Calls to tackle late payments after Carillion crisis

The collapse of the UK’s second largest construction company has, once again, brought late payments to the top of the national news schedule.

In the wake of Carillion’s liquidation, many small firms have been left in an uncertain position – unsure if they will be paid what they are owed.

For some firms, the problem has been compounded by the Carillion group’s punishing 120-day maximum payment terms.

This tax season, more than 10,000 taxpayers submitted their online returns on Christmas Day and Boxing Day, ahead of the January 31 deadline. Figures released by HMRC show that 2,590 people filed their online self-assessment returns on Christmas Day and a whopping 7,655 submitted on Boxing Day. With a further 6,033 returns submitted on Christmas Eve, the total number of tax returns submitted over the festive period beats last year’s figure of 14,000 filed over the three days. HMRC released these figures as

This tax season, more than 10,000 taxpayers submitted their online returns on Christmas Day and Boxing Day, ahead of the January 31 deadline.
Figures released by HMRC show that 2,590 people filed their online self-assessment returns on Christmas Day and a whopping 7,655 submitted on Boxing Day.

SME business numbers skyrocket
Editor | 11 December 2017
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The number of small and medium sized businesses (SMEs) has skyrocketed in the UK.
The Government now estimates that there are 5.7 million private sector businesses at the start of 2017 and 99.9% of these companies were SMEs.
This represents an increase of 197,000 businesses set up since the start of 2016 and a whopping 2.2 million since 2000.
That’s an increase of 64% in 17 years.

Four simple tips for managing your own books

So you’ve set up your own business. Now the hard work begins.
Your head is probably swimming with ideas, possibilities and strategies that could help your business grow.
One thing you probably aren’t thinking about is bookkeeping. Recording financial information is not really the fun part of starting a new business – but it is crucial to start-up success.
You don’t have to waste money employing someone to manage the books for you, handling it yourself doesn’t need to be daunting.

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.

Forty percent of freelancers want to retire before their sixties

A survey of self-employed workers has found that more than four in ten freelancers hope to retire before they turn 61.
The new research focused on freelancer’s plans in 2018 and beyond. But with separate research suggesting that freelancers are not saving enough for their retirement – careful money management will become more important for self-employed people.
Cloud accounting software packages like Xero and FreeAgent can help freelancers save for their future.

HMRC outlines points-based late payment penalties

At the start of December, HMRC announced plans to introduce a driving penalty ‘points’ system to punish late-paying taxpayers.
The points-based system would be introduced as part of the shift towards ‘Making Tax Digital (MTD),’ which will see many taxpayers submitting tax returns more regularly.
Now the tax authority has outlined their plans in more detail, suggesting that tax customers will receive a point every time they fail to submit on time.

CloudAccountant are now Receipt Bank Bronze Partners

Expenses can be a hassle to deal with and they cost time and money to process. To help you with the paper war CloudAccountant are expanding our range of approved providers that integrate with Xero and sort this problem for you. Our latest partnership means that we are now Receipt Bank Bronze Partners.

Receipt Bank provides a receipt and invoice processing service that gathers together your receipts and invoices, scans them, converts the receipts into useful data and then sends them directly into Xero.

Receipt Bank extracts all the relevant information from the receipt/expense but has clever features such as identifying which bank account you have paid from using the 4 digits of your card on the receipt. It then matches that payment to the relevant bank account in Xero. Uploading receipts for processing anywhere in the world is easy via email, the web, or use the Smartphone app to send receipts on the move.

If saving yourself some time and hassle sounds like something you would be interested in please contact your account manager to find out more.

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.

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