Wilkins Kennedy LLP | Wilkins Kennedy

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Using Slow Stock To Shift You Up A Gear

Phil Mullis

Phil Mullis

Slow selling stock is a problem for many retailers, as it ties up valuable funds. To keep cash flowing, maintain a healthy bank balance and keep the business moving forward, you need to turn over stock as quickly as you …

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Retail

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Hertford firm gets muddy for money

Staff at top-20 accountancy firm, Wilkins Kennedy LLP’s Hertford office, tackled the second of two muddy challenges last Saturday 16 May in Brentwood, Essex to raise £1,500 for Welwyn-Based Isabel Hospice.

The first race, the Warrior Adrenaline Race (W.A.R) took place on Hartham Common on 26 April, comprising of a 5k race through an obstacle course.  Participants were subjected to mud, sweat and tears as they crawled through mud and climbed over various obstacles before finally submerging completely in a skip of cold muddy water – as well as carrying a heavy log around the course.

Tax Dates

31 May 2015

Foreign Account Tax Compliance Act (FATCA) returns due (Calendar Year 2014)

1 June 2015

Small businesses to consider compulsory enrolment of staff in workplace pension

6 July 2015

Annual returns for 2014-15 employee share schemes to be filed by this date

WK Tax Factor

Prompt Payment Discounts

From 1st April 2015 VAT law in connection with prompt payment discounts is changing. The changes will not only affect those businesses that offer prompt payment discounts to customers but also those who receive invoices offering a prompt payment discount.

The current VAT legislation is relatively simple with the amount of VAT declared on the invoice as well as the amount of VAT the recipient of the supply can treat as input tax being calculated on the discounted price.

The amount of VAT does not change even if the prompt payment discount is not taken up by the customer.  - See more 

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