Tag - Accounting

Small Business Tips To Tackle Late Payment Culture

Small businesses employ more than half of all private sector workers and together they contribute more than 50% of total UK GDP. As a major driving force of the economy, the government has recognised that we need measures in place to protect small businesses from the harmful effects of late payments. Research from FSB shows that 37% of small businesses have run into cash flow difficulties, 30% have been forced to use an overdraft and 20% cite a slow down in profit growth due to late...

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Making Tax Digital – Are you ready?

Are you ready for Making Tax Digital? If you haven’t made the switch by 7th August you could get fined! In April 2019, HMRC’s digital tax initiative, MTD, came into effect to make VAT returns easier, more efficient and more accurate. The changes mean that any business with a taxable turnover above the £85,000 threshold will be required to file VAT returns electronically using accounting software, and will be obligated to keep digital records of all transactions. With the deadline for preparing your business looming, this is your last...

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