Was the budget kind to the self-employed?

Having been battered by some recent budget statements, contractors and other self-employed workers might have had a sense of foreboding as Philip Hammond stood to deliver his budget speech to the Commons yesterday.
Rumours circulating in the run-up to budget day didn’t help matters. It was widely reported that the Chancellor could extend public-sector IR35 compliance rules to the private sector and it was rumoured that the VAT threshold could be lowered.

Five steps to get your side business set up for tax

In today’s economy, many people choose to supplement their full or part-time income by setting up a small business on the side.
It might be using a particular skill to complete some ‘on the side’ freelance work, or attempting to earn money from a hobby like crocheting or knitting.
For many, the ‘side hustle’ is just a way of earning some extra cash, but others treat it like a passion project that they would like to see growing to replace their full-time job.

CloudAccountant obtains Xero Platinum status

This month CloudAccountant are pleased to report that they have attained the prestigious Platinum partner status with award winning cloud accounting software Xero.

Platinum represents the highest partner status achievable and CloudAccountant have worked with the Xero team since back in early 2015 having embraced the platform as the leading player in the cloud accounting market. It was clear early on that this disruptive technology would enable a greater collaboration in real time with our clients and this has certainly proven to be the case.

9 unexpected benefits of online accounting software

There are all sorts of benefits of using online accounting software over spreadsheet-based or paper-based bookkeeping tools.
The main benefits are self-explanatory. Online bookkeeping is quick, cheap and accurate. But there are other, less well-known benefits that are also worth considering.

Inflation puts income squeeze on freelancers

Record levels of inflation could hit freelancers and other microbusiness owners harder than other workers if they have higher than average travel costs.
With inflation rising faster than average earnings, freelancers are facing a large squeeze on incomes.
Inflation, as measured by the Consumer Prices Index (CPI), hit a five year high of 3.0% last month.
Prices outstripped wage growth by 0.9%, with earnings only increasing by an average of 2.1% since the start of the year.

6 tips for avoiding an HMRC investigation

HMRC investigations are scary affairs. Sure, some might say, if you have nothing to hide then you shouldn’t be worried. But there is always the chance that you made an innocent, but costly mistake in the last six years of filing your taxes.
And besides, tax investigations can be time-consuming and expensive, especially if you employ an accountant to straighten out all of your affairs.

If you have a Business PayPal account, you can set up an automatic bank feed in Xero.

If you have a Business PayPal account, you can set up an automatic bank feed in Xero. New transactions are imported every 24 hours. If you use multiple currencies in PayPal, then you can import each currency separately using Xero’s multi-currency capability, powered by XE.com.

PayPal bank feeds are far superior than importing your PayPal statements manually. As you may have experienced, PayPal statements have the tendancy of having line items in there that do not actually affect your balance. When you import this into Xero it can become difficult to reconcile the bank. To keep your accounts clean, Xero will only import transactions that change your PayPal balance – so you don’t need to deal with credit card purchases on your PayPal account or with currency conversions.

Should eBay sellers and Airbnb hosts pay tax?

Many Brits like to make some extra income by selling items on eBay or renting out a room on Airbnb, but many are unsure whether they have to pay tax on these earnings.
Now, cloud accountancy software company FreeAgent has warned these online sellers and room sharers that they could face a £100 fine if they don’t submit a tax return and risk further penalties for any outstanding tax.
HMRC is getting more sophisticated at tracking these kinds of online transactions and, as always, ignorance is not an excuse that washes with the taxman.

Xero enter into a partnership with Curve
Editor | 26 October 2017
/ / /

Xero, the online Cloud Accounting provider, have entered into a partnership with Curve to simply expense processing to such an extent that they claim they can make “expense admin disappear”

The beauty and simplicity of Curve is that it enables you to link multiple bank cards to one single Curve card which then links directly into Xero enabling Xero to import the right data for every single transaction.

With a fast and intuitive setup process and interface Curve is looking to remove as much of the manual administration possible from entering expenses. If you’ve ever had to go through your wallet to find those rail tickets and meal receipts you need to complete your expenses form you will know some of the pain that Curve can take away.

If you’re interested in Xero, Curve or Cloud Accounting in general then get in touch with us today and we can talk you through the benefits of each and have you up and running within 24 hours.

2% of small business owners have faith in late payments commissioner

Survey evidence has revealed that a tiny proportion of the smallest UK businesses believe that the newly appointed Small Business Commissioner will tackle the late payment crisis.
Research from cloud accounting software company FreeAgent shows that just 2% of UK microbusinesses believe that the new Commissioner, Paul Uppal, will take the challenge ‘seriously’.
Other research from the company shows the scale of the problem.

Pages