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Insolvency: official numbers falling?

David Tann

David Tann

The recent statistics from the Insolvency Service for Q2 2015 have shown some interesting findings. It appears that there have been significant decreases in both company and personal insolvencies in the UK which is great news in an economy which …

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Latest Press

Retail Sales increase but profits remain squeezed

The statistics for Retail Sales have been released this morning, but even though the sales have increased in the sector for the 28th consecutive month, there is a chance that profits and margins are still being lost, say top retail accountancy experts at Wilkins Kennedy.

According to Phil Mullis, Partner and Head of Retail and Wholesale at top-20 UK accountancy firm, Wilkins Kennedy, there are questions as to whether the increase in sales has actually lead to bigger profits. “We as consumers can only consume so much, but what is happening is that people are spending more on bigger ticket purchases."

Tax Dates

1 September 2015

Reminder to ensure CPD requirements fulfilled by end of year. CIOT: minimum 90 hours CPD per calendar year (at least 20 hours of non-reading). ATT: minimum 45 hours CPD per calendar year (at least 15 hours of non-reading

1 October 2015

Transitional arrangements for zero-rating of approved alterations to protected buildings cease to apply 

1 October 2015

ATED returns due for properties in the band £1m to £2m

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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