Latest making-tax-digital

With a different Chancellor in the driving seat once again, we have seen the government announce further changes since their ‘Growth Plan’, which was delivered on 23 September. In a statement on Monday 17 October, the Chancellor announced a reversal of almost all of the tax measures set out in the Growth Plan that have…

During Covid-19 many businesses took out a government backed Bounce Back Loan (BBL) to financially support with funds up to £50,000.   Repayments have now begun, and businesses are using a range of options to manage this going forwards. Many businesses continue to struggle through the aftermath of Covid-19 and challenging economic times. The options…

VAT registered businesses with turnover exceeding £85k have been required to keep digital records and file VAT returns through making tax digital (MTD) compatible software for more than three years. All remaining VAT registered business have been moving across to this system since 1 April 2022.   HMRC have now announced the old VAT portal…

There are a few important dates coming over the next couple of years affecting individual taxpayers, who will be seeing changes to the tax they pay, and how they are required to send returns to HMRC.   6 July 2022 – Increase in National Insurance thresholds The income threshold at which employees and the self-employed…

The next stages of the MTD roll-out, which will affect self-employed traders and landlords with annual income over £10k, is scheduled for 6 April 2024.   Below is Whitings MTD Group’s sixth issue edition of our Making Tax Digital newsletter and what could be the most revolutionary stage of Making Tax Digital – MTD for…

From 1st April 2022, every VAT registered business will be required to file their VAT returns digitally through HMRC’s Making Tax Digital system.   This means all VAT registered businesses, regardless of their level of turnover, which hadn’t previously been submitting their VAT returns to HMRC via MTD compliant software, will now be required to…

Reconciling your bank account is an important task in managing your businesses finances. This is because, by doing this we are making sure that all business transactions are being recorded and more importantly, you can identify any unusual transactions that may be taking place in your company. Xero has a feature in which you can…

One of the first things you will need to do when starting to use Xero is to connect your bank accounts, this is a relatively simple step by step process.   Step 1: Go to the accounting menu on the top blue ribbon bar and select bank accounts.   Step 2: Click add bank account…

For businesses that require staff to have access to their Xero but do not want their employees to be able to view all details of their business there are different permissions and roles you can allocate to different users.   Roles Adviser- This role is the highest role you can give someone; therefore, it includes…

If you’ve never used a cloud software before coming to a decision on what package to choose can be quite daunting. Well, in this blog I am going to summarise what different packages are available and tell you what each package does and also, what it doesn’t do.   There are three packages that Xero…