Why Spreadsheets are Holding Back Your Business

Is your business still using spreadsheets to manage its bookkeeping and accounts? It could be slowing you down and hurting your company.

Whether it is invoicing, checking figures or speaking to your accountant, spreadsheets more manual effort. Cloud-based accounting software automates many of these processes, making you more efficient

Cloud Accountant is Making Tax Digital Ready
Editor | 20 September 2018
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Cloud Accountant is ready to help contractors, freelancers and other small business owners make the most of HMRC’s new Making Tax Digital (MTD) requirements.

Having been awarded Xero’s Making Tax Digital Ready accreditation, our specialist digital accountancy practice can help small business owners put the required software and processes in place before the first MTD deadline in April 2019.

From next April, companies that exceed the £85,000 VAT revenue threshold will no longer be able submit VAT returns manually. Instead, companies will need to use HMRC-compliant software to track and submit the returns automatically.

FreeAgent, Making Tax Digital, HMRC, VAT,
Editor | 31 July 2018
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Freelancer and micro business accountancy software provider FreeAgent has been backed by HMRC to support the new Making Tax Digital (MTD) initiative for VAT.

FreeAgent is one of just a few accounting software companies to be included on the list of HMRC’s approved suppliers for VAT.

More than 130 software suppliers have told HMRC that they are interested in providing MTD software for VAT. After prototype testing of the software, only 22 suppliers have so far been approved by the taxman.

HMRC outlines points-based late payment penalties

At the start of December, HMRC announced plans to introduce a driving penalty ‘points’ system to punish late-paying taxpayers.
The points-based system would be introduced as part of the shift towards ‘Making Tax Digital (MTD),’ which will see many taxpayers submitting tax returns more regularly.
Now the tax authority has outlined their plans in more detail, suggesting that tax customers will receive a point every time they fail to submit on time.

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.

Will Making Tax Digital Apply to My Business?
Editor | 30 October 2018
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Making Tax Digital is the latest HMRC campaign to modernise tax collection and make life easier for business owners.

The first raft of changes, which affects VAT payers, will come into force on 1 April 2019. But a survey from the British Chambers of Commerce reveals that 24% of firms have never even heard of the measure.

Making Tax Digital for VAT will apply to all VAT-registered businesses that have a taxable income over the VAT threshold of £85,000.

Tax ‘red tape’ holding back businesses

A majority of British businesses agree that the cost of complying with the UK tax system has increased in recent years, according to new evidence from the British Chambers of Commerce (BCC).

A BCC survey of 1,100 firms found that three-quarters of businesses believe that the overall burden of tax administration and compliance has increased compared to five years ago.

This tax season, more than 10,000 taxpayers submitted their online returns on Christmas Day and Boxing Day, ahead of the January 31 deadline. Figures released by HMRC show that 2,590 people filed their online self-assessment returns on Christmas Day and a whopping 7,655 submitted on Boxing Day. With a further 6,033 returns submitted on Christmas Eve, the total number of tax returns submitted over the festive period beats last year’s figure of 14,000 filed over the three days. HMRC released these figures as

This tax season, more than 10,000 taxpayers submitted their online returns on Christmas Day and Boxing Day, ahead of the January 31 deadline.
Figures released by HMRC show that 2,590 people filed their online self-assessment returns on Christmas Day and a whopping 7,655 submitted on Boxing Day.

Xero: Fifth of Accountants still use ‘Dark Age Technology’

Cloud-based software company Xero has urged British firms to embrace new technology and step out of the ‘dark ages’ of accounting.
If they fail to update their systems, businesses and their accountants could be left behind in the middle of upcoming changes like Making Tax Digital.
The New Zealand software company kicked off the London-leg of the Xerocon 2017 tour by releasing a new ‘Digital or Die’ report, highlighting some of the most important issues facing the accountancy industry.

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.