Jump to content

New tax are they trying to kill us off?


Recommended Posts

just been advised on new tax regulations

MONTHLY

The announcements in July 2017 around Making Tax Digital placed VAT firmly at the vanguard of the proposals. Finance (No. 2) Act 2017 includes legislation providing for the introduction of MTD for VAT (section 62 – as well as other clauses for income tax). On 13 September 2017, HMRC also published further detail in a legislation overview of the VAT proposals, as well as draft Regulations and Notices for income tax.

Link to comment
Share on other sites

My accountant is set up - were starting this month to do 'dry runs' so I and they get up to speed, but the is an added burden on all our businesses what with the pension fiasco that we now pay into, two of my staff say they will be retiring at 71 ffs

Am told as this gets going were going to be paying 'Upfront' whatever that means?

So increases on paperwork with accounts etc. Glad i'm the age I am this is only going to get worse

Link to comment
Share on other sites

21 hours ago, k4mrc said:

My accountant is set up - were starting this month to do 'dry runs' so I and they get up to speed, but the is an added burden on all our businesses what with the pension fiasco that we now pay into, two of my staff say they will be retiring at 71 ffs

Am told as this gets going were going to be paying 'Upfront' whatever that means?

So increases on paperwork with accounts etc. Glad i'm the age I am this is only going to get worse

Are you Broms cobb. 

Link to comment
Share on other sites

Quickbooks is fairly straightforward to use and seems designed for small businesses, we use QB essentials online although they've increased the monthly payment 20% this year - they have a self employed version which may be better for some?

 

What it does well is VAT, invoicing, banking integration and reconciliation these are all faster then they used to be so still worth the £18+vat a month. Plus if we have any technical queries or issues they respond and fix very quickly.

Link to comment
Share on other sites

2 hours ago, petercoulson said:

Quickbooks is fairly straightforward to use and seems designed for small businesses, we use QB essentials online although they've increased the monthly payment 20% this year - they have a self employed version which may be better for some?

 

What it does well is VAT, invoicing, banking integration and reconciliation these are all faster then they used to be so still worth the £18+vat a month. Plus if we have any technical queries or issues they respond and fix very quickly.

Thanks, we are VAT registered so it's definitely worth a look.

Link to comment
Share on other sites

 With Quickbooks do you still have to use an accountant to verify everything and submit your tax returns or is it all calculated and sent through to HMRC?

I was just working out the maths as if you pay a monthly fee then still have to pay an accountant anyway then it's really not worth it at the moment, at least until they say we all have to use digital everything!!

Link to comment
Share on other sites

Surely if it makes it easier it's worth doing?  In addition, it's always worth talking to an accountant to make sure you are completing the books in the most tax effective way and not overpaying ;-)

 

We are all TAX collectors on behalf of the government in the long run.

Link to comment
Share on other sites

  • 2 months later...
  • 10 months later...

I use Sage and love it.

Once you get your head round it I find it becomes easier, At any moment in time i know exactly how the business is financially,  for instance i am currently owed just over 10k in Trade accounts i have 9k in the bank and all suppliers are fully paid up to today and i also have a rough idea how much VAT i am due to pay at the end of March.

It's like anything new at first it's a pain and you make lots of mistakes but eventually it becomes second nature.

I am sure this applies to whatever accounting software you use although i would advise using what your accountant uses as it makes life a lot easier in the early days.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...