HMRC Last Warning on Making Tax Digital

HMRC has urged businesses that will be affected by Making Tax Digital to submit their first quarterly return using approved software by 7 August.

Under the new rules, which came into effect on 1 April, businesses with an annual turnover over £85,000 need to sign up to Making Tax Digital and submit a quarterly VAT return before the 7 August filing date.

FreeAgent Making Tax Digital MTD VAT CloudAccountant.co.uk

Making Tax Digital (MTD) for VAT is here and it means a number of important changes to the way that businesses file and report their VAT.

If you run a VAT-registered business with a taxable turnover above the VAT threshold of £85,000, you are required to keep digital VAT records using MTD-compatible software like FreeAgent or Xero.

The new rules took effect from April 2019. To make life easier for busy business owners, FreeAgent has introduced a range of updates and improvements to their VAT filing system.

In this blog post, we detail some new features and functionality that will make the VAT process quick and simple.

Choosing Making Tax Digital for VAT Software

There is less than a month left for VAT-paying businesses to prepare for Making Tax Digital (MTD).

MTD is the government’s flagship tax digitalisation scheme that will require all businesses to keep digital records and file and pay tax online.

MTD for VAT is the first stage of the digital roll-out and takes effect from 1 April 2019.

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Santander is latest bank to invest in accounting software

Santander became the latest bank to invest in cloud accounting technology for small businesses when it acquired Albert in December.

The Spanish banking group bought the UK-based invoicing app for sole traders and micro businesses in an attempt to fight off competition from challenger financial firms and other established banks.

Monzo Announces Xero, FreeAgent Integration
Editor | 15 July 2019
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Challenger bank Monzo has announced that its business customers will soon be able to integrate their accounts with Xero and FreeAgent.

The integration means that business transactions will automatically be imported into the accounting software each day, making it easier to track what’s coming in and what’s going out.

Combined with Xero and FreeAgent’s easy bank reconciliation systems, it will make financial processing quicker and easier than ever before.

Starling Bank Launches FreeAgent Integration

After successfully integrating with Xero last year, Starling Bank has announced that its business banking users will now be able to integrate their accounts with FreeAgent, reducing the stress of managing business finances.

The Open Banking integration means that, with permission, FreeAgent will automatically import bank transactions into your cloud-based accounts.

FreeAgent will also pull data like spending category, transaction time and business name and organise transactions in a way that’s suitable for Making Tax Digital for VAT.

All of this means that you can reduce the time spent on routine financial admin and eliminate errors that might creep in while you manually import data.

FreeAgent is First UK Accounting Software to offer Direct Bank Feeds

FreeAgent is the first UK accounting software provider to offer direct bank feeds via the Open Banking platform.

The announcement means that freelancers and small businesses will soon get secure access to their bank account information in FreeAgent.

They will be able to access up to six years of transaction data and eventually, will be able to create an initiate payments from within the software.

How Tracking Time Can Boost Freelancer Profits

Alongside their market-leading skills, time is one of a freelancer’s most valuable assets. But too many freelancers don’t charge what they are worth.

Too often, freelancers don’t understand the true value of their time, and profits can suffer because of it.

FreeAgent - a cloud accounting software package designed for freelancers and other small businesses - has a time tracking feature that lets self-employed workers keep tabs on ALL of their time.

Editor | 21 January 2019
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If you are a NatWest or Royal Bank of Scotland (RBS) small business customer, you can access the FreeAgent cloud accountancy software platform for free.

If you use either of these services, Cloud Accountant can help you get set up on the software for free, with additional support from a team of qualified accountants.

You can also sign up for the software for free on the NatWest or RBS website.

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