Our team is certified to help thousands of self-employed businesspeople become Making Tax Digital compliant. From April 2026, the government will start rolling out its Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) initiative which will require sole traders and landlords to keep digital records and submit quarterly updates to HMRC using compatible…
Author Archives: Michelle Ruddick
05
Aug
Aug
When a client goes onto an accounting software such as Xero, we are often asked why our fees have not reduced as much as expected, considering the client is doing more work themselves. The most common reason for this is that the Xero records are simply not up to date and not accurate. So, what…
17
May
May
In an age where cash flow can be ever more difficult, adding a pay now button to your Xero invoices can lead to quicker payments by customers. To do this you will need a Stripe or PayPal account, you will need to create your sales invoices from within Xero and you will need to e-mail…
Employment allowance allows eligible employers to reduce their Class 1 National Insurance liability by up to £5,000 in a tax year, subject to de minimus state aid limits applicable to your business. You can claim Employment Allowance if you are a business or charity and your employers Class 1 National Insurance liability was less than…
Old supplier balances on the aged payables that you know have been paid When you run your aged payable report and you see old balances on there that you know have been paid it could be for a couple of reasons:- 1. The payment has been coded straight to a nominal ledger account rather than…
Bank balance does not match to the statement balance Firstly, would you know whether your bank balance in Xero matches your real bank balance, and secondly why should this be important to you? To deal with the second point first – this check is singularly one of the most important things to do when using…
Employment allowance allows eligible employers to reduce their Class 1 National Insurance liability by up to £5,000 in a tax year, subject to de minimus state aid limits applicable to your business. You can claim Employment Allowance if you are a business or charity and your employers Class 1 National Insurance liability was less than…
Bringing in a new hire is an exciting time for a business. Your team, profits, customer pool, and business in general are all growing. So let’s start by saying congratulations! With all this exciting progress, it’s important not to lose sight of the details. Setting up a new employee in Xero is an important step…
Claiming employment allowance means reducing your annual National Insurance liability as a business owner or employer by up to £4,000. Since April 2020, receiving employment allowance is now reliant on you making what’s known as a de minimis State Aid declaration. This may sound daunting, but we’ll break down exactly how you can do this…
What is the new Super-deduction? As set out in the March 2021 budget, companies will be allowed to claim a new 130% capital allowance deduction on most new plant and machinery purchased between 1 April 2021 and 31 March 2023, and there is no limit as to how much can be claimed. Any contracts for…
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