Latest making-tax-digital

7th September 2017 Further move towards dealing with HMRC electronically

HMRC have for some time been keen for taxpayers to make their tax payments electronically.  They have recently updated their guidance to show that from 15 December 2017 it will no longer be possible for taxpayers to pay self-assessment tax, or in fact any other type of tax, directly at the Post Office.   This…

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5th September 2017 QuickBooks Online Security

  A frequent concern when discussing cloud based accounting with clients is what security measures are in place to ensure their data is protected. QuickBooks Online offer password-protected data as well as a two-step Authentication. Two Step Authentication Two step authentication means that as well as requiring a username and password to access QuickBooks Online…

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21st August 2017 Chaser – Stop wasting time chasing invoices

  Chasing unpaid bills can be very time consuming for any company and can cost hours of time spent writing, emailing and phoning customers. This can put a strain on the rapport that has been built over years of trade. In some cases business owners just don’t have the time or the man power to…

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9th August 2017 New timetable for Making Tax Digital

  The government has announced a revised timetable for the introduction of Making Tax Digital for Business (MTDfB). MTDfB introduces extensive changes to how taxpayers record and report income to HMRC. Unincorporated businesses, including landlords, were expected to be the first to see significant changes in the recording and submission of business transactions but the…

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20th July 2017 Are you VAT registered? – latest MTD announcement

  The recent announcement that HMRC have delayed the implementation of Making Tax Digital (MTD) for income tax until at least April 2020 has been met with relief by many taxpayers and accountants. It has however drawn attention to the fact that one particular group’s MTD journey has remained firmly fixed at April 2019. Those…

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13th July 2017 BREAKING: Changes to Making Tax Digital rollout timetable announced by Government

The Government has now set out a revised timetable for implementation of the Making Tax Digital (MTD) project.   Three million of the smallest businesses and landlords will be able to move to the new digital system for keeping tax records at a pace that is right for them, Ministers announced today as they set…

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30th June 2017 Setting up your ‘Personal Tax Account’

As part of the move from Self-Assessment to Making Tax Digital (MTD), HMRC are encouraging taxpayers to set up their ‘Personal Tax Account’. Once MTD is underway, the Personal Tax Account will be populated with taxable income from various sources, including employment/pension income, bank and building society interest, and dividends from quoted companies. The account…

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1st June 2017 Making Tax Digital –Standard Chart of Accounts

For some clients making tax digital is now start to loom with them needing to commence quarterly returns in less than twelve months. With this in mind, they may be looking to set up new software programmes in preparation. But where do you start with the headings to use in your accounts? HMRC have stated…

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30th May 2017 Cloud based Accountancy – Useful Apps to Make Your Life Easier – GoCardless

  This blog focuses on collecting payments for your business. There are many different payment apps available to use in parallel with either Xero or QuickBooks. The application under review is an app called GoCardless.   GoCardless is made by a company called Directli it allows you to take control of your payments, ensuring your…

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19th May 2017 Making Tax Digital – The Cloud Based Accountancy Software

As has been widely publicised a sole trader, partnership or landlord with a turnover of £85,000 or more, will need to comply with Making Tax Digital, potentially from as early as April 2018. This includes a requirement to operate an electronic bookkeeping system. Xero and QuickBooks are leading companies offering a wide range of support…

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