How Will Brexit Affect Freelancers?

Brexit has dominated headlines and column inches for around two years now but with little certainty on how a final deal will look, it is difficult to know how lea

Half of small businesses have lost money on self-assessment

A survey of small businesses has revealed that 49% have, at some point, lost money through self-assessment submission errors, either through paying fines or by paying additional tax.

The survey, conducted by a cloud accountancy software company, also asked small businesses for their opinions about the new Making Tax Digital initiatives that will change the way that small businesses pay tax.

Of the 1,000 respondents, 62% said that they were prepared for the changes, with 20% reporting that they weren’t aware of the changes.

As we head deeper into tax season, CloudAccountant.co.uk would like to remind all of its customers that they can arrange to come into our Wilmslow office to get extra help with their tax returns before the January deadline.

Why you don’t need a Local Accountant

Google searches are dominated by people searching for local accountants with search terms such as London Accountants, Manchester Accountants etc being highly used terms.
While having a local accountant can be beneficial if you prefer face to face meetings it is by no means necessary and indeed many searches are now made for online accountants, internet accountants or web accountants.
Accountancy is changing. Gone are the days where you needed to find a local accountant. Why spend time in meetings when you can converse quickly, in your own comfort and time by telephone, email, skype or live chat? Meetings take time and cost money and you are normally charged for the accountant’s time.

Our staff will be observing a minute's silence today

CloudAccountant.co.uk are a Manchester based company. Our staff will be observing a minute's silence today in remembrance of all those who lost their lives in the Manchester concert bombing.

The silence at 11am today will also mark the nation's solidarity with those who were injured in the blast as well as all those affected by the atrocity.

We thank our customers for their patience whilst our phone systems are turned off for 1-2 minutes.

Bank to the Future with new Xero feature

Xero have announced a new Running Balance feature aimed at helping SME’s manage their cash flow with even more efficiency.
According to recent statistics 82% of small business fail as a result of cash flow problems so Xero have included the ability to add future transactions into the running balance.
This means that if you know you need to pay out £10,000 to HMRC in two weeks you can enter that payment and your bank will still reconcile but the system will reflect that payment so you don’t dip into money that should be set aside for something else.
Please note in order to view the running balance the page should be sorted in date order. This is the default view but some users may have changed it based on their preferences.
If you need any advice on Xero or how to use this new feature please get in touch with any member of your CloudAccountant accountancy team. Visit www.cloudaccountant.co.uk or email team@cloudaccountant.co.uk

Tracking categories in Xero can be used for a number of different options, keeping a track of the work you do for a certain job or seeing how much profit you make per job.

For example, you can set up tracking per region. This can be done by adding tracking category options through the settings in Xero. Once done, they will appear in most instances when you are working in Xero, for example, when creating invoices/quotes, raising purchase invoices/bills and even when reconciling the bank.

Print or Email P45s?
Editor | 28 October 2015
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Payroll (and in particular the issuing of P45’s, P60’s etc.) are one of the major dislikes of business owners who run their own small or medium sized business.
Clients often ask their accountants “Why do we need to print out P45’s for leavers. Why can’t we simply email them?”
And the answer used to be that we agree it doesn’t make sense but HMRC say you have to print them (and there were even rules on the type of paper you had to use!).