As the financial year draws to a close, it’s a good time for self-employed businesses to take stock and position themselves strongly for the year ahead. A planned approach at this stage could create a meaningful difference to both your tax position and your overall financial understanding.
Making Tax Digital (MTD) is transforming the way businesses report their finances to HMRC. Designed to make tax administration more effective, efficient, and easier for taxpayers, MTD requires businesses to maintain digital records and submit quarterly updates using compatible software.
At Watson Knipe in Ravenshead, Dawn plays an invaluable role as a dedicated and skilled bookkeeper. With her expertise in bookkeeping and VAT support, she has become an integral part of the team, ensuring that clients remain informed about their corporation tax liabilities and managing various financial tasks with precision.
As a business owner, you know that you must collate all your paperwork each year to prepare your tax return. This can be a much easier process if, during the year, you have been managing your bookkeeping effectively. When businesses start, they often do this themselves.
As you may know, HMRC is phasing in its landmark Making Tax Digital (MTD) regime, this will ultimately require taxpayers to move to a fully digital tax system.
As outlined in our blog - The benefits of using accounting software we explained that HMRC is working towards Making Tax Digital for businesses. To prepare for this change, it’s worth considering using accounting software.
We continue with our series of blogs about different accounting software that is available to small businesses. We do not have a specific bias to any one type of software.
Our final blog in this series is about FreeAgent Accounting Software. For businesses that are looking for an online solution to manage their finances.
A report published by MarketFinance on 9 December 2019 indicates that small businesses are having to deal with late payments regularly.
Many of you will have spent the last few months sorting out your invoices ready for your self-assessment submission. If you don't use a bookkeeper and prefer to manage all your paperwork yourself.
Over the coming months, all businesses will need to keep an eye on cash flow as they recover from the Coronavirus pandemic. They say, 'Cash is King', and this is more important now as we move forward over the next 12-18 months.
In our last blog – Tips on managing cash flow – we explained the importance of keeping track of cash flow over the coming months. For many businesses, the most common problem is late payments from customers.
As the lockdown continues businesses are continuing to operate in very challenging conditions as we start the new year. We wanted to share with you a few tips which we hope will help you to manage your business budget as this is essential to maintain financial health for your business.
Good cash flow is essential for businesses to function effectively and helps with growth. We always support our clients to understand the importance of maintaining good cash flow, and we wanted to share some of our top tips in this article.
Bookkeeping is a necessary task for all small businesses, and when not completed properly it can lead to chaos and confusion. The coming New Year is a great opportunity to get organised and sort out your accounts for the coming year.
A key part of running a business is effective record keeping. Why? Because it can help you run your business much more efficiently as well as saving you time and money if you are on track with all your records. If you fail to follow legal obligations for tax purposes, you may be fined up to £3,000 for inaccurate records.
In business, the most important thing that defines success is whether you are making money. Often it can be difficult to determine just how much you’re making if you cannot pinpoint your sales and expenditure.
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or email info@watsonk.co.uk
When you first start a business, your focus is usually on attracting customers, generating sales and building a successful company. Few business owners spend much time thinking about how or when they will eventually leave the business.
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