Accounting Insight

MAY 9, 2025

In this blog, we answer all your FAQs related to MTD for Income Tax , as there remains uncertainty about HMRCs scheme. Lets start with the basics, then get into more specific, and software-based questions around compliance. Lets start with the basics, then get into more specific, and software-based questions around compliance.

income tax

Analytix Finance & Accounting

MAY 7, 2025

Business A might look profitable on paper while Business B shows losses – even with identical sales and expenses! You’ll wonder why your “profitable” business can’t make the payroll. A highly profitable business on paper can still go bankrupt due to cash flow problems. The best part?

accrual accounting

Nancy McClelland, LLC

DECEMBER 26, 2023

NEC” stands for “non-employee compensation”. Legally, no business should be using the non-business versions of these payment types… but in real life, many do. My recommendation (for many reasons) is to only use the business versions, and then the 1099-NEC is a non-issue (because Venmo and PayPal will issue a 1099-K instead).

bookkeeping

Nancy McClelland, LLC

DECEMBER 26, 2023

NEC” stands for “non-employee compensation”. Legally, no business should be using the non-business versions of these payment types… but in real life, many do. My recommendation (for many reasons) is to only use the business versions, and then the 1099-NEC is a non-issue (because Venmo and PayPal will issue a 1099-K instead).

bookkeeping