VAT Breaking News: Changes to the Cash Accounting Scheme

HM Revenue & Customs have announced the following changes to the Cash Accounting Scheme, effective from 1 April 2007.
These are:

• The annual turnover limit below which businesses can start to use the scheme, will increase from £660,000 to £1.35 million.
  
  
• The annual turnover limit above which businesses must leave the scheme, will increase from £825,000 to £1.6 million.

The scheme allows eligible businesses to account for and pay VAT to HMRC only when they receive payment from their customers. A condition of this treatment is that users of the scheme can only recover VAT on purchases when they pay their suppliers.

Generally speaking, the scheme offers a cash flow benefit and provides automatic relief from VAT on bad debts without the need to apply for Bad Debt Relief. For more details about how these changes could effect your business please contact Maurice Willis, Director of VAT Services on (01709) 828400.

Allotts Football team storms through

Allotts football team has done the firm proud in finishing as runners up to their client Doncaster Deaf School at a football tournament organised by the local business community. A total of sixteen teams competed to win the cup in the tournament held on November 2nd at the Doncaster Dome.

Particular highlights of the evening included more than twenty goals from our boys and a moment of glory for goalkeeper Trevor Taylor who saved one of his colleagues from the embarrassment of an own goal.

Allotts team consisted of Mario Santoro (captain), Matt Ridley, Adrian Clegg, Peter Haywood, Kristian Wright and Trevor Taylor.

Allotts football team also had some success at the recent Young Chartered Accountants Group football tournament held at Hillsbrough Leisure Centre on October 26th. A team consisting of Trevor Taylor, Matt Ridley, Scott Sapey, Sean Stanton, Kristian Wright, Joe Forth and Stuart Croft blasted through the first two rounds only to fall at the hurdle on reaching the semis.

Congratulations to all our footballers and we look forward to more success in the future!

Allotts Football team at the YCAG tournament