HMRC have announced that making tax digital ITSA has been delayed to April 2024. ITSA is Income Tax Self Assessment. In this article, we will look at the following: What is Making Tax Digital (MTD) Making Tax Digital Deadlines The plans for Income Tax Self Assessment Why the delay? How to comply with MTD What is Making Tax Digital? Making tax digital is part of HMRC’s…
While starting a company is a dream to many and can be an extremely rewarding experience, by its very nature, it can throw a lot of curveballs your way. Some of these could be minor niggles, while others may require more drastic action to navigate and even force you to reconsider your position as a company director. So, if the latter of those scenarios applies, when…
Are you looking for bookkeeping templates for self employed? Business Accounting Basics have several Microsoft Excel Spreadsheets that can help to improve your bookkeeping procedures. All templates are free to download, easy to use, include instructions and examples. If you do not have Excel, there are a few alternatives, including Neat Office, Numbers for Mac and Google Sheets. As a small business owner, it is easy…
Businesses have always looked at digital transformation as a subsidiary to support business growth and incorporate resilience, but is it really the case? Digital disruption is not uncommon for businesses in the UK. With the developments of digital technologies, the traditional approaches of performing business tasks have been interrupted, and most companies have to immediately react to digitalisation and quick changes in the business markets. Why…
If you run a small business, you may ask what are accounting records and how do I keep them? This article will break it down into the different accounting records that a business may need to keep, how long to keep them, and the reports they produce. The accounting source documents are the basis for all accounting and where the process starts. What are Accounting records?…
The question “Why accounting is important?” is one of the most asked questions. With business activity increasing each year, the need to understand accounting reports is more critical than ever. Even a new business should look at the accounting system and the reports they regularly require to run their business smoothly. Business owners may need reports along with investors, banks and management. While the number of…
Small Business Accounting does not just entail maintaining the daily books for tax purposes; it is also a vital device for business reporting, identifying theft, fraud, and wastage. Accounting mistakes can result in penalties or fines, especially for submitting accounts late. Many small businesses don’t keep accurate records because they don’t have the knowledge or time. However, accounting errors made over several years can lead to…
Are you looking for accounting software tools? Accounting is complicated stuff. It involves so many concepts that the average person cannot keep up with it on their own. But thanks to technology, experts are coming up with ever-more-helpful accounting software to help people keep track of all the financial data they need. With so many tools available in the market, how do you choose what is…
Are you wondering what the importance of bookkeeping is? Bookkeeping can be confusing and time-consuming. If you’re not an expert in this field, you may end up spending more time correcting mistakes than you spend recording your profits. But there are some basics that you need to know if you want your bookkeeping to be good. Here are some bookkeeping basics. Get started with these tips….
If you have recently started a business, you may be a little overwhelmed with the whole idea of bookkeeping. That’s quite common, which is why many business owners like to outsource bookkeeping. Throughout this article, I will give you 7 reasons to outsource bookkeeping and why that might be the right option for you. Towards the end, we’ll also discuss why you might not want to…
What is a Financial statement? Most businesses require financial statements, but not the usual bank statements that you would get from your bank. Although financial statements may seem a little complicated at first, they will make your life as a business owner much easier, because you will have a much better understanding of the numbers for your business. Today, we are going to take a detailed…
The Beginner’s Guide To Bookkeeping For Small Business Bookkeeping for small business is a topic that many owners run away from. It’s a topic that seems extremely complex, but avoiding it just leads to more trouble. For that reason, in this article, we are going to be covering the basics of bookkeeping for small businesses while keeping things simple and easy to understand. What Is Bookkeeping?…
Do you need to know how to budget your money in these changing times? With the Coronavirus outbreak, many of us will have a significant change in both income and expenditure. For some, the biggest worry is can you afford to live during these changes? We have developed a budget template, which will help you keep track of your finances. Many things will change, and below…