Blog Archive for 2020

Hospitality VAT Rate Cut - How To Manage The New 5% VAT Rate In AccountsPortal

Hospitality VAT Rate Cut - How To Manage The New 5% VAT Rate In AccountsPortal

Alison | 3 days ago

With effect from Wednesday 16th July, and for a period of 6 months, the VAT rate for the hospitality industry (including food, accommodation and attractions) will be reduced to 5%.

The good news is that AccountsPortal handles this out of the box!

Conversion Balances in Accounting Software

Conversion Balances in Accounting Software

Tracy | 1 week ago

In this article we'll explore some basic concepts around Conversion Dates and Conversion Balances. These are critical when converting from another accounting system to AccountsPortal

An overview of the Period Balance report

An overview of the Period Balance report

Tracy | 1 week ago

The period balance report is a great way to quickly see the change in debits and credits across each of your accounts over a period of time.

Generate a Remittance Advice in your Accounting Software

Generate a Remittance Advice in your Accounting Software

Tracy | 2 weeks ago

A remittance advice is a letter sent to a contact (typically a supplier) to let them know that their invoice has been paid.

Find our why this is a good idea, and how to email or print your remittances in AccountsPortal.

Getting Paid Faster Through Online Invoicing

Getting Paid Faster Through Online Invoicing

AccountsPortal Tracy | 3 weeks ago

It shouldn’t be surprising to hear that having effective credit control measures in place in your business is essential for its short- and long-term success. After all, it doesn’t matter if your business has low or high margins – ultimately, if no-one pays you for the products or services you provide, you’ll find yourself out of cash and out of business.

Thankfully, there are a few ways a business can adopt good credit control practices, which includes making the most out of online accounting software.

How to Process a VAT Only Invoice

How to Process a VAT Only Invoice

Tracy | 1 month ago

VAT Only invoices may be required if your registration is delayed and you need to charge a customer VAT in relation to an invoice that has already been sent to them excluding VAT.

Read on for how to process VAT Only invoices in your online accounting system.

Flat Rate VAT - Accounting Implications

Flat Rate VAT - Accounting Implications

Jon | 1 month ago

In this article well examine the Flat Rate Scheme for VAT in the UK, how it works, and the accounting implications.

How to Register for VAT

How to Register for VAT

Gidon | 1 month ago

This article explains when you must register for VAT, how to register for VAT online, and what happens once you have registered.

How to account for an overpayment to supplier

How to account for an overpayment to supplier

Gidon | 2 months ago

An overpayment occurs when a payment for an invoice is larger than the invoice’s outstanding amount. Overpayments can arise on payments made to your business (e.g. a customer overpays one of your invoices) or on payments you make to a supplier or vendor.

In this article, we'll examine how to treat overpayments to suppliers.

Government Grants For Small Businesses

Government Grants For Small Businesses

Gidon | 2 months ago

In the early days of your business, raising money to get your venture off the ground is one of the biggest sources of stress. Thankfully there are government initiatives that can give you support in the beginning stages. These include government loans, grants, access to enterprise and other finance schemes.

In this post, we look at how you can access these sources of funding.

Setting Small Business goals

Setting Small Business goals

Tracy | 2 months ago

Every small business owner needs goals to keep focused, motivated to do more and maintain success in their business.

This post includes tips on how to get started with goal setting for your small business and help you put your plan into action.

Social Media For Small Businesses

Social Media For Small Businesses

Tracy | 2 months ago

It can be overwhelming knowing where to start with social media. We've put together some advice on how to manage social media in your small business.

How to get started with AccountsPortal in 6 steps

How to get started with AccountsPortal in 6 steps

Alison | 3 months ago

Getting started with AccountsPortal is quick and easy. It takes less than 5 minutes to set up and you’ll be managing your accounts, sending invoices and managing your tax in no time.

Budget 2020 - A Tax Summary

Budget 2020 - A Tax Summary

Tracy | 3 months ago

On March 11 2020, the Chancellor Rishi Sunak delivered Budget 2020, which will go down in history as the coronavirus budget.

This article highlights some of the key tax measures announced at Budget 2020, both related to COVID-19 and tax more widely.

Survey Results Raise Question Marks over MTD for VAT

Survey Results Raise Question Marks over MTD for VAT

Tracy | 4 months ago

In January 2020, the results of a survey carried out by the Chartered Institute of Taxation (CIOT) and the Association of Taxation Technicians (ATT) were published, which have cast doubt on how effective Making Tax Digital for VAT has been to date.

HMRC Releases List of Bizarre Taxpayer Excuses

HMRC Releases List of Bizarre Taxpayer Excuses

Tracy | 4 months ago

Although HMRC may leniently treat taxpayers that have missed the deadline with a genuine excuse, some taxpayers have really pushed the envelope over the past few years when it comes to "reasonable" excuses.

Reported Rise in Fines from HMRC

Reported Rise in Fines from HMRC

Tracy | 5 months ago

The rate at which HMRC has issued fines in 2018/19 has increased more than tax collections.

Review into IR35 Private Sector Reforms Announced - January 2020

Review into IR35 Private Sector Reforms Announced - January 2020

Tracy | 5 months ago

Although the government has announced a review of the proposed changes to IR35 legislation, many questions still loom large over the proposed reforms.

6 Ways to Improve Your Business’ Efficiency

6 Ways to Improve Your Business’ Efficiency

Tracy | 6 months ago

Running a business is difficult. Whether it’s managing cash flow, optimising sales channels, or reviewing internal processes, there’s a lot for businesses to keep on top of.

With so much to juggle, sometimes it’s easy for a business’ efficiency to slip. Thankfully, it doesn’t have to be that way.