GoCardless is the easy way to collect Direct Debit Payments. GoCardless allows you to take control of your payments, ensuring your invoices get paid on time, every time via Direct Debit. With automatic reconciliation in Xero, GoCardless improves your cash flow and reduces your admin. Once your business has connected its Xero and GoCardless accounts, […]
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Why are bank rules so important? Because the secret to speed up the bank reconciliation process is automation. And bank rules are the key to automating a lot of the work when reconciling the bank account in Xero. What are bank rules: The better your rules, the fewer transactions you need to code yourself. Bank […]
If you are already using Xero or looking for software to help you file your VAT returns Xero is now ready for MTD. Here is their short flyer for more information: Making Tax Digital for VAT made easy
HMRC have release this short video regarding Making Tax Digital for VAT (MTD) and how it will affect businesses with taxable turnover over £85,000. To ensure you are ready to keep and file your VAT returns electornically starting from April 2019, we advise to set up your systems in advance. We are huge fans of […]
Xero is cool and easy to use cloud-based accounting software designed for small and medium-sized businesses. However mistakes can occur and carelessness can result in many hours of wasted time trying to locate the error and rectifying it. Let’s look at some of the most common mistakes in bank reconciliation and how they can be […]
There are a few things you must consider when creating and issuing an invoice. Legally required information, consecutive number, payment account details and payment terms just to name a few. This handy guide covers it all and more. Pick it up from Xero website or download it here. To download the detailed invoicing guide, click here […]
UK INCOME TAX BANDS 2018/2019 (excluding Scotland) 20% basic rate on income up to £34,500: tax on band £6,900 40% higher rate on income over £34,500 to £150,000: tax on band £46,200 Additional rate of 45% on income over £150,000 Savings rate of 0% on savings income up to £5,000 (not available if taxable non-savins income […]
If you are self-employed, you would have received the brown envelope from HMRC reminding you that it is TIME – time to file yet another tax return. Funny, how quickly a year can fly by! Now that you have cleared a weekend to sort it all out (or at least put a date in your […]
Bookkeeping is the recording of financial transactions and other information related to the business on a day-to-day basis. It is a vital part of every business. Bookkeeping records collate information and provide business owners with vital reports on progress and growth. It also calculates tax liabilities the business has and will have in the future. […]
Do you find yourself working long hours with not much profit to show for it? Do you want to see more money in the bank account just like you imagined when you started your own business? Then it is time to take action and make the business work for you. Start your journey to profit […]
What is a Bookkeeper? A bookkeeper is a trained and qualified professional who records financial transactions and produces financial records for the businesses. Bookkeepers deal with tax returns on your behalf. They enter all the relevant data into accounting software and deal with a whole set of tasks outside data inputting and accounts reconciliation. Bookkeepers have […]
WHAT YOU NEED TO KNOW AND PREPARE BEFORE APRIL 2019 HMRC has announced their plan to make tax digital by 2019. Under the new scheme, people will have online tax accounts that track their professional and business transactions automatically. These accounts will be submitted quarterly to HMRC to estimate the taxes due. The online system […]
What is GDPR? The GDPR comes into force in May 2018. It’s a wide-ranging regulation designed to protect the privacy of individuals in the European Union (EU) and give them control over how their personal data is processed, including how it’s collected, stored and used. It affects every company in the world that processes personal […]
Looking to find out what your tax code means? Here is a link to HMRC website where it is covered in detail: Tax Codes
It is a big day for Cloudit Bookkeeping today. I have finally stepped outside my comfort zone and moved from my bright and rather white home office to my first ‘grown up’ rented space in Severalls Industrial Park. Those who know me will know that adding overheads is not something I enjoy doing, if anything […]
If you are worried that your staging date is getting closer and you have not read about automatic enrolment and what effect it will have on you as an employer, this short summary will help you put your mind at ease. All employers have to enrol all employees into a workplace pension scheme and by […]
Click here to view the video on Youtube.
Based in Colchester, we offer bookkeeping services to businesses in Essex, Suffolk & anywhere in the UK.