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Making Tax Digital

Always wanted to run your own business but couldn't due to complications with HMRC and earnings? Well maybe now is the best time for you to start! HMRC are bringing an end to all complications raised regarding your tax by simply requiring you to send quarterly updates of your income. Not only will the complications disappear, but say hello to a range of new benefits with the Digital Tax update! Foundations of Making Tax Digital 1) Better use of information This process will eliminate customer...

April 15, 2017

Making Tax Digital - Part 2

Making Tax Digital for individuals The Personal Tax Account enables individual's information to be stored in one online place. Individuals are entitled to access the service at any time that suits them best from a digital device of their choice. The Personal Tax Account also allows customers to see how much tax is required to pay and to update their information if required. Currently, HMRC receives information from a variety of sources; these are held on separate stand-alone systems....

April 15, 2017

The Flat Rate VAT Scheme (FRS) is Changing

The Flat Rate VAT Scheme (FRS) is Changing If you haven't already heard, changes to the Flat Rate VAT Scheme (FRS) will be coming into effect from April 2017. These changes will affect the majority of small businesses who currently rely on FRS to simplify the VAT process. HMRC has encouraged small businesses to take advantage of the scheme since it was first introduced in 2002. Under FRS, businesses with an annual turnover of less than £150,000 have been able to issue VAT invoices to their...

February 20, 2017

Why Should Small Businesses Use Xero?

Why Should Small Businesses Use Xero? Being your own boss, realising a dream, flexible working hours; these are just some of the many reasons for starting and running your own business. A passion for bookkeeping and accounting, however, is rarely a motivating factor. (With the exception of bookkeepers and accountants, of course!). The good news is that cloud accounting software, like Xero, can make this aspect of your business easier and simpler, freeing you up to focus on the tasks you m...

February 20, 2017 Posts 1-4 of 4 | Page