In this video, I am talking about how we can use Xero accounting software to know the financial position of our business within the next 7 days or the next 30 days. The feature is very simple to use and gives you insights into your cash inflows (receipts from your customers) and cash outflows (bill payments to be made) in the next 7 to 30 days. How this feature can improve your…
Read MoreSelf Assessment Tax Return Deadline 31st January, 2020
As 31st January is approaching, people in the UK will have at their back of minds to submit the self assessment tax returns to HMRC. What is a Self Assessment Tax Return Self assessment is a way to declare and submit your income and expenses for the year to HMRC in the United Kingdom. The relevant tax year is from 6th April 2018 to 5th April 2019. You can do…
Read MoreSpreading Joy Scheme, Not a Simple Referral Scheme
Well, referral system if it may be called, however, I would call it our spreading joy scheme for our valued clients. That was what I told my colleague at our morning coffee meeting. But Talha, why not call it a simple referral scheme?, he said. Let’s see how do we get our clients mostly, through word of mouth even in this digital age. People tend to work in groups, and…
Read MoreOnline Accounting Software or Cloud Accounting – A Step Ahead for Small & Medium Businesses
Not long ago, we saw the trend of small & medium businesses to get an online presence through a website and linking it with their CRM. Well, lets take a step further. Nowadays, cloud based file sharing and online accounting is the trend. Mobile technology & smart phones have triggered this change. Online drives like dropbox, OneDrive & iCloud have given us freedom and virtual backups of our documents and…
Read MoreUK VAT Rates – Standard, Reduced & Zero Rated
In the UK, there are 3 different rates of VAT and you must make sure you charge the right amount. Standard rate Most goods and services are standard rate. You should charge this rate unless the goods or services are classed as reduced or zero-rated. This includes: any goods below the distance selling threshold you supply to non-VAT registered EU customers – if you go over the threshold you’ll have…
Read MoreHow does VAT Works – UK
How does VAT works? This Question “How does VAT works?” comes in mind of all business owners. VAT charged on things like: business sales – for example when you sell goods and services hiring or loaning goods to someone selling business assets commission items sold to staff – for example canteen meals business goods used for personal reasons ‘non-sales’ like bartering, part-exchange exchanges) and gifts These are known as ‘taxable…
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