Everything You Need to Know About Making Tax Digital (MTD) Introduced in April 2019, Make Tax Digital or MTD is an initiative by the UK government to make the UK’s tax system one of the most advanced tax administrations in the world. Furthermore, it is designed to help individuals and businesses pay the right tax.…
Why Businesses Should Invest in Xero Accounting Software Xero is a cloud-based accounting software system that has earned enough popularity over the past few years. Majorly, small and medium-sized businesses prefer this software as its service plans and features accommodate their different needs. Not only the software helps businesses remain organized but also let them…
What is a Virtual Finance Director and Why Should You Hire Them? If you think your business has grown to the extent where you need a professional who can manage your finance, but you can’t afford to employ someone on a full-time basis, you may consider hiring a virtual finance director. A virtual finance director…
Also known as an annual account, a statutory account is a set of financial reports presented by companies at the end of each fiscal year for tax purposes. It is required by HM Revenue & Customs (HMRC) to collect and keep the record of corporate taxes. Preparing a statutory account is a daunting task as…
On Wednesday 8th July 2020, the Chancellor Rishi Sunak made a speech entitled “Summer Economic Update” where he unveiled further Government supports and he unveiled the Government’s plan for jobs which he described as the “Second phase in in the Government’s economic response to the crisis.” The “Plan for Jobs” PDF can be seen: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/898421/A_Plan_for_Jobs__Web_.pdf…
Payroll management is a method for processing workers’ salaries, bonuses, and deductions as per the labour laws and other directives by the government. Regardless of the size of your business, it’s essential that you learn tips for managing payroll effectively. After all, it directly affects your financial welfare of your business and your staff. In…
Over the past few years, cloud based accounting has gained increased popularity across the world, and why not? This accounting solution is not only reliable and time-effective but also more affordable than traditional accounting systems. According to Forbes, cloud based accounting reduces the labour cost up to 50%. If you’re planning to switch from conventional…
Bookkeeping is a necessary process that ensures that a company’s financial records are on track. It involves the recording of all financial transactions, including purchases, sales, and payment by a company or an individual. Bookkeeping plays a crucial role in reducing the risk of mismanaging funds and helping a business make informed decisions. After all,…
