A bookkeeper’s role in digitalising tax affairs

Now that Making Tax Digital (MTD) for VAT is in effect, it’s easier to reflect on HMRC’s digitalisation initiative with clarity. Where before certain parts of the legislation initially appeared unclear, today we’re able to identify the exact responsibilities of both clients and bookkeepers. Whether that’s knowing how to move your accounts online or selecting bridging software to ensure compliance,

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Have you or your clients fallen for a GDPR myth?

In a recent mini survey carried out amongst our members, 40% of respondents were confident that their businesses were GDPR compliant with the remaining 60% saying they had taken some steps but knew they were not finished.  These results suggest that our members are well aware of their data protection obligations but are you 100% confident you know exactly what

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VAT for bookkeepers and accountants – A guide to digital records

This article has been provided by GoSimpleTax. Provided your clients are VAT-registered and have a taxable turnover above the threshold, you’ll be expected to assist in their Making Tax Digital (MTD) compliance. For the most part, you’ll need to help clients ensure that their VAT records are in a digital format. This will mean an end to any paper-based bookkeeping.

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Changing the name of your business doesn’t change your Automatic Enrolment duties

This blog post has been provided by The Pensions Regulator’s Head of Compliance and Enforcement, Joe Turner.  If you get married and change your name, those you owe money to don’t forget you. If you move house, your debts remain tied to your credit record. It might seem obvious, then, that an employer that decides to change its identify cannot

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Re-enrolment and re-declaration: A 2-stage process. Make sure you and your clients know what to do – don’t let them risk a fine.

This update has been provided by The Pensions Regulator.  Over the coming months we’ll see the first waves of small and micro employers reach their re-enrolment deadlines. Re-enrolment means staff who opted out of their workplace pension are put back in by their employer. It’s an important task because it means these staff are given fresh encouragement to save for

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What can a theme park teach us about bookkeeping?

Sometimes the best inspiration comes from somewhere totally different from our profession.  By looking at what other sectors do well, we can take their ideas and adapt them to suit our business. I’ve recently been on a tour of UK theme parks with my family for our summer holidays.  One of the businesses I’ve been noticing recently that can teach

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How to get great results from your bookkeeping business: delivery

Once upon a dim and distant past, the main job of the bookkeeper was to move a pile of paper from the left-hand side of the keyboard to the right-hand side of the keyboard  (or, even further back, the big red book), capturing the important details of each piece. And then to file the paperwork in a way that it

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Reasons to choose an IAB qualified bookkeeper for your business

The IAB has led the UK and international bookkeeping profession for more than 40 years, raising the professionalism of its members through regulated qualifications, and aiming to ensure those starting or running a small business have access to the financial skills that are critical for success. IAB members are professionally qualified bookkeepers and frequently updated on changes in legislation or

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Anti-Money Laundering (AML) – A refresher

What is money laundering? At its simplest, it’s “doing stuff” in relation to proceeds of crime. Criminal activity creates criminal property and doing anything connected to this criminal property is likely to be money laundering. Criminal property doesn’t just mean physical property, it could also be, for example, the reduction in a liability. The UK has an all crimes approach

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