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Tis the season… for insolvency?

David Tann

David Tann

It isn’t just the warmer winter weather that retailers have been feeling this season as reports of widespread tough trading in the lead up to Christmas has cast a shadow over the trading landscape. You might not think that the …

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Insolvency

Latest Press

Bleak December sales could lead to a brighter outlook for retailers

The ONS December 2015 Retail Sales released today held little in the way of surprises for the warmest December since records began. However, our recent cold snap could help push sales throughout January as retailers look to shift their Autumn/Winter stock. According to Phil Mullis, Partner and Head of Retail and Wholesale at top-20 UK accountancy firm, Wilkins Kennedy, the 1% quantity decrease from November is likely to have been caused by people taking advantage of the long-tailed Black Friday weekend and preparing for Christmas earlier than usual. It was interesting to note that although online sales were down in December compared to November, the year-on-year trend continues on an upward trajectory.

Tax Dates

6 April 2016

Single-tier state pension replaces the basic and additional state pensions.

6 April 2016

Annual allowance of £40,000 for tax relief on pension savings in a registered pension scheme is tapered down to a min imum of £10,000 for individuals whose annual income is more than £150,000 (including their own and their employer’s pension contributions).

6 April 2016

Lifetime allowance for pension savings reduced to £1,000,000.

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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