Tyler Waddington Your Accountants

There's the back to school vibes, and crisp Autumn mornings....so here's a reminder of deadlines falling due this month.

DO I NEED TO REGISTER FOR VAT

Sometimes we get asked about this by business owners and sometimes not !

You must register for VAT if either:-
- your total taxable turnover for the last 12 months goes over £90,000
- you expect your taxable turnover to go over £90,000 in the next 30 days

You have to register within 30 days of the end of the month when you went over the threshold or when you realise that your total taxable turnover is going to go over £90,000 threshold in the next 30 days.

You can also choose to voluntary register for VAT if your turnover is less than £90,000 as there may be valid business reasons to do so.

Using accounting software like QuickBooks, Free agent and Xero it is possible to set up reports which help monitor your turnover. This prevents late registration - for example finding out you are over the VAT registration threshold only when you accounts are prepared.

Setting up rolling 12 months turnover reports for clients to check the need to register is just one of our services to help business owners run their businesses viably and successfully.

Late VAT registration costs money - you still have to pay VAT on sales made since the date you should have registered and HMRC may impose Late Registration Penalties.

Using appropriate accounting and bookkeeping software saves you time and improves cashflow.

Having a separate bank account for your business also makes it easier to organise your finances and monitor cashflow.

The right accounting software can help you with your record keeping, cash flow and decision making. Please get in contact if you need help deciding what to use.

Thinking of Accounting and Bookkeeping Software to make life easier or need it for Making Tax Digital? Why not consider Free Agent.

If you have a business current account with NatWest, Royal Bank of Scotland, Ulster Bank or have a Mettle bank account and make at least one transaction a month you also get Free Agent for free. Saving up to £33 per month.

Remember - having a separate bank account for your business makes it easier to organise your finances. Free Agent is MTD compliant.

Xero recertification completed.

If you need help choosing software or getting the best out of the software you have, do contact us. We primarily work with QuickBooks, Xero, and Free Agent.

Each have their strengths and those bits we wished were different...Ah!

It is the weekend, time to relax, hopefully spend time with family and friends and ENJOY. Hopefully not catching up on work matters....

Making Tax Digital start dates.

Making Tax Digital Worries? If you are concerned about MTD contact us for help. We can advice on and set up digital software, and help you meet legal requirements.