Businesses receive payment from their customers in different ways. Shops and online retailers have the advantage of receiving payment when they make the sale and therefore mostly have no issues with customers not paying. …
More businesses are moving to cloud accounting software. With Making Tax Digital for Businesses just 12 months away it makes sense to get ready now and move your accounts to software that will be compliant with the new regulations. Cloud accounting software is user friendly and makes keeping your accounting records a whole lot easier. VAT returns can be submitted directly to HMRC at the press of a button and as we get closer to April 2019 developers will be updating software to cope with the new requirements. …
Making Tax Digital for Business, now known as MTDfB, will begin in April 2019 but that doesn't mean you can forget it until then. Now is the time to start thinking about what you need to do in your business to meet the new reporting requirements. MTDfB starts with businesses which are …
The recent demise of Carillion and the possibility of Toys R Us going in to administration because they can't pay their £15m VAT bill highlights how large as well as small companies struggle with cash flow. All businesses rely on their customers to pay them for the work they have done so that they can pay their suppliers and their taxes. A sale is not a sale until it is paid for but unfortunately businesses are liable for their taxes whether they have been paid by their customer or not. …
I have been providing bookkeeping services to individuals and businesses for more than 14 years now and one of the biggest surprises to me in the first few years was to be told that I was a good bookkeeper. I was surprised because shouldn't all bookkeepers be good? Keeping accurate records and understanding the financial aspects of a business is what bookkeepers do and whilst we learn different areas of bookkeeping for different businesses the foundations of our learning are still the same. …
