cloud accounting / 2 posts found
Don’t look back!
One of the many quotes bandied around by people is: “don’t look back, you’re not going that way…” Like many clichés, this one contains a grain of truth, and never more so than when understanding the difference between financial and management accountancy. Financial accountancy is a simple record-keeping exercise that shows you a summary of what has happened in the previous year. It is used mainly by accountants to work out how much tax is due to HMRC. This process, filing your tax return and statutory accounts, and making any necessary payments, are a legal responsibility. Financial accounting is viewed [...]
Are you on the cloud?
Making Tax Digital (MTD) comes into force on the 1st April 2019 (no – it’s not an April Fools!) If you are VAT registered and, your turnover exceeds £85000 you will need to follow the rules for MTD as laid out by HMRC. Essentially MTD means that you will need to keep and file your VAT records and returns electronically; you can no longer just use spreadsheets and manually upload the information. In practice this means you will have to be using some form of cloud accounting. Regardless of whether you want to or not, you will have to do [...]