Starting on 6 April 2026 self-employed earners will become liable for Making Tax Digital (MTD) for the first time. HMRC is implementing Making Tax Digital to overhaul the self-assessment tax reporting system. Phase 1 begins at the start of the next tax year on 6 April 2026. Are You Ready for the Rollout of Making Tax Digital in April 2026? The scheme requires tax to...
QuickBooks is the world’s number one online accounting software. If you find accounting difficult to understand, the QuickBooks platform can help you better manage your businesses finances. Here we cover the key features and why we love QuickBooks. How QuickBooks Can help You Run Your Own Business Our top five reasons for choosing QuickBooks: Invoicing clients Online banking & payments Compliance made easy Cash flow...
QuickBooks Online Accountant software can help small businesses succeed. The platform was specifically designed to help increase the efficiency of business leaders by empowering them to deliver greater value, and therein benefits, to their clients. QuickBooks has a range of features and benefits: QuickBooks matches transactions to your sales and expenses QuickBooks can accept Direct Debit payments via GoCardless QuickBooks can accept card payments through...
Bookkeeping is the most basic foundation of accounting. This is a record of every business transaction. Embedding good record keeping into your daily running processes will help you maintain good records and efficiency and will help keep you compliant. You should be keeping a record of all documents that you have received, or copies of those which you have prepared. These records will be from...
Starting a new business can be daunting. Beyond your great ideas there is paperwork, legal responsibilities, marketing, operations and hiring staff and you want to get it all just right. Striking this balance can be a challenge, especially in the early days. It might surprise you to know that one of the most supportive partners you can have on your team will be your accountant,...
Knowing how to write a cashflow forecast is an important part of running any business. Whether you are a start-up, or a sole trader, a good cash flow forecast can help you plan for the year ahead and make good business decisions along the way. The knowledge for how to write a cashflow forecast may not be something you have had an opportunity to learn,...
The government has recently confirmed that Making Tax Digital (MTD) will apply to income tax self assessment (ITSA) from 6th April 2024. This includes all unincorporated businesses. This applies to sole traders, partnerships and landlords, who file their taxes via self assessment, and are earning over £10,000. MTD for ITSA Start Date Confirmed On 23 September parliament legislated this new start date for MTD for...
Everyone can appreciate good record keeping. Especially your accountant, plus it could save you lots of time when you come to file your tax return and save you money on your tax bill if you keep a tax record in good order. Good record keeping is also helpful if HM Revenue and Customs (HMRC) wants to ask any questions. Here we outline what you need...
The Prestige Business Management Guide to Self-Employment versus Limited Company In this guide to self-employment versus limited company we explain the differences between registering for self-employment, or a limited company, so you can select which is the right business model for your long term profitability. You have two options for how to run a business in the UK, either self-employment or register a limited company...
August 2021 Update – featuring additional news developments from our newsletter series. Stay informed with the latest news in business support and financial affairs. Key Dates Coming Up Claim CJRS for August – 14th September Deadline to claim CJRS for August 2021 claims Corporation Tax Payment – 14th September Corporation tax second quarterly instalment payment for very large companies with annual taxable profits exceeding £20m...
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