HMRC denies new business VAT refunds

HMRC denies new business VAT refundsHMRC has changed its interpretation of a key VAT rule – newly registered businesses are now being denied VAT refunds.

HMRC hasn’t publicly announced this change in practice, so tax advisers and taxpayers have been potentially over-claiming input VAT on new VAT registrations.

What’s changed?

When an established business registers for VAT, it may already hold some stock and assets which will be used after the registration date in connection with its ‘VATable’ sales.

For over 40 years, traders have been able to reclaim all the input VAT paid on those goods on their first VAT return, as long as the following conditions were met:

  • Goods were acquired in the four years before the date of registration
  • Items were still held at the date of registration

However, if you ring the VAT helpline you may now be told that you are unable to reclaim all of the input VAT paid on those goods.

HMRC says the input VAT should be reduced to take into account the use that has been made of the goods before the VAT registration date. There has been no change in practice for VAT reclaims on services, which must be provided in the six months before registration.

HMRC denies new business VAT refunds

If you would like to find out more information, or would like general business accounting advice, give Omni Chartered Accountants a call today! Our number is 01902 837408 or of you can request a free of charge call-back from our website!

Why Budget Tempers Optimism

Confidence among small businesses is cooling, according to the latest Federation of Small Business Index that was published in September.

Why Budget Tempers Optimism

While confidence levels remain firmly in positive territory, SMEs appear more cautious about their prospects than in recent quarters.

After an initial boost given by the clear outcome of the General Election, these results reflect the impact of recent changes announced at the Summer Budget, notably increased taxes on dividends and steep rises in the national living wage.

The number of businesses expecting to grow has also cooled but remains positive, with almost 6 in 10 small businesses (58.7%) anticipating expansion in the next 12 months.

Why Budget Tempers Optimism

How are you feeling about the future? If you need help or advice to ensure your business is as tax efficient that it can be, Omni Chartered Accountants can help!

Request a free of charge call back from our website or click here and we will get straight back to you!

Taking early action on debt for SMEs

Small business owners that are struggling to make ends meet should seek early advice from the Business Debtline while they still have a chance to turn things around.

Taking early action on debt for SMEs

The Business Debtline is a free, Government-backed service run by the Money Advice Trust, which offers one-to-one advice sessions for those struggling to cope, helping them produce an action plan that could prevent insolvency.

If your company is struggling with cash-flow due to debts, it makes sense talk to them first before you go down the slope that could lead to bankruptcy. If you have debts and/or owe HMRC monies then give them a call – you can visit their site at

Taking early action on debt for SMEs!

Omni Chartered Accountants also offer free impartial advice to UK SMEs and our competitive pricing plans are designed to help your business stay right on track.

For an initial chat, call us today on 01902 837 408 or click here and we will come straight back to you!

Referral scheme: earn commission or credits!

Referral scheme: earn commission or credits!

From day one Omni Tax and Accountancy Solutions Ltd has received referrals.

So we have decided to introduce an official thank you!

You already know how good we are, we like working with and for people and businesses the are recommended to us. Now everyone can benefit with our clear and simple referral programme.

Choose your reward!
Every time you refer a client that takes our service we will give you a voucher to be redeemed against our own services.
A: You can get your full years accountancy costs covered.

If you would rather be paid for each referred client that takes our services, we will pay you 10% of the first years charges.

In addition we will also give your referred client a 5% reduction on their first years fees!

Referral scheme: earn commission or credits!

Just request a free of charge call back, email or speak to Andy on 01902 837408 or 07812 988065 today!

Is self-discipline a common trait of successful business people?

Is self-discipline a common trait of successful business people

Is self-discipline a common trait of successful business people?

Success just happens, right?

We all want to get somewhere in life and in business. We have aspirations, goals and dreams. But why is it that only some people are able to get there?

Is it because of luck, circumstance, or talent?

Depending on the person it could be a combination of these elements.  The one common theme that does come up when conversing with successful people is discipline. Whether it’s a business person growing an organisation or a self-employed sole trader building a small business, discipline is the one element they all have in common.

Discipline is a fundamental element in obtaining goals, dreams and desires.

Discipline is what keeps us going when times are tough and not going our way. It makes the bad times easier to get through. We must constantly practice, repeat, and believe in our purpose.

Given this knowledge, why do so many individuals leave self-assessment until the last minute?

Don’t leave your self-assessment until the last minute

The end of January may seem like a long way off right now but it will come round quicker than you think. Our advice would be to get your return done as early as possible.

How to avoid HMRC fines

The earlier you start to do it, the more time you have to check that you have everything to complete it, as you may find for instance that you do not have all the interest statements you need. HMRC won’t hesitate in fining you if there are mistakes in your tax return. The last thing anyone needs is a wholly avoidable fine from the tax man.

For many people, filing an online self-assessment return is a straightforward process. However, if you are unsure about the information you are submitting, don’t be one of the almost one million people caught out each year.

Omni Chartered Accountants can help you for as little as £95.00 – call 01902 837 408 and take the Omni Challenge today to see how much we could save you by managing your accounting affairs!

Time, money and effort

Time, money and effort

Time, money and effort

There is a certain irony in running a small business that does not always become apparent until you actually run one: You are a limited resource and deciding priorities on where to focus your time is key to being productive

Deciding small business priorities: Time, money and effort

You are regularly off balance. You rarely have the resources to do the job well, you are always behind in something, there is always an uncertainty to worry about and of course, it takes time, money and effort, to reduce the time, money and effort of running the business.

And its time, money and effort that are in short supply.

But understanding how to break through your current level of business and get to the next level is the most important thing any small business owner needs to learn.

Whether you want your business to remain small and simply grow in profitability or whether you want your business to grow to the next stage, the business you run will need a step change in order for it to happen.

Step change for small businesses

A step change, by definition, is one that makes a significant change.

It is when the line on the graph stops looking like a gentle incline and begins to resemble a staircase. Whether the staircase is a step up in profitability or revenue or a step down in costs, it is a discontinuous change and these changes don’t happen by themselves.

Why not share your own experiences and help someone who is currently in that cycle of uncertainty? Whether you sell a service or a product, what worked for you?

At Omni we are great believers in sharing and helping, it really is amazing what you can achieve when you don’t mind who gets the credit!

At Omni we see many business performances, and what is certain is that if you want to make a step change in your business, the first thing that you have to realise is that it may somehow involve the internet.

It may be about marketing or ecommerce. Or it may not. It could as easily be about productivity, customer happiness, new sources of goods, new type of distribution, enlarging your catchment from local to global. It could be discovering partners, new routes to market or outsourcing core activities.

In truth it could touch any part of your profit and loss statement.

Call us today to discuss your plans for the future of your business – we are here to guide and advise you to make the changes that could help take your enterprise to a whole new and exciting level!

HMRC reduces external debt collectors by 50 percent

HMRC reduces external debt collectors by 50 percent

HMRC reduces external debt collectors by 50 percent

Yesterday, we wrote about the UK tax-burden according to a recent report by UHY Hacker Young.

The same company has revealed that HMRC spent £6.8m on external debt collectors in 2014, compared to £14.8m in 2013.

This reduction is down by half, and is likely to have happened after the public backlash about the way in which debts were being persued.

The use of external debt collection agencies began in 2009 as HMRC were under pressure to get the most out of its tax take and reached a high in 2013.

Head of private client services at UHY Hacker Young, Mark Giddens, said;

“Debt collection agencies are rarely the most appropriate way for HMRC to collect unpaid taxes.

“HMRC need to be absolutely certain that they are correct when employing these sort of tactics. There is no guarantee that HMRC’s databases are exactly up to date. The danger is that if errors are made then taxpayers are left out of pocket and fighting for their own money against a government agency.”

HMRC can now also, rather controversially, taken on the power to demand that any disputed tax is paid up front. They are also looking at the possibility of taking unpaid taxes directly from people’s bank accounts.

What do you think of this whole affair? Is HMRC always right? What about genuine disputes and mistakes?

If you would like to talk with us about your business cash-flow then request a free of charge call back from this website; we are here to help advise and guide when it comes to all money matters for your company.

What abolishing the tax return means for your business

What abolishing the  tax return means for your businessIt is nothing new for taxpayers or their agents who already use HMRC’s services to manage their tax affairs online. In fact, over 85 per cent of Self Assessment tax returns are already completed this way.

Digital tax returns to replace  tax returns announced in 2015 Budget

The Government has announced their plans to update the tax system, by replacing traditional tax returns with digital tax accounts for millions of UK individuals and businesses.

From early 2016, around five million SMEs and ten million individuals will have access to their own digital tax account and by the end of the next Parliament, every individual and SME in the country will have one. But what does this mean to you and your business?

At the moment, there is still some uncertainty as to the finer details and many sole traders and small businesses are concerned about the changes and how it will affect them.

Later this year, the government intends to publish its roadmap and further consult on the changes; some of these changes will require investment in new systems and changes to legislation.

What abolishing the  tax return means for your business

Digital tax accounts taxpayer easy guide 2015

  • Businesses and individuals will be able to view and manage their tax information online
  • Taxpayers will be able to see how their tax is calculated
  • There will be options for paying securely online
  • Taxpayers will be able to check how much tax they owe or need to be repaid online
  • Businesses with more than one tax affair – like corporation tax, VAT and Pay-As-You-Earn (PAYE) – will be able to view their total liabilities across the board
  • HMRC will already hold information on file along with third party data
  • Those who pay tax through PAYE will have their National Insurance contributions, income tax, and pension position shown in their digital tax accounts, including any interest from banks and building societies

Although it is not exactly clear yet as to the timing or the implications, we will keep you informed with all of the latest news and developments. Losing the paper does not mean that you will no longer need an accountant – looking ahead and adapting your business to deal with any changes will be the key to making the transition smoothly. HMRC will be in receipt of real time data and information, it is going to be vital to ensure that all information entered is clear, correct and validated prior to updating your digital account.

In the meantime, if you would like to contact us please click here, or request a free of charge call back from our website. We are also available for online chat via @OmnitasTax or you can join in the conversation on Facebook.

Is public trust in British business still dangerously low?

Is public trust in British business still dangerously lowPolling and Research Company research YouGov has just released their findings following its recent survey regarding public attitude towards business.

The results do not make for happy reading.

Some six years on from the financial crisis, trust in corporate Britain remains at worryingly low levels. Asked how much they trusted various sectors and professions, the public revealed the extent to which trust between business and customers has been eroded.

Whilst 81% trust teachers and 89% trust nurses, only 49% trust managers of small firms. Entrepreneurs are trusted by just 30% of the public.

What are your own experiences and thoughts? Is trust affecting your business?
Is public trust in British business still dangerously low?

In this new economy, a positive trust rating is highly prized by both buyer and seller. Transactions are humanised and social media allows experiences – good or bad – to be shared locally and around the globe.

Addressing the lack of trust in business should be a priority for government, policy makers and, of course, for business owners themselves.

The price for not addressing this will be the emergence of a society that risks turning permanently against its wealth creators, and a society that goes down that road will very soon face a number of serious challenges.

A new economic system based upon trust, transparency and accessibility is one we at Omni strongly believe in.

We would love to hear your thoughts on the matter. If you are a business owner, how do you build trust with your clients? Is the interactive way in which we all research our purchases and decisions a good or bad thing?

Tweet us @OmnitasTax and let us know your thoughts, or join in the conversation on Facebook – we are here to help and offer impartial free of charge advice to UK businesses, however big or small they may be.

5 tips to being successful in business

5 tips to being successful in business

Everyone has their own unique working habits and you are unlikely to ever find two people who work in exactly the same way – regardless of whether or  not they are successful.

However, research has shown that hugely successful people do often share certain habits and personality traits that are thought to be a massive  contributing factor to their success.

 1.     Work hard

When it comes to running a successful business, there are no shortcuts and there are very rarely any overnight success stories.  You can’t be truly great at anything unless you put an incredible amount of effort into it. Successful people have a long list of things they want to get done which means they put in a lot of time and work more hours that the average person.

2.     Have big ambitions

Right from the outset, successful people identify where they want to end up and set that as their goal. Once they know what they want to achieve, they work backwards and lay out every step that is required to meet their goal.

Smart leaders find that this helps them to make better decisions and makes it easier for them to work harder because they know that their ultimate goal is success.

What’s more, achieving a goal, no matter how big it is, merely acts as a launch pad for successful people to set another equally ambitious goal.

3.     Sell, sell, sell

The vast majority of very successful people will agree that the one skill that has contributed the most to their achievements is the ability to sell. Selling is the foundation to success because being good at it means that chances are you will know how to negotiate, deal with people saying no to you, can maintain confidence when being rejected, can communicate effectively and very importantly, build long term relationships. All of these skills are vital to success but those who truly believe in what they do find that they don’t need to sell – they simply communicate their feelings about something they truly believe in.

4.     Don’t have a back-up plan

Whilst many people might argue that a back-up plan is a sensible thing to have, highly successful people feel that this merely creates an easy out when things get tough.

Chances are that you will work a lot harder and a lot longer if your primary plan simply has to work and you don’t have any other fall-back options.

5.     Don’t let pride get in your way

Even the most successful people in the world will never be too afraid to admit when they are wrong, when they have made a mistake and when they need to say sorry.

This grounded nature makes them much nicer people to work with and as a result, professional and personal relationships thrive and so does the business.


If you would like to be successful, these are of course, general pointers to help guide you in the right direction. Having the right accountant and getting the right advice when it comes to your business finances should also be a crucial part of any plan that you may have to make a success of your venture.

Omni Chartered Accountants are here to guide you along the way and offer impartial advice; our years of experience make sure that clients always get a cost-effective solution to managing their tax and accounting affairs.

For more information, call us today on 01902 837408 or request a free of charge call back from this website. Alternatively, click here to make an enquiry and we will contact you by return.