Everything you need to know about paying and receiving international currencies

The boom in connectivity over the past 20 years has a huge impact on how and where we do business.

International trade is a vital part of the UK economy, with exports of goods and services reaching over £600 billion annually.

Your international clients will undoubtedly prefer to use their own currency when interacting with your business. Being able to accommodate them and complete transactions smoothly, will benefit your business relationship.

It truly is a global marketplace, and this article will explain what you need to know about dealing with international currencies.

Where will your business be in 5 years?

Now more than ever, future planning is a vital part of a successful business.

Knowing where you want to be in the future will help with decisions today and give you motivation on the hard days.

You wouldn’t start a journey without knowing which direction to follow; the same applies to your business!

We’ve put together a guide to help you produce your 5-year plan and create a roadmap between today and your future goals.

FreeAgent Launches New Features to Help You Get Paid Faster

Accounting software makers FreeAgent has launched a trio of new features, making it even easier for self-employed workers and small business owners to get paid faster.
Late payments are a scourge on the self-employed and small business community. Research from Bacs* suggests that late payers cost SMEs up to £23.4bn every year, which is not to mention the unnecessary stress and anxiety caused to millions of the UK’s smallest businesses.

Four Young Depop Sellers Making Money Online

A growing number of young people are turning to Depop to make money online.

People can make hundreds or thousands of pounds each month selling vintage clothing, trainers and other items to millions of teenagers and twenty somethings right around the world.

CloudAccountant.co.uk are e-commerce specialists, taking the hassle out of book keeping and accounts for online sellers.

Whether you are just starting out or are an experienced seller, find out how we can help you grow your online business today. Call: 0808 281 0303.

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.

Days left to join VAT Deferral New Payment Scheme

Businesses that joined the deferred VAT payments scheme last year, have until 21 June 2021 to join a new payment scheme that will allow them to spread the cost of deferred VAT.

The new online system will allow businesses to pay their VAT In monthly instalments under the VAT Deferral New Payment Scheme.

Two-minute self-assessment guide

If you’re a sole trader, a partner in a business partnership, a limited Company Director or Shareholder or have other untaxed income, you may need to complete an online self-assessment tax return (and pay what you owe) by 31 January 2021.

Accounting the most stressful part of running a small business

UK micro-businesses spend ten weeks of the year working on financial according to research from digital business bank Starling.
In a new report, the app-based challenger bank shines a light on the working practices of 5.6 million of the UK’s smallest firms.

Ebay Tax Help
Editor | 8 February 2018
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Rising prices and flat wage growth contributed to a 30% surge in new business sellers on eBay last month.
Last year, the e-commerce platform announced, the top 10 most successful new businesses registered on eBay turned over a combined £6m through their online stores.
Cloud Accountant specialises in accounting and tax support to businesses that sell on eBay.

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

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