Nearly 50% of small firms don’t understand digital tax plan

One of HMRC’s flagship tax plans has been lost on nearly half of the UK’s smallest businesses, according to a survey published by cloud accountancy software provider FreeAgent.
HMRC announced its ‘Making Tax Digital’ plan in the March 2015 budget and it is due to come into effect in April 2018, but this latest poll shows that some 43 per cent of sole traders, freelancers and other micro business owners didn’t even know that it existed.
A significant majority of the remaining 57 per cent said that they wanted more details on the proposals from HMRC.

Editor | 16 August 2016
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The Association of Independent Professionals and the Self Employed (IPSE), has called for a ‘technological revolution’ in banking following the publication of a report by the Competition and Markets Authority (CMA).

Editor | 10 August 2016

Many contracting clients end up working from home either logging in remotely or just doing some work on their project in the study. Here’s a great guide from our partners at FreeAgent on how to calculate the amount that can be claimed. If you’re unsure then please feel free to get in touch with your accountancy team who can provide further guidance.

PayPal payments made easier with Xero

One of Cloud Accountant’s software partners has announced some very interesting product updates, including one that will make B2B payments even easier using PayPal.
Speaking at Xerocon in San Francisco last week, Xero’s chief executive welcomed guests in a space-aged auditorium to explain that it had been another fantastic year for the company. He told the crowd of accountants and other users that $1 trillion worth of transactions had now been performed using Xero, and that the company had grown to become the most well used accounting system in the UK.

 Get paid faster with these 6 invoice tips

With any small business cash flow is king. Even if the business I profitable if your customers aren’t paying you then you won’t be able to survive for long. Here are some useful tips from our friends at Xero to help you get paid quicker.

A new company director’s responsibility to HMRC

A lot of company directors, particularly new company directors, are not 100 percent clear on their responsibilities to HMRC.
Confusion around things like employer taxation, expenses and reporting can all put people off starting their own business. And penalties can be steep when HMRC is involved.
At Cloud Accountant, our aim is to make life as easy as possible for stressed-out company directors. Because we know that there are more important things for them to be focussed on. That’s why we work with some of the best accountancy software providers and provide advice and support wherever necessary.