expense and can be paid out of the business account. But, you will not be able to claim tax relief for the amounts spent nor can you claim back any VAT paid. But, if there is a sponsorship element to the expenditure then the position may be more favourable.

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23rd October 2018
Classic e type jaguar car

Fancy a Classic Car as Your Company Car?

Will your next company car be a classic? How would you like to drive a fun Fiat 500 from the sixties or a cool Lancia Fulvia from the seventies? This is a serious question for car enthusiasts and one several of our clients have said a big YES to! Surprisingly, classic cars can be quite...

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23rd October 2018
workplace training in the classroom

Is Training Tax Deductible?

This question is asked a lot and it is usually along the lines of…. “I would like to learn about X and there is a great course. Could I put it through my business?” Most business owners think that training costs aimed at improving skills or business profits automatically qualify for tax relief, but that’s not...

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23rd October 2018
Basket of Flowers, Wine & chocolates

Maximise Tax Free Trivial Benefits

Tax Free Trivial Benefits – Make Sure You Make the Most of This Opportunity First announced in the spring 2015 budget, new legislation clarifying the tax treatment of trivial benefits came into force from 6th April 2016. But is this an easy opportunity to extract benefits tax free from your company? The simple answer is yes!...

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9th October 2018

Making Tax Digital - 5 Things To Do To Be Compliant

Despite there being no public news announcements from HMRC, like the TV advert about Auto-Enrolment with the 10ft furry monster, Making Tax Digital (MTD) for VAT is still going ahead from 1 April 2019. MTD for VAT will affect almost all VAT registered businesses in some way, meaning there could be more work to do...

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Book Your Discovery Meeting

Are you hungry for success? If you run a small to medium size business and you want to grow your sales, increase profitability and pay less tax then you have come to the right place.