In this article I will explain how VAT accounting will change from the 1st January 2021, how imports from and exports to the EU will impact VAT as well as how trading with Northern Ireland businesses will change.
*Please note that the below information applies to annual accounts for micro entities using financial reporting standard (FRS) 105. A limited company qualifies for FRS 105 where it doesn't exceed two or more of the following criteria in a financial year;
For many business owners when to upgrade from spreadsheets to accountancy software is not always something they consider when starting a business. Your focus is on growing the business and getting new clients. However, there are important legal and practical implications to consider.