Another year over…

Another year over…

Well all of a sudden we are in March and the tax year is almost over! That means that people like me will be nagging people like you for your paperwork and books for the tax year so that we can finalise your accounts and/or self assessment return. The tax year finishes on 5th April 2018 and from that point self assesssment returns can be submitted at any time through to the deadline on 31st January 2019. That seems like a very long time but those weeks and months will soon fly by. If you don’t know how much tax you need to pay by the deadline you could be very unpleasantly surprised by a large tax bill.     The easiest way to avoid this scenario is to get your paperwork and records to your bookkeeper or accountant as soon after the year end as possible. They can then produce your self assessment tax return and you will know, many months in advance, how much tax you have to pay (or are having refunded if applicable). Get your paperwork together while it’s fresh in your mind and it will take a huge weight off your mind when you hand it all over to a professional to deal with! Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Share on Skype (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to email this to a friend (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Pocket (Opens in new window)Click to share...
Making Tax Digital (MTD)

Making Tax Digital (MTD)

Making Tax Digital (or MTD) is a government initiative first announced in 2015 and is designed to simplify the way businesses report their financials to HMRC. Summary No more self assessment tax returns Records must be kept digitally Real time tax position available online Quarterly summary report  Must be submitted through accounting software Sole traders, partnerships and landlords with a turnover above the VAT threshold (£85,000) will be the first to join the scheme   When? Originally meant to roll out in April 2018 the government have extended the timescale so that quarterly filing won’t start until after 2020 and only VAT registered businesses will have to keep digital records from April 2019. Who? Currently only covering sole traders and partnerships, it is expected in time to cover limited companies too. Sole trader or partnership income must be in excess of £10,000 per year. This means it affects hundreds of thousands of small businesses. How? A summary report will need to be submitted from your accounting software each quarter. It will give a breakdown of your income and expenditure by category e.g. travel, advertising etc. Reports can be made more often than quarterly if you wish. Following the year end date an End of Year declaration will be made within 9 months from the year end. VAT registered businesses can combine their VAT and summary figures in one submission. Further Reading HMRC’s Overview of MTD (Making Tax Digital)GOV.UK Consultations around MTD (Making Tax Digital)ICAEW MTDXero MTDQuickBooks MTD Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Share on Skype (Opens in...

Are you planning on using QuickBooks in your business?

For a small business owner trying to choose a piece of accountancy software can be a minefield of Googling, mixed reviews, baffling terminology and an array of information that cannot be easily understood, analysed or assessed. Most accountancy practices and bookkeepers will have their favoured software but how do you know which suits your particular business? The first thing to consider is that you will need, in the not too distant future, to comply with the HMRC MTD (Making Tax Digital) requirements. Although in some ways these are not yet totally clear, some aspects are obvious and include accurate record keeping and storage of data in a way that can be easily shown to HMRC, your accountant, bookkeeper, bank or other interested party. Returns will be submitted quarterly rather than annually and so it will be ever more important to be in control of the information about your business. We recommend the use of a cloud based software provider as it allows access to you as the business owner from anywhere with internet at any time but also makes the transfer of information from you to your clients, and you to your bookkeeper or accountant, seamless and quick. QuickBooks is an internationally recognised product which fully complies with HMRC requirements, both now and also when MTD is fully implemented. We are able to provide training in all aspects of QuickBooks so that you can fully utilise all of its features. There are also many add-ons that work with QuickBooks to make the running of your business easier. Contact us for more information about software choices and QuickBooks. Share this:Click to share...

Intuit QuickBooks partners

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QuickBooks Online ProAdvisor – We are certified

QuickBooks Online ProAdvisor – We are certified

Today we became certified QuickBooks Pro Advisors so can now offer support to those using QuickBooks as well as Xero, Sage, Excel and many other accounting software possibilities.   Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Share on Skype (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to email this to a friend (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to print (Opens in new...

Xero Accounting in the Cloud

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