Cloud accounting

A modern approach to accounting

Everything in business nowadays is based online. This includes your accounting processes. Knowing the right software to use and getting set up and acquainted can be a challenge.

Don’t worry, we’re experts when it comes to cloud accounting. Specialising in both Xero and QuickBooks, we have all bases covered and can help you decide which may suit your business. We also offer training and support whenever you need it.

There are a number of benefits of using cloud accounting. Having real-time data accessible from anywhere will mean you and your accountant will have constant access to your financial information. 

You won’t have to worry about folders of paper cluttering up your workspace, especially as your receipts and invoices can be uploaded onto your app. This will make everything easier with Making Tax Digital (MTD), especially when it comes to your end of period reports.

Knowing which application is a must. Xero is suitable for most businesses, particularly larger scale operations, QuickBooks on the other hand is cheaper and ideal for sole traders. Both of which come with free trial periods, you can test to see if either fits your business needs.

Find out more about cloud accounting by getting in touch with our friendly team, any questions you have are welcome.

Contact us today.

Making Tax Digital

Let’s look at how MTD will affect you…

What is Making Tax Digital?

MTD is a Government policy to push the UK’s tax system into the future by digitalising the tax affairs of businesses and individuals.

By using the MTD policy to transform the UK, the Government hopes the tax system will be more effective and more efficient than ever before so people can file their taxes more easily, without making costly mistakes.

Making Tax Digital for business

From April 2022, it’s been compulsory for every VAT-registered businesses to prepare their taxes under MTD. If MTD for VAT applies to your business, you must keep digital records to comply with the requirements, including:

  • your business name
  • the address of your principal place of business
  • your VAT registration number
  • any VAT accounting schemes you use
  • a record for each supply made and received
  • the rate of VAT charged
  • the time of supply (tax point)
  • the value of the supply (net value excluding VAT)
  • the amount of input tax being claimed.

Making Tax Digital for individuals

MTD ITSA will affect most self-employed taxpayers with business or property income over £10,000 a year.

Under the scheme, you will have to file quarterly returns on or before 5 August, 5 November, 5 February and 5 May each year.

From 6 April 2025, most unincorporated business partnerships will also have to abide by MTD ITSA rules – if they have business or property income and only individuals as partners.

So how can we help?

We’ll advise and support your business with MTD. It’s vital that companies and individuals alike understand what this means for them in the long run and how this can help them understand how necessary tax is to get right.

Cloud accounting partnerships

We’ve got connections to powerful cloud accounting platforms that help us provide the best service possible.

Whilst all of these providers are brilliant in their way, there is no one-size-fits-all approach; each of them has benefits and drawbacks that will affect businesses differently. – Contact us today to discuss whats right for you

Quickbooks

Save time and gain valuable insights into your business’s finances with the help of a member of the QuickBooks ProAdvisor Program.

FreeAgent

FreeAgent is an award-winning accounting platform for small businesses that empowers end-users to understand their finances better.

KashFlow

Running a small business is challenging enough without the distraction of complicated accounting. Designed to save you time and effort, KashFlow small business accounting software lets you manage your accounts on your terms anytime, anywhere.

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Iris

The right business software can ease your biggest operational challenges – simplifying complex tasks and automating repetitive ones. Whether you’re a business filing its company accounts, or a school communicating with parents and taking payments for school trips, Iris helps improve productivity, compliance and engagement.

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Sage

Transform your productivity by managing bookkeeping, tax, and payroll software for clients and your practice from one place. Add client subscriptions to earn discounts and get free online training and expert support.

Xero

Streamline your accounting processes and keep track of your business performance with collaborative support from our Xero accountants.

Opening your eyes to a better future

If you like what you’ve read, get in touch today and we’ll talk to you about what we can do for you and your business.

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