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Alcohol Duty Reform from a VAT Perspective: A New Era Starting on August 1st, 2023

Today, the alcohol duty reform takes effect, bringing significant changes to the taxation and pricing of alcoholic beverages. This reform not only impacts the alcohol industry and consumers but also holds implications for Value Added Tax (VAT). We explore the alcohol duty reform from a VAT point of view and discuss its potential impact on businesses and consumers alike.Understanding Alcohol Duty and VAT: Before delving into the reform's details, it's essential to understand the concepts of ...

Why A Bookkeeper Is More Cost Effective Than Using Microsoft Excel For Your Financial Records

There are several compelling reasons why you should consider transitioning from using Microsoft Excel to using bookkeeper. Here are some key points to consider:1. Accuracy and Reliability: While Excel can be a useful tool for basic financial record keeping, it is prone to human error and can become cumbersome as your business grows. A bookkeeper, on the other hand, is a trained professional with expertise in maintaining accurate financial records. They have the knowledge and experience to ensure...

Bookkeeping - Adopting A Holistic Financial Perspective

Our recent blog looked how using a bookkeeper and an accountant can create a powerful financial team that saves your business time and money whilst ensuring compliance and accurate records. We wrote about a ‘holistic financial perspective’ but what does that mean?A holistic financial perspective refers to an encompassing and comprehensive view of a business's financial situation, performance, and future prospects. It involves looking beyond isolated financial metrics and considering the inte...

Why Using A Bookkeeper When You Already Have an Accountant Is Powerful For Your Business

Running a business involves a multitude of financial responsibilities, from record keeping and compliance to tax planning and strategic decision-making. While many businesses recognise the importance of having an accountant on board, they often overlook the benefits of hiring a bookkeeper. Having both a bookkeeper and an accountant can be a winning combination that maximises financial efficiency and success. In this blog, we will explore the advantages of hiring a bookkeeper, even when you alrea...

Forecasting & Cashflow Forecasting Software Fluidly To Close

Fluidly have announced that they will stop providing access to their cashflow software from 5pm (GMT) on Friday 28th April. They advised this was part of an integration with parent company OakNorth.Fluidly was launched in 2017, we became a silver partner with them in 2019. The software was an intuitive cashflow forecasting powered by AI stating it was for modern businesses that want to know exactly what their financial future holds and how to optimise it. Fluidly would take transaction data from...

Celebrating International Women's Day 2023

Today we join the celebrations for International Women’s Day with a look at the accomplishments of our MD, Carol Webb.Carol worked for a number of businesses but after working as Finance Manager for an international software company, Carol saw how rigid the bookkeeping industry was and saw a gap in the market for a flexible service to meet the needs of clients and took the brave decision to launch her own bookkeeping practice in 2006. Carol decided to join the Institute of Certified Bookkeeper...

Employers - Know Your Legal Workplace Pension Duties

We have taken on several clients in the last few months who were not aware of their workplace pension duties. These are governed by The Pension Regulator and failure to undertake the legal duties result in fines. So for all employers, here’s what your responsibility is....

Tax Return Deadline Day! Income Tax Self-Assessment Filing And Payment Due Today - How You Can Make Next Year's Easier

It’s the 31st of January, tax return deadline day. HMRC announced last week that 3.4 million people were still needing to file their tax return and their extremely busy helpline will close at 6pm today we look forward to how your 2022/ 2023 tax return can be easy and stress free.Stress Free Tax Returns6th April (1st day of the new tax year) we contact you with tax questions and requesting your income and expensesOnce we have your answers we process your tax returnWe send the draft tax return t...

Income Tax Return Self Assessment - How HMRCs App Can Help You

Since HMRC launched their app, more than 50,000 self-assessment customers have paid their tax using the app since its release 11 months ago. The free app can be downloaded at the App Store or Google Play and is has a number of features to use and see:What You Can See·         Find your Unique Tax Reference and National Insurance number (us bookkeepers need these to sign up as your agent with HMRC)·         Your tax...

Making Tax Digital For Self-Assessment Income Tax Delayed: How Adopting This Now Benefits You!

The government has announced that Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) is to be postponed by 2 years AND the income bracket has been raised so only those with an income of £50,000 (not the previous £10,000) will follow the rules in the first phase in 2 years. MTD for ITSA involves keeping digital records and providing quarterly updates on their income and expenditure to HMRC through MTD-compatible software quarterly filing of the figures using compliant software. The ...

Income Tax Self-Assessment Submission Top Tips

With the tax return deadline fast approaching, HMRC are encouraging Self Assessment customers to put their tax return at the top of their to-do list. Last year, 2,800 customers filed their tax return on Christmas Day.  The deadline of the 31st January 2023 is for filing and paying your tax return to avoid getting a penalty. HMRC focus penalties on those who persistently fail to complete their tax returns and deliberate tax evaders. The penalties for late tax returns are: initial £100...

Raise A Cup For Bookkeepers! Celebrating Bookkeepers Everywhere

As part of #GlobalBookkeepingWeek we all raised a cup for bookkeepers, celebrating the profession and the work we all do....

Global Bookkeeping Week: The Bookkeepers Summit

Being a successful, compliant bookkeeping practice means a lot of work happens behind the scenes. Most clients won’t be aware of the large amount of administration we have to do to adhere to regulations and legislations and ensure we keep up with the ever changing rules. We are helped and supported with this by The Institute of Certified Bookkeepers (ICB), not only are they a great community to belong to, they and our fellow members provide learning, help, support and guidance to empower us t...

It Is The Start Of Global Bookkeeping Week 2022! Find Out More

Bookkeepers and businesses right across the world are coming together to celebrate Global Bookkeeping Week this week. We are celebrating the profession and the vital work bookkeepers do to support micro and small businesses on a global scale. We will be taking part in coffee mornings, meet-ups, webinars, and the Bookkeepers Summit, to celebrate. It was started by the Institute of Certified Bookkeepers (ICB) in 2015 to celebrate bookkeepers and raise the profile of the profession; putting th...

Changes To VAT - Making Tax Digital (MTD) For VAT: Filing And Penalties

VAT-registered businesses will not be able to use their existing VAT online account to submit their VAT returns from‌‌‌ ‌‌Tuesday 1‌‌‌st ‌‌‌November 2022 and penalty reforms kick in from 1st January, 2023. The changes being made are part of the government’s Making Tax Digital (MTD) plan which is meant to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. HMRC’s states that its ambition is to: “become one of the most ...

MTD For ITSA: Business Owners & Landlords Quarterly Summaries

Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) will apply to individuals from April 2024, if their total gross income from self-employment and property exceeds £10,000 in a tax year. We already have cost-effective software and tools ready to go as our clients have already switched to the new, compliant system as well as receiving a high number of new enquiries from clients looking to move over before to ensure any problems are dealt with and resolved before the deadline kicks ...

HMRC's Reimbursement Of Electricity Costs To Electric Cars Guidance Doesn't Reflect The Law Claims ICAEW

The Institute of Chartered Accountants in England and Wales (ICAEW) Tax Faculty has highlighted that HMRC’s guidance on reimbursement of electricity costs for charging company-provided wholly electric cars conflicts with the law. HMRCs uses an online tool and guidance that both say reimbursements to employees by employers for the cost of electricity used to charge their company-owned vehicles that are wholly electric cars and are available for private use are subject to income tax and National...

Employers Ongoing Re-Enrolment Pension Duties Explained As The Pension Regulator Fines Over 250 Employers In Six Months

We have taken on several clients in the last few months who were not aware of their automatic enrolment – workplace pension duties which are governed by The Pension Regulator and would have incurred fines had we not stepped in on their behalf so we thought we would outline employers responsibilities.What Is Automatic Enrolment - Workplace Pension DutiesIf you employ at least one person, you are an employer and have certain legal duties. Under the Pensions Act 2008, every employer in ...

How Our Monthly Bookkeeping Service Benefits Self-Employed Professionals & It's Cheaper Thank You Think!

We recently shared how our client Kate Mills’ healing business has improved the lives of 2 people suffering with cancer and auto immune conditions. Click here for more information on Kate's healing business. We have been asked what we do to support Kate. Kate is self-employed, for a couple of years we just processed and submitted her tax returns once a year. Following a review of our work together, we realised that Kate would benefit with a more regular service so now we provide regular b...

National Payroll Week - The Importance Of Payroll To Business & Staff

With payrolled employees on the rise, we look at the importance of payroll. Payroll impacts all areas of business. Employees are arguably the most important part of a business, the person the customer communicates with, the person who makes your products and if they are not paid correctly or on time, they are not going to be an unhappy employee and the relationship between employee and employer becomes damaged, employee motivation and mental well-being will suffer. Employer review websites easil...

National Payroll Week: Statistics

Payrolled staff are increasing, the Office for National Statistics reported*: The number of payrolled employees rose by 2.9% in July 2022 compared with July 2021, a rise of 847,000 employees; up by 2.2% since February 2020, a rise of 649,000. Payrolled employment increased by 73,000 employees (0.2%) in July 2022 when compared with June 2022. Median monthly pay increased by 6.6% in July 2022 compared with July 2021, and increased by 13.4% when compared with February 2020. All age groups saw an in...

National Payroll Week: Interview With Our Newest Payroll Star

As part of National Payroll Week, we interviewed our superstar bookkeeper and almost qualified payroll sensation, Jo Carro. Jo has been with us for 2 and a half years and decided to further her bookkeeping knowledge by studying the complexities of payroll.As a qualified and experienced bookkeeper, what made you decide to become qualified in payroll? To me, it seemed like the next logical step in my career and another string to my bow and I knew it would be beneficial to Cashtrak’s growth....

National Payroll Week 2022

National Payroll Week was established in the UK by the CIPP (the Chartered Institute of Payroll professionals) in 1998 to celebrate the payroll profession and to give it the recognition it deserves. As payroll professionals for over 16 years, we love to get involved and offer an insight into why payroll is so much more than just pressing buttons on software! We need to not only have a knowledge of legislations and regulations but also the understanding of them which is where the industry crosses...

Part-Time Workers Holiday Calculation Method Deemed Unlawful By The Supreme Court In Harpur Trust vs Brazel Case

The way employers calculate holiday pay for part time, variable hour employees has been ruled unlawful by the Supreme Court and demonstrates how payroll is a lot more complex than may seem.  A long running case brought by a part time music teacher was finally concluded this week. Mrs Brazel worked for The Harpur Trust as a music teacher, she had variable hours each week depending on the demand for music lessons during the school term time. She had a permanent, zero hours contract and had to...

Xero's CEO - Bank Feeds, Apps & Innovation| Xerocon 2022

Xerocon London kicked off with a welcome from @Xero CEO, Steve Vamos. He acknowledged the that the bank feed needs work and advised they are talking to banks to try to resolve the problems. There are more open API (Application Programming Interfaces) to get more connections set up. You can read more about bank feed problems here.Depending on your bank, we would recommend regularly checking your bank statement against your Xero bank feed until the issues have been fixed. Need help? Contact us her...