Xero, the cloud based accounting package of choice for SME’s, has secured backing from a major technology investor from the US
A $26m dollar investment has bought them a 1.3% stake in the company.
The investment is significant because it represents a growth area over in New Zealand where Xero are based which is attracting a lot of investment.
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 FreeAgent accountants one of the things we see often on portals is a bank feed enabled or a bank statement uploaded but none of the transactions explained. Without bank transactions being explained it means the tax timeline may not be accurate and the correct status of the business will not be displayed.
The new tax year has brought a fresh wave of tax bracket and regulatory changes that many small businesses and freelancers will need to adapt to.
Some of the changes will have a positive impact and some will be more negative.
We have summarised the most important changes and detailed who they are likely to affect.
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