We truly believe that a healthy body and mind can directly affect how your work, your productivity and how your business grows. That’s why we were impressed to see Xero’s 2017 second annual Make or Break report, where research revealed that 78% of small business owners believed their personal well-being (as well as that of their employees) is inextricably linked to the health of their business. As a result, they make their health and happiness a top priority.
If your business is registered on the VAT Flat Rate Scheme then you will need to be aware of the changes being implemented from April 2017. You may recall this being announced in the Autumn statement as an action to tackle aggressive abuse of the scheme.
The Flat Rate Scheme, or FRS as it’s commonly referred, is a simplified VAT scheme which allows businesses with a low cost base to set the net VAT due to HMRC based on a trade sector percentage.
Whether you’re a new business owner or you’ve been up and running for several years, it’s important to have your basics well covered if you hope to have success.
First, you need to know what you want your success to look like and implement a plan to get there. You need to understand your products or services and how they fit into the marketplace. If you understand this then you can clearly communicate that to your potential customers.
If you are a landlord, self-employed or a business director, there’s a new acronym doing the rounds that you will want to be aware of – MTD (Making Tax Digital).
Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs – spelling the end of the annual tax return.
We often get asked “What is the cloud?”. A great example is online banking, which uses the “cloud” for secure data storage. Just as you can access online banking from anywhere, anytime. You can do the same thing with cloud accounting software.
You no longer have to rely on a single hard drive, such as as Sage or even a saved spreadsheet, to hold your important financial data. Instead, you can access that data online wherever you want, at any time.