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cloud accounting

Important Year-End Processes for Cloud Software Users

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.  

What are the MTD tax return changes from 2023/24?

In preparation for the introduction of Making Tax Digital for Income Tax Self-Assessment, the basis period rules for unincorporated businesses are being abolished. In its place, unincorporated businesses will be assessed on the profits actually earned in the tax year.

Making Tax Digital for VAT registered businesses compulsory from April 2022

As of 1st April 2022, all VAT – registered businesses will be required to comply with the MTD regime for their VAT accounting.

Beware of being an over-trader

Business owners will need to consider their options and creating a cash-flow forecast will reveal the peaks and troughs in your bank balances and give you time to consider your choices.

Beware of being an over-trader

Whisper it quietly but we may be approaching the end of the major disruption to the economic activity of the past two years. This would be great news for those trades badly affected by previous lockdowns and other restrictions.

QuickBooks Desktop users must switch to QuickBooks Online

QuickBooks has discontinued its QuickBooks Desktop service in the UK, from January 2022.

Xero users must update their HSBC bank feeds by 30 July 2021

If you use Xero and bank with HSBC, be aware that you will need to update your existing bank feeds by 30 July 2021.

Understanding the benefits of using cloud tools when creating a cash flow forecast

Every business should monitor and understand their cash flow. To fully understand your business’ cash flow, you will need the most up to date financial information about your business. Cloud accounting software gives you the ability to access your business’ whole financial picture all in one place, at any time. 

XERO LAUNCHES MULTIFACTOR AUTHENTICATION

During the course of this year, all Xero users will have to set up multifactor authentication to meet the changes. Xero users are able to choose between two different authentication combinations, for example your email address and password, with something that has an authenticator app, like a tablet of smartphone. 

The benefits of filing your online VAT returns with Making Tax Digital

Any VAT registered businesses who are not already signed up to MTD, HMRC will gradually migrate onto their new ETMP platform in stages during 2021, in advance of MTD for VAT becoming mandatory from April 2022. 

Tips for businesses to positively emerge from lockdown stronger and fitter

Whilst HM Government’s tougher restriction measures at the start of 2021 will continue to have an adverse impact for many people and businesses, there are reasons why the outlook for 2021 is more positive.  

How to improve your business' cash flow with cloud accounting for start ups to large businesses

Covid 19 has wreaked havoc for all business sectors but has had a very significant impact on the hospitality and leisure sector, which subsequently then expands into other businesses in terms of supply chains and consumer demand. 

New Features From QuickBooks

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

Moore (South) Partner with Receipt Bank

To continue to add to our pool of accounting and bookkeeping tools and resources and with a strong vision for the digital accounting world of the future, we have recently partnered with Receipt Bank to offer our clients the ‘optimize solution.’

Moore (South) Partner with Receipt Bank

To continue to add to our pool of accounting and bookkeeping tools and resources and with a strong vision for the digital accounting world of the future, we have recently partnered with Receipt Bank to offer our clients the ‘optimize solution.’

PSD2 delayed: What does this mean for you?

For years, the UK and EU have shared the objective of creating a level playing field for new market entrants in the financial services and payments industries while ensuring the proper protection of consumers’ data.

6 ways cashflow forecasting can benefit your business

Maintaining a healthy cash flow is a challenge for most business owners.  Despite being a cliché phrase, “cash flow is king” continues to drive a harsh truth – a lack of funds is one of the main reasons businesses go under.    

Making Tax Digital Update: HMRC Letters

HMRC have been writing to VAT registered businesses about Making Tax Digital for VAT, they have confirmed that all letters have now been sent.

Last call for VAT traders to prepare for new filing regulations

As we have mentioned before, VAT returns filed for periods commencing on or after 1 April 2019, may need to be filed using the new Making Tax Digital (MTD) protocols. The new filing obligations will apply to VAT registered businesses with turnover above the current VAT registration limit, £85,000.  

Last call for VAT traders to prepare for new filing regulations

As we have mentioned before, VAT returns filed for periods commencing on or after 1 April 2019, may need to be filed using the new Making Tax Digital (MTD) protocols. The new filing obligations will apply to VAT registered businesses with turnover above the current VAT registration limit, £85,000.  

7 reasons why your business should invest in cloud accounting

What is cloud accounting? Cloud accounting uses software that is hosted on remote servers rather than on a company’s own servers. Data is sent to and stored in "the cloud," where it is processed and returned to the user - all application functions are performed off-site and not on the user's desktop.

8 reasons why your business should invest in cloud accounting

What is cloud accounting? Cloud accounting uses software that is hosted on remote servers rather than on a company’s own servers. Data is sent to and stored in "the cloud," where it is processed and returned to the user - all application functions are performed off-site and not on the user's desktop.

8 reasons why your business should invest in cloud accounting

What is cloud accounting? Cloud accounting uses software that is hosted on remote servers rather than on a company’s own servers. Data is sent to and stored in "the cloud," where it is processed and returned to the user - all application functions are performed off-site and not on the user's desktop.