Sage 50 Accounts

How to perform a ‘Year End’ process in Sage 50 Accounts

When it comes to the financial year end, all registered businesses must officially close their current year, generate final reports, and open a new financial year. Although the end of the financial year falls differently for each company, most businesses will follow the same process. If you are performing your Year End processes in  Sage 50cloud Accounts software we have listed the steps you’ll need to follow below. The term ‘Year End’ in accounting refers to the closure of a...

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Sage VAT Tax codes

Sage VAT Tax Codes – What’s New for 2021?

Sage VAT tax codes calculate how much VAT is due on goods and services in Sage 50 Accounts software. It’s important to use the right codes as getting it wrong can result in costly penalties! What are VAT tax codes? Sage tax codes are applied to transactions in Sage accounts software so that you can calculate VAT tax returns correctly. The codes are used when posting sales or purchase transactions in Sage 50cloud Accounts and Sage 50 Accounts. There are codes for...

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Big Data & Accounting

Big data: The Future of Accounting

Data and accounting go hand in hand, and as accountants our day-to-day lives centre around the interpretation and understanding of data. Financial data underpins everything we do from auditing, reporting, and sharing insights. But what if we told you there’s more to data than simply looking at what has happened. A way to use data that provides accurate insights and helps you prepare for the future? Welcome to the world of data science. What is big data? Big data is the term...

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Accounting qualifications

Accounting qualifications: How to become an Accountant

Whether you are switching careers or just starting out, getting the right accounting qualifications is essential for a role in this field. An accounting career accessible to people of all levels and backgrounds. There are accountancy courses and roles suitable for anybody including retraining and beginners. What skills do you need to become an accountant? As a profession, accounting attracts people with various skill sets and qualities. Broadly speaking, to carve out a career in accounting you’ll need the following skills: Analytical...

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Accounting and Payroll Round up 2020

Accounting and Payroll Round Up 2020

In 2020, the Coronavirus pandemic swept the UK causing disruption and affecting millions. To help the economy, the government introduced various schemes, grants, and tax breaks. Some of the laws due to come into play were also delayed to prevent further difficulties. After an eventful year, we’ve rounded up some of the biggest changes to accounting and payroll in 2020. Accounting Changes in 2020 A lot of legislation introduced in 2020 was to help businesses deal with the effects of Covid-19. However,...

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Black Friday Offers

Black Friday Offers on Sage Training and Act! CRM Training

November Black Friday Offer Make 2020 the year to invest in your skills with our Black Friday exclusive on Sage Training and Act! CRM Training. Discover discounted Sage 50 Accounts and Act! Training courses in our Black Friday Offers. Whether you are looking to start a career in accounting or you want to build on your existing knowledge – we have a range of courses to suit all learning styles. Why do you need Sage training? Sage 50 Accounts is one of...

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whats new in sage v27

What’s new in Sage 50cloud Accounts Version 27?

From 5th October 2020 Sage Version 27 will be available to all customers new and existing. With some of the biggest changes to the software in recent years such as the inclusion of the Custom Alert feature and improvements to user management tools now is the best time to plan your upgrade. We discuss some of the biggest changes coming to Sage 50 Accounts software in the latest version release below. If you’d like to upgrade your software our Sage...

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making tax digital phase 2

Making Tax Digital Phase 2

In April 2019, HMRC launched the first phase of Making Tax Digital, which affected thousands of businesses in the UK. The first stage of MTD was a ‘soft-landing’ phase with leniency given to businesses, to help them adapt to the changes. It was expected that from 6th April 2020, Making Tax Digital Phase 2 would commence but as of yet there has been no indication of this. Experts suggest that over 1 million businesses will be affected by the changes coming in the second phase of MTD. Digital Bookkeeping Businesses...

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important financial dates 2021

Important Financial Dates 2020-21

Read our round up of the most important financial dates for the year 2020/21. With 2020 drawing to a close it’s a good time to make sure you are up-to-date with your accounting processes and financial requirements. There are some key dates approaching in the next couple of months that will bring the tax year 2020/21 to an end. December 2020 7th – Deadline for VAT returns 30th– Deadline for online submission of Self Assessment tax returns for tax year ended 5 April 2020 31st– Due...

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self assessment for small businesses

Self Assessment: A short guide for small businesses

January is a time to think about the goals and challenges you want to tackle for the coming year. For many SME’s this means getting ahead of the regular admin tasks that are part and parcel of running a business. As the New Year gets under way, it’s once again time to think about your self-assessment tax return. The deadline for paper returns has already passed (October 31st 2019) and the deadline for online submissions is looming (31st January 2020). Who...

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