Some Sage Accounting users are finding their bank feeds have been disconnected.  To resolve the issues users will need to disconnect and reconnect the existing bank feed. 

HMRC have recently announced the delay of the introduction of the Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) scheme until 2026. This delay will give those in scope more time to prepare and will reduce the risk of HMRC systems and support services becoming overwhelmed when the deadline hits.

HMRC have announced changes to how VAT refunds can be repaid into an overseas account. Previously they would send out a cheque, however you can now recieve repayments directly into your bank account. 

HMRC have announced changes to how penalties are applied for late VAT returns. From 1 January 2023 late payment penalties will apply to any payments of VAT not paid in full by the due date and you will face penatly points if you submit your VAT return late.

Our latest OMB survey found that nine out of ten business owners are worried about business costs. Here are four ways small and medium sized businesses can get financial support:

Unlike traditional desktop accounting systems, cloud software packages (including QuickBooks Online, Xero and Sage Cloud) do not have a separate and structured year-end process.

There are however, a couple of important steps that we recommend you take once your year-end has passed and all transactions relating to that year have been posted.
 

This year, Making Tax Digital for VAT is being extended to smaller VAT businesses including the self-employed and landlords.
 

QuickBooks have announced a raft of new features designed to help you get more out of your accounting software.

With Making Tax Digital just around the corner, there has been some confusion around when businesses need to sign up for the new Business Tax Account and submit their VAT return through their accounting software.  In our latest blog, we look at the timings involved.