Transferring a property into my Limited Company

If you are a private landlord owning multiple properties, you will be paying tax via your self-assessment tax return at your marginal rate of tax, this could be up to 45% if you’re an additional rate taxpayer. This tax is due on your profits (income minus expenses), and mortgage interest is not an allowable expense,…Read More

What is Private Residence Relief and how does it arise?

Private residence relief (PPR) applies to the sale of a residence that has been an individual’s only or principal residence for the period of time they have owned it. If you sell a property, once rented out, you will have to pay Capital Gains Tax within 60 days of selling the property. This tax is…Read More

Upcoming navigation menu changes for QuickBooks online

When using QuickBooks do you ever feel confused and overwhelmed by the sheer number of tabs and functions at your disposal? You will be pleased to hear that changes are coming to make your QuickBooks experience smoother than ever. Similar to the way the ‘new’ button in QuickBooks helped reduce the hassle of navigation, by…Read More

How to write off Bad Debts within QuickBooks Online (QBO)

Bad debt(s) will mean that a customer owes you money, however for some reason you are unable to collect it. Within QBO, this will result in you having a debt owed to you which you know you aren’t going to get paid for. To write this balance, or ‘bad debt’ off, the remaining balance will…Read More

Dext mobile app

Uploading documents Due to technology constantly changing, companies need to find new ways to adapt against their competition. One way Dext have achieved this is with their mobile app. It is available on IOS and Android and you can download it from the app store or from an invitation via text or email. Once you…Read More

Dext – Invoice fetch

Dext has a feature where partnered suppliers can send any invoices and receipts straight to Dext, rather than you needing to log into each website and manually find and upload them. Dext Prepare will automatically check each of your authorised suppliers once a week and add any new documentation straight to the inbox. This is…Read More

Dext Commerce and QuickBooks

Dext recently acquired Greenback to launch their third product on the Dext platform, Dext Commerce, an app that formats information from sales platforms and standardises it ready for processing through to QuickBooks Online. Dext already had Dext Prepare in place, originally a place purely for expense receipts, now with Commerce, they are reaching further into…Read More

Tracking Employee Time in QuickBooks

Many businesses need to track their employees’ time, whether that’s to manage how time is spent, or how to pay them accordingly. This can be calculated and kept within QuickBooks by creating timesheets. To do this, use the ‘New’ button to create a weekly timesheet, and select an employee in the Name drop-down list. If…Read More

Reconciling an Account in QuickBooks Online

When handling your accounts in QuickBooks, it is important that all information kept is entirely accurate and up to date. To ensure this, QuickBooks has a reconciliation feature that allows you to match the end balance of your bank accounts against the balance shown in bank statements. To keep on top of your accounts it…Read More

Which QuickBooks is right for me?

There are plenty of options available when selecting a QuickBooks Online package. Your decision may be based on whether to use QuickBooks Online or QuickBooks self-employed or which QuickBooks Online package to use. This article will hopefully help make your decision a little easier. QuickBooks Online vs QuickBooks self-employed There are vast differences between the…Read More

Approval automation for QuickBooks Online

ApprovalMax ApprovalMax is a tool that extends the online accounting platform QuickBooks Online with approval-driven financial controls. It replaces paper- and email-based approvals with fully automated multi-role and multi-tiered approval workflows, and ensures spend control and regulatory compliance for both internal accounting and financial service outsourcing organisations. Protect your data It is possible to perform…Read More

International Services-Brexit

Supply of services The two basic rules for services will remain unchanged post-transition: Business-to-business (B2B) services The basic place of supply of B2B services will be where the customer belongs. If the business customer belongs outside the UK, the supply is outside the scope of UK VAT. The UK service provider must include the sale…Read More

CIS Reverse Charge

Firstly what is a reverse charge? The reverse charge is described by HMRC as an Anti-fraud measure. It is a mechanism that shifts the liability for accounting for the output VAT from the supplier onto the customer. For chains with multiple contractors, this will transfer the liability to the final contractor in the chain who…Read More

Charles Lyell

Never call an accountant a credit to his profession; a good accountant is a debit to his profession.

Charles Lyell