0330 124 4675
Office Hours: 9am to 5.30pm
0330 124 4675
Office Hours: 9am to 5.30pm

The Digital Transformation of Accounting and Finance

Businesses of all backgrounds are increasingly finding themselves forced to accommodate the change. While regulatory and logistical issues prove problematic, the biggest hurdle to overcome is the rise of digital technologies in the finance sector and the risk and opportunities they represent.

So, what exactly is digital transformation and what role does it play in the world of accounting and finance?

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What Accounting Standards are used in the UK?

In accountancy, standards are used to ensure consistency throughout the industry. They also exist to promote transparency and to ensure the information provided is consistent, relevant, and useable – saving time and resource for the provider as well as the party under scrutiny.  Accounting standards are critical so that companies working in tax and accountancy can deliver clear, coherent details to both their clients and the authorities.

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What is the best software for Making Tax Digital?

The rules on how to keep VAT records and submit VAT returns changed on 1 April 2019 under Making Tax Digital. Moving from physical to digital processes can be time-consuming and resource-heavy. VAT registered businesses with a taxable turnover above £85,000 will need to use compatible accounting software to send digital tax returns.

While many accounting software platforms unquestionably add value to your daily work, it can often be difficult to find the right MTD accounting software for your company.

So, what are the MTD software options available on the market and what are their features?

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Year-end tax planning tips for contractors

Managing a limited company as a contractor can be challenging, especially when it comes to reconciling your year end accounts at the end of the tax year.

While April is here, there is still time to make the most of your options and make sure you’re able to get the most out of your tax planning.

If you’re struggling to make the most of this year’s allowances, here’s our list of some essential tips to handle year end accounts efficiently through your Limited Company.

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Budget 2020: Key Takeaways

The 2020 Budget came at a strange time; a new Chancellor, Rishi Sunak, had only been appointed a few weeks earlier, Brexit had entered its endgame, and a global pandemic was looming.

However, there were still notable announcements for individuals, business owners and accountants.

Sunak announced a number of measures to help both individuals and businesses to deal with the COVID-19 pandemic, and some of them are summarised below.

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COVID-19: One Click Accountant update

There is a great deal of uncertainty around how businesses will continue to operate in the face of the challenges being caused by the Coronavirus COVID-19 outbreak.  Clearly, businesses do not like uncertainty and we understand that the same applies to contractors and freelancers.  We would, therefore, like to reassure our contractors, suppliers and agency partners that we are operating at full strength and will continue to do so as the situation develops and eventually improves.

All of our staff are working from home and we have all the necessary technology in place to ensure that we continue to provide the great personal service that we are proud of.  Our opening hours will remain unchanged and we will continue to provide support outside of our core hours via email and social channels.

If you have any questions or concerns, please feel free to get in touch.

 

What is Making Tax Digital?

Making Tax Digital (MTD) is a Government scheme designed to simplify the way businesses and traders pay tax. One of its aims is to end the system of self-assessment and paper-based tax filing. The Government hopes MTD will make tax management more efficient, effective and easy. It’s also hoped it will cut HMRC’s administration costs.

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