Managing cashflow when times are tough

Inflation is one of the biggest challenges facing business at the moment and small business owners are among the worst affected by rising material and energy costs.

Being able to manage cashflow effectively is key to survival when times are tough.

One of the best ways to manage company money is using cloud-based accountancy software like FreeAgent or Xero, along with support from a specialist accountancy practice.

Here are some tips to help you manage your company’s money more effectively.

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.

Income tax reporting is changing: Everything you need to know about Making Tax Digital for Income Tax Self-Assessment (MTD ITSA)

What is Making Tax Digital (MTD)?

MTD has been introduced by Government to revolutionize the tax system in the UK.

The new system requires tax records to be kept and submitted digitally, using compatible cloud accounting software.

Over £8.5 billion in tax went unpaid between 2018 and 2019. The aim of MTD ITSA is to make filings more accurate by digitising submissions. This should help people better understand what tax they owe and reduce the deficit.

MTD for VAT has been around since 2019 and will become compulsory from April 2022.

MTD for Income Tax Self-Assessment is the next step in the scheme.

Then MTD for Corporation Tax will be implemented by April 2026.

We are delighted to welcome our new Practice Manager - Muhammad Dar

We are delighted to welcome Muhammad Dar, FCCA, to the CloudAccountant and Agency Accountant team as our new Practice Manager.

Muhammad is a Fellow Member of Chartered Certified Accountants. In addition to holding a BSc (Hons) Degree in Applied Accounting, Muhammad is also a Fellow Member of the Association of Accounting Technicians.

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.

What is changing in the new tax year 2022/23?

With the new tax year around the corner, we want to remind you of the upcoming changes HMRC has in store. The tax year runs April 6th-April 5th every year. Read on to lean about some of the upcoming changes.

Self-Assessments: filing deadline extended, but late payment fine remains

In response to the disruption caused by the Covid 19 pandemic, HMRC have extended the filing deadline for online self-assessment tax returns.

If you’re not able to file by 31st January, you have another month to get your return submitted.

Late filing penalties won’t be applied until after 28th February 2022. However, HMRC are still expecting payment, even without a filed return. You’ll be charged late payment interest if you don’t pay your tax bill in full by 31st January.

What taxes do I need to pay and when are they due?

Paying taxes is no one’s idea of fun, but they’re a part of life that can’t be avoided. There are even more taxes to consider when you’re a business owner. This article will explain what the most common taxes are, how they’re worked out and when they’re due. This will give you the knowledge to better manage your cash flow and save for tax payments.

Tell HMRC if you’re registered for the VAT Import One Stop Shop in the EU

If you sell low value goods in consignments not exceeding £135 in value into Northern Ireland and you are registered for the VAT Import One Stop Shop (IOSS) in the EU, you must tell HMRC your IOSS registration number.

Business ideas with the biggest earning potential in 2021

Coronavirus disruption contributed to an uptick in the number of new business registrations in 2020 and experts predict more of the same this year.

Obviously money isn’t everything when it comes to entrepreneurship. Many people start businesses because they want more freedom or independence or because they are passionate about a side-project or product, but if your new business venture doesn’t make any money, then it’s not going to be sustainable.

So what kinds of businesses are going to make you money? Here is our list of businesses with the biggest earning potential.

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