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Month: August 2018

Is your business ready for the April 2019 VAT changes?

VAT changed April 2019 Explained

Is your business ready for the April 2019 VAT changes?It’s now less than a year until businesses that file VAT returns will need to do so online via accountancy software. Apart of the Making Tax Digital (MTD) programme, the initiative means some 2.5 million VAT registered businesses in the UK with a turnover exceeding £85,000 will need to submit their VAT returns through software compliant with that of MTD rather than through the HMRC portal.

Both businesses and their accountants are therefore being required to set up and use online software such as QuickBooks, Xero and Sage.  But many companies are still unprepared for the changes. So what can you do to ensure you comply in time? Here, we offer some tips:

Educate yourself and your staff

The first thing to do is confirm – as soon as possible – that your organisation is subject to MTD. There are a few exclusions, including being subject to an insolvency procedure, or being a member of a religious society that has beliefs incompatible with using electronic communications.

If you aren’t exempt, you’ll need to sit down with your accountant to discuss how the changes will affect your business and come up with a new process for billing, preparing accounts and filing data. You can then begin to research different software options to see which would suit your company best.

Inform your staff

Allow your staff as much time as possible to get on board with the idea of digital accounting. Speak to them about what the changes involve and why moving to online accounting is necessary. You may then want to appoint a champion or group of champions – depending on the size of your business – to lead the introduction of the programme.

Introduce the software

Once you’ve found an online provider that fits with your business and can be supported by your accountancy firm, it’s time to introduce it. Ensure your champions are fully trained externally on the software – either by your accountant or by the provider themselves – and are confident to deliver training to the rest of the staff. Providers will be aware of the April 2019 deadline, and will have technical support teams on hand to help iron out any issues you might experience.

Keep in touch with your accountant

Another key aspect of remaining on top of the situation is to keep in regular contact with your accountant. This will help you keep abreast of any updates or changes that are occurring. Remember that your accountancy firm will be trying to help a range of clients with the changes, so don’t expect them to always get in touch with you first – if you have a question or are expecting some information, give them a call.

Many accountancy firms such as a Chartered Accountant in Tunbridge Wells, are busy preparing their clients for the upcoming changes. If your business hasn’t begun the process, now is the time to get started.

Why Should You Buy Star Health Insurance?

Why Should You Buy Star Health Insurance?Star Health Insurance offers a remarkable variety of policies that look after an individual’s financial conditions during a medical adversity. It provides policies at reasonable rates considering the rising costs of the medical bills. These policies range from schemes for an individual to family floaters and senior citizens.

Buy Star Health Insurance online is known for its fast and hassle-free claim settlement process. It does not require the involvement of a Third-Party Administrator. There are a number of customer care services available for the customers. The company offers cashless hospitalization and there are experts available round the clock to provide free medical consultation.  A renewal notice is received by the policyholders, 15 days before the expiration of the Star Health Insurance policy. The grievances of the customers are resolved within 15 days of receipt.

Star Health Insurance has gained the trust of people through its comprehensive range of health-care products which cater to the needs of all individuals and groups. It has won numerous awards for its services. They are:

  • ‘Best Health Insurance Company of the Year 2017′ by CMO Asia.
  • ‘W.H.O Award of Excellence, 2017′.
  • ‘Best Health Insurance Provider of the Year’ at the Business Today, Money Today Financial Awards 2016-2017.
  • ‘Claims Service Company of the Year, 2014′ at the Indian Insurance Award.
  • ‘Best Claim Settlement Insurer’ in Hindustan MaRS Survey.

How Much Should You Invest In Star Health Insurance?

There is no specific amount that is fixed for everyone. The amount of investment in the health insurance would depend on individual needs which would be different for each person. Provided below are a few guidelines from the broader view that will help to decide on the amount of health insurance to be invested in Star Health Insurance.

Consider the needs and situations.

  • For whom is the coverage to be bought? It can be for an individual or for the family. In the case of self, choose the individual basis and for family, choose the floater basis.
  • What is the current health situation of the family members who are supposed to be covered?
  • If the family history of any disease is positive then you may have to opt for a critical illness rider.
  • The place of residence should be considered because the health-care costs vary from place to place.

How much you can afford or what is your budget to invest in Star Health Insurance?

Considering all these factors, a person residing in a metropolitan city and desiring to cover the entire family including parents, can choose a family floater cover. He will have to put in 10 lakhs as the sum insured. An individual needs to decide if the amount is affordable. It is important to keep a reasonable sum insured. If such a person opts for a low sum insured, say INR 2 lakhs; then it would be quite an unwise proposition. The individual and the family will not be fully protected by such a low insured sum.

These points can broadly assist a buyer to choose …