Have the warnings for Making Tax Digital (MTD) been falling on deaf ears? Or has there not been enough information about the government’s plan to turn all tax submissions digital? This remains up for debate, but there can be no questioning that thousands of businesses are nowhere near ready to make the move to MTD – and now the British Chambers of Commerce (BCC) are taking action. As the national representative body of more than 50 accredited Chambers of Commerce across the UK, the BCC is campaigning for HMRC to halt the MTD roll-out until the beginning of the 2020/21 financial year. This has left some taxpayers a little confused, and many are asking whether they even need to prepare for MTD anymore. Here’s ...
MoreThe GDPR deadline is 25 May 2018 and we’ve invested a lot of time and effort in preparing for it. Here’s what the Liquid team have done to ensure we’re ready for the General Data Protection Regulation: We did an audit to double check that we know what personal data we collect and hold, and what we use it for We’ve added tick boxes where needed to get consent and ensure that we’re processing data on an appropriate lawful basis We’re asking for marketing consent, and from the 25th May will only be communicating where explicit consent has been granted We have updated our Data Protection Policies to make sure they are GDPR compliant and will be publishing these shortly We ...
MoreDigitalisation is influencing everything in the 21st century, and tax is no exception. Making Tax Digital (MTD) is the government’s own plan to use the tech evolution to transform the British tax system, reducing errors and enhancing efficiency across the board by 2020. Yet, despite the importance and significance of MTD, there remains a degree of uncertainty surrounding the scheme, especially given how it’s suffered setbacks since it was first announced. Everyone needs to know where they stand before MTD is officially rolled out, and certain business owners will need to prepare sooner than others for the onset of an all-digital tax world. That’s why Liquid Accounting have prepared an official step-by-step guide to Making Tax Digital. Over the course of five ...
MoreFrom April 2019 all VAT registered businesses with turnover above the VAT threshold will be required to maintain digital records and will need to send their VAT information to HMRC using third party commercial software. HMRC’s online portal will remain available to all other businesses that complete a VAT return but have turnover below the VAT threshold. Who's in? MTD for VAT will apply to VAT registered businesses with turnover above the VAT threshold. This includes unincorporated businesses, companies, LLPs, and charities. Businesses registered for VAT but with turnover below the VAT threshold can opt in and file their VAT information via MTD if they wish. What we know so far... Start date We expect that a business will have to keep digital records and ...
MoreYour “chart of accounts” is the definitive list of all the different account codes your business deals with on a daily basis. Accounting software uses this list to create financial statements, so the smarter your chart of accounts is, the better. Any optimised chart of accounts needs to have specific features built-in to function seamlessly with cloud accounting software, and we’ve listed these important traits below. This will help you understand what a chart of accounts should look like and what they ought to include. What should I look for in a chart of accounts? Ultimately, there are three major traits every business owner must look for when selecting a chart of accounts. The first is the ability of the chart of accounts ...
MoreStock management may not be the most exciting thing in the world, but it can often prove to be the difference between staying in profit and shutting your business’ doors for good. At Liquid Accounts, many of our clients are tasked with keeping tabs on the products they have to hand, and in our latest blog we offer some useful tips and tricks on how to master stock management. Barcoding One of the best ways to maintain tight control of your stock is by barcoding items. Putting these black and white labels onto your products ensures you keep consistent track of everything that comes in and out of the premises, all the while improving transaction processing speeds. Categorisation Categorising and grouping your inventory ...
MoreTired of seeing warning stickers for the General Data Protection Regulation all over the web? Don’t expect relief anytime soon. As the May 25th deadline creeps closer, panic surrounding the upcoming regulations is intensifying, with businesses under greater pressure than ever to keep their data safe from prying eyes. As a business owner, you’ll soon be held wholly responsible for any client information that goes missing, so it’s crucial to have effective measures in place to prevent breaches. If you’re playing with the idea of moving across to the cloud, a potential deterrent is the notion of security. With renewed importance on protecting personal data under GDPR, you need an accounting solution that will stand strong against all malicious threats. In truth, ...
MoreA regular request from customers of Liquid was to improve the User access controls, so that companies with several users were able to control what information was visible to those users, depending upon their role in the business. The development team have taken on board all of the feedback received and made enhancements to Liquid that we believe will benefit business with a multi-user set up. The new enhancements deliver... Full control of Company menu layout Full control of authorisation process per module, page, report and functionality per user The ability to exclude certain pages from certain users How to Use the New Functionality There’s a newly added table that displays summary of user data. The link View details will load User details in ...
MoreFor many business owners, the chief benefit of cloud accounting software is that accounts are accessible from anywhere. The ability to update data in real-time ensures for added speed, accuracy and efficiency in accounting – enhancing company performance as a result. The fact that cloud accounting promises better results at a quicker tempo should be incentive enough to ditch spreadsheets and embrace online software. But besides productivity, there are a whole series of additional benefits to the cloud that you might not even be aware of. Here are a few examples… Integration with existing software It’s true that transferring to the cloud is a big step for your business – but it’s more akin to moving house than leaving the country. You can take ...
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