You may have heard of this latest new initiative from HMRC sometimes referred to simply as MTD – here we look at what this is and how it will impact you and your business.
Starting a business can be a dream come true and very exciting! There are however, many areas you will suddenly need to be involved in which may not be your core area of interest or expertise. Knowing when to delegate and outsource could save your business and your sanity.
So you may have heard the headlines in the recent budget about the death of tax returns. Don’t start celebrating just yet – this target has a deadline of 2020 and crucially relies on businesses and tax payers moving to online accounting software.
Sounds like a big step ? Over a third of our existing client base are there already!
Preparing your accounts for income tax purposes – the cash basis
You may have heard that the Government has been considering whether to allow some small businesses to compute taxable profits for the purposes of income tax on a cash basis rather than the usual accruals basis. The Finance Act 2013 now allows this option.