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Bike shops and cyclists alike urged to gear up to take advantage of Local Bike Shop Day 2024

30 Apr 2024

The UK’s estimated 7.6 million cyclists are being urged to get on their bikes on Saturday May 4th and head down to their local independent bike shop, as many prepare special activities to... Read more…

Peterborough store selling solely local products looks to expand.

29 Apr 2024

A Peterborough store stocking products solely from local entrepreneurs said it is bucking the High Street trend and looking to expand due to its success.
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BIRA launches ‘High Street Matters’ podcast for independent retailers

29 Apr 2024

BIRA is giving independent businesses across the UK a powerful new resource with the launch of its “High Street Matters” podcast.
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Tesco accused of undercutting local shops via its wholesale business.

29 Apr 2024

The Guardian has reported independent shopkeepers saying prices they pay at Tesco’s cash-and-carry arm Booker are often higher than in Tesco’s stores.
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Get ready to celebrate independent Record Store Day

18 Apr 2024

Independent record stores around the country are preparing to celebrate all things vinyl for this year’s Record Store Day on Saturday April 20th. 
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Indies encouraged to put themselves forward for Retail Business of the Year award.

18 Apr 2024

BIRA, the British Independent Retailers Association, has announced its partnership with this year’s SME National Business Awards., joining the 2024 awards as a leading sponsor, backing... Read more…

Family-run Polesworth fish and chip shop celebrates 40 years in business with half-price chips.

18 Apr 2024

A Midlands fish and chip shop is celebrating 40 years in business and offering half-price chips to mark the milestone.
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Assault of shop workers to be made specific criminal offence

18 Apr 2024

Assaulting a shop worker is to be made a separate criminal offence in England and Wales as part of a government response to a wave of retail crime. 
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New stores helping Cardiff arcades buck retail trends.

18 Apr 2024

Eleven new businesses that have opened in the last year in the historic arcades of Cardiff city centre’s Morgan Quarter, made up of the Morgan and Royal arcades, have helped the arcades... Read more…

Study highlights impact of rising staff costs for convenience retailers.

3 Apr 2024

Research by the University of Stirling and the Scottish Grocers’ Federation has shed light on the impact of rising staff costs on the convenience retail sector in Scotland.
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Making Tax Digital

Posted on in Business News, Cycles News, Political News

MTD is changing the way that VAT returns are submitted for retailers from the 1st of April, 2019.

ACS 

The introduction of these reforms is to reduce the tax gap between tax collected and due by HMRC and, to help businesses stay on top of their taxes. The need for MTD is to alter how VAT returns are made and by using a compatible software VAT returns will now become digital.

If your business has a taxable turnover above the VAT threshold of £85,000 you must:

  • Keep your VAT records digitally
  • Use the MTD-compatible software to submit your VAT returns.

Retailers will need to start keeping business records digitally from the start of all accounting periods on or after the 1st of April 2019. No additional information will need to be kept as part of these records.

Digital records will include:

  • Each supply
  • The time of supply (tax point)
  • The value of the supply (net excluding VAT)
  • The rate of VAT chargedVAT Registration Number
  • Details of any VAT accounting schemes you use

Retailers can record daily totals if they are on a retail accounting scheme and currently do so.

The HMRC are supplying a list of MTD-compatible software providers, with software packages ranging from basic record keeping tools to fully integrated accounting systems via GOV.UK. Software products which can extract the required data from records kept in spreadsheets and submit them to the HMRC are also listed, available here.

Software is MTD-compatible if:

  • It supports the MTD obligations to keep digital records
  • Can exchange data digitally with HMRC

Read the full ACS Guide.

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