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The small business guide to MTD for VAT penalties

Xero

This blog was first published in April 2022 and updated in January 2023. If you’re a VAT-registered business , you may have received a letter or email from HMRC, informing you that the new penalty system for Making Tax Digital (MTD) for VAT is now in place. Still, non-compliance can now result in real consequences.

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Staying on top of GST due dates in 2024

Xero

It can be tricky to keep tabs on the taxes and deductions you owe throughout the year as a small business. However, paying on time means getting peace of mind that you’re meeting your GST payment obligations as a business, and avoiding late penalties that cut into your earnings.

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Get set up for the new tax year with Xero Payroll

Xero

Small businesses in the UK have shown tremendous resilience over the last few years. We know it can be hard to run a small business, even without all the global and economic uncertainties. If your payment date happens to fall on 5 April 2023, meaning you have a week 53 pay run, there’s no need to panic.

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Essential Tips for Q4 Ad Buying for CPA Firms

CPA Practice

I then looked at the 2023 article “ Top 8 challenges keeping small business owners up at night ,” by Becker’s ASC Review and found these topics. You are in the home stretch of the year, and it’s time to think about how this quarter could impact Q1 of next year—the busiest time for some CPAs. Or, ask a search engine.

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Managing stress for tax professionals

ThomsonReuters

Nearly 9 in 10 accountants want a better work-life balance, while just over 70 percent would like more help from their organizations to manage mental health, according to ACCA’s Global Trends Survey 2023. Stress management for tax professionals is critical for avoiding burnout. Shifting deadlines. Extended hours.

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Monday Morning Accounting News Brief: PwC Cheating Costs Juniors $21k; Watch That Busy Season Stress | 11.20.23

Going Concern

Balancing demanding deadlines, adapting to rapidly changing technologies, and managing the expectations of accuracy and diligence, these professionals navigate a landscape where stress and mental well-being are significant considerations. The PCAOB has been busy , they’re probably really proud of themselves. Congrats to both!

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The Making Tax Digital for VAT portal is closing. Here’s what it means for small businesses

Xero

You may have recently received an email from HMRC explaining that VAT-registered businesses will no longer be able to use this gateway to file monthly or quarterly VAT returns. Instead, you’ll need to submit them through Making Tax Digital (MTD)-compatible software. . The road to tax digitisation has been a little bumpy. .

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