From 24th September 2019, new EU Standards will change the way that some banks connect to Xero. To comply with the new requirements, many of Xero’s bank feeds will be replaced with new direct feeds using Open Banking. Open Banking was designed to encourage competition in the banking industry, giving customers greater choice and control … Continue reading EU Standards to Affect Xero Banking
If you sell goods or services to customers, it’s likely that you’ll also have to invoice those customers for the work you’ve done. But what information are you actually required to include on your invoices? You must clearly display the word ‘invoice’ A unique identification number Your company name, address and contact information. If you … Continue reading What is an invoice and what should it include?
Bookkeeping can be an overwhelming task but having a system in place can make it a lot less daunting! Here are five ways to take charge of your bookkeeping: Create a list of important tax-related dates and place it where it's easily visible. If you have a permanent reminder of key dates you'll have a … Continue reading 5 Key Ways To Take Charge Of Your Bookkeeping
If you own your own business or are considering such a move, keeping accurate records not only benefits you for tax compliance, but it could also benefit your business. Keeping accurate records may: Reduce your accountancy fees make filling in your tax return more straightforward help you with budgeting and cashflow help your business grow … Continue reading Bookkeeping Tips for Small Businesses
It’s February again, and many an accountant and tax advisor is heaving a sigh of relief that another self-assessment deadline has passed. The month of January often puts extra pressure on accounting professionals as they endeavour to submit eleventh-hour returns before the end of the month to help their clients avoid penalties and interest on … Continue reading Don’t Put Off Until January What You Can Do In July…
You will often find that, at any given date, the bank balance according to your cashbook is different to the balance on your bank statement. This is primarily due to the time delay between entering the transaction in the cashbook and the time taken to clear the bank - usually 2-3 days depending on the … Continue reading Balancing the Books: Bank vs. Cashbook
The earliest known existence of the classic 'double entry' bookkeeping system can be dated back to 1211 in Florence, Italy. First published in Luca Paciolo's book "Summa" in 1495, it is a system that has been used, and will, indeed, be used for many years to come. However, things have a come a long way … Continue reading Moving With The Times
HMRC have recently announced they are exploring new ways of conducting their business record checks to target those who are likely to have inadequate business records. According to HMRC, it is important for businesses to keep records in order to complete their tax returns correctly, and to ensure they pay the correct amount of tax … Continue reading HMRC Business Record Checks
This is often a question that many organisations are faced with before trading can commence, however it is not a decision that needs to be permanent throughout the life of a business. Without much thought, many will simply choose their accounting year end date as the end of their first 12 months of trading. Whilst … Continue reading How do you choose your accounting year end?
One of the requirements for all businesses is that appropriate accounting records are kept for at least six years from the end of the accounting period in case of an inspection request from HMRC. Dependent upon the number of business transactions, there are various methods for keeping these records. For very small businesses, manual records, … Continue reading Keeping Accounting Records