Making Tax Digital: What does it actually mean for your business?

It's been in and out of our news feeds since it was announced in last year's budget, and there's been a lot of speculation about how the tax system's "digital revolution" will affect business owners. Many people were initially concerned that Making Tax Digital meant four tax returns would have to be prepared every year, meaning a large increase in admin costs and accounting fees. There still isn't a lot of information out there, as the new proposals are still in consultation stage, but here's a brief summary of what we do know so far: By 2020, most businesses with a turnover of more than than £10,000 per year will need to use accounting software to keep their financial records, and the soft

Keep your cash flowing in the right direction

Is your business making a profit, yet you never seem to have enough cash in the bank? It's possible to have a healthy, profitable business but still have an unhealthy cash flow. This could be down to a number of reasons - often it's because you're paying your suppliers on time but your customers aren't paying you quite as promptly. Here are a few pointers you can follow to keep the payments coming in on time: Make sure you state your payment terms and due date on all invoices and statements. This leaves your customer in no doubt as to when they should be paying. Also include your bank details so they know where to send their payment. Once you’ve sent out your invoice, give your customer

How to Find the Right Bookkeeper

So you've decided you need to hire a bookkeeper. You've looked around, probably found a dozen potential candidates and now you need to decide which one to use. But how do you narrow down the list? Here are a few things to bear in mind: First, make sure they're operating legally. Anyone offering services relating to finance has to be supervised under Money Laundering Regulations, and this will most likely be stated on their website along with the governing body providing the supervision, possibly alongside a Practice Licence number. This is usually a professional organisation they are a member of, such as the IAB (International Association of Bookkeepers), ICB (Institute of Certified Boo

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