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HMRC making Digital Records Compulsory by 2018

Making tax digital – It would be easy to read the government’s manifesto about the future of tax administration “Making Tax Digital” as merely a vague policy document. While it’s just an outline it spells out changes that will have serious consequences for many businesses. Who will it affect? – Unincorporated businesses with income of £10,000 per year or more, which don’t currently use software to keep financial records, will be required to do so. It seems that companies will have to use digital record keeping no matter what the level of their income. The new regime will include landlords who receive rents etc of more than £10,000 per year. Which software? – The good news, if you can call it that, is that the government will provide free apps to help businesses. However, reading between the...

Your Ally in Business – Why Choosing an Accountant is One of the Most Important Decisions you’ll Make!

An accountant should be seen as more than someone who does your finances. While you focus on running your business, you need to trust they ‘have your back’ when it comes to your company. They need to understand your business and where it is going, be your business advocate, warn you of potential dangers and provide you with advice to make your business better. You need to trust them as if they were part of your company, and know that your success is important to them. That’s why it is important to choose an accountant that fits with you. That they not only understand your business, but that you trust they are there to help you when you need it. There is a reason why accountants are amongst the most trusted advisors in the world. Key things to consider...