HMRC Last Warning on Making Tax Digital

HMRC has urged businesses that will be affected by Making Tax Digital to submit their first quarterly return using approved software by 7 August.

Under the new rules, which came into effect on 1 April, businesses with an annual turnover over £85,000 need to sign up to Making Tax Digital and submit a quarterly VAT return before the 7 August filing date.

Political Uncertainty Holding Back Small Business Growth

Survey evidence shows that small firms are struggling to expand, hire and raise productivity as political uncertainty takes its toll on the economy.
Published by the Federation of Small Businesses (FSB), the Small Business Index (SBI) tracks the confidence of and outlook for small businesses in the UK.

Big Firms Could Be Charged in Latest Late Payment Crackdown

Proposals released by Small Business Minister Kelly Tolhurst will make the boards of big companies more accountable for late payments to small businesses.

And, for the first time, large firms could be fined if they don’t pay smaller suppliers on time.

The amount owed in late payments has halved over the last five years, but the government wants to go further to support the nation’s smallest businesses.

Would You Use This Xero Boss’s ‘Coffee Cup’ Interview Technique?

The boss of accounting software firm Xero Australia has revealed an innovative and somewhat controversial interview technique that he uses to weed out candidates that don’t fit with the company culture.

Trent Innes’ technique has nothing to do with skills or experience, it’s all down to how interview candidates deal with a dirty coffee cup.

Think Tank Calls for Single Consolidated Tax on SMEs

The Centre for Policy Studies has proposed a new simple consolidated tax (SCT) to replace the four main taxes currently paid by small and medium sized firms.

The radical proposal would see corporation tax, employer’s national insurance, VAT and business rates consolidated into one tax paid by firms turning over less than £1 million.

Small businesses are the heartbeat of Britain’s economy. Some 5.6 million small firms employ around 13 million people and generate three-quarters of all new jobs.

Monzo Announces Xero, FreeAgent Integration
Editor | 15 July 2019
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Challenger bank Monzo has announced that its business customers will soon be able to integrate their accounts with Xero and FreeAgent.

The integration means that business transactions will automatically be imported into the accounting software each day, making it easier to track what’s coming in and what’s going out.

Combined with Xero and FreeAgent’s easy bank reconciliation systems, it will make financial processing quicker and easier than ever before.

Open Banking Offers Big Business Opportunities to Small Firms

Open Banking is set to revolutionise bookkeeping, offering to small businesses some opportunities that previously have only been available to bring firms.

Cloud accounting software platform Xero is on the forefront of the changes, promising small firms that they will be able to grow and run their businesses more effectively.

Open Banking is set to be introduced for all Xero customers from September 2019, so we thought that we would take an in-depth look at the changes and how they can benefit small and medium sized businesses.

Amazon Charges HMRC More than It Pays in Tax

HMRC paid Amazon £11 million for web hosting services in 2018, more than six times the £1.7 million than Amazon’s main UK business paid in corporation tax.

A new report from the GMB union reveals that Amazon received more than £460 million worth of public contracts in the last four years.

FreeAgent Making Tax Digital MTD VAT CloudAccountant.co.uk

Making Tax Digital (MTD) for VAT is here and it means a number of important changes to the way that businesses file and report their VAT.

If you run a VAT-registered business with a taxable turnover above the VAT threshold of £85,000, you are required to keep digital VAT records using MTD-compatible software like FreeAgent or Xero.

The new rules took effect from April 2019. To make life easier for busy business owners, FreeAgent has introduced a range of updates and improvements to their VAT filing system.

In this blog post, we detail some new features and functionality that will make the VAT process quick and simple.

Six Small Business Insurance Policies You Should Consider

When you’re setting up a new business, the last thing you want to think about is what happens if everything goes wrong. But accidents do happen and, if you aren’t insured, they can have a dramatic impact on your fledging company.

Some types of insurance are compulsory for businesses. Others should be considered carefully while you are setting up.

There may even be one or two types of insurance on this list that you aren’t even aware of.

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