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Gear Up for the New Tax Year with Cashtrak: Your Trusted Financial Partner

As the dawn of a new financial year approaches, businesses are presented with a golden opportunity to reassess their financial strategies, streamline processes, and set the stage for success in the months ahead. Let's delve into why the start of the new financial year is the perfect time to make this smart move and how Cashtrak can be your trusted partner in this journey.Fresh Beginnings, Clear VisionThe onset of a new financial year symbolises fresh beginnings and renewed clarity. It's the idea...

HMRC Pause Unpopular Decision To Close Of Self-Assessment Helpline & Reduce PAYE & VAT Helplines

What a whirlwind 24 hours for HMRC! We take a look at the original announcement and the decision to pause and re think just 24 hours later.What HMRC Said FirstHMRC announced yesterday (19th March, 2024) that it would close its self-assessment phone line between April and September EVERY YEAR following a successful trial last year. They said they were encouraging callers to use their online services instead.The helpline would re-open between October and March each year for priority queries with q...

Overview of Spring Budget 2024:Implications For Small Businesses

The Spring Budget 2024 has unveiled a range of measures supporting and stimulating growth amidst the evolving economic landscape. Here's a breakdown of the key highlights and implications for small business owners:TaxVAT threshold – The taxable turnover threshold has been increased from £85,000 to £90,000.National Insurance – Employees - This has been reduced from 10% to 8, saving 2p in the pound.National Insurance – Self-Employed – National Insurance Class 4 has been reduced from 9% t...

International Women's Day: Cashtrak - Empowering Women, Empowering Success:

Cashtrak are thrilled to join the global celebration of International Women's Day. It’s a time for reflection, celebration, and a call to action. At our bookkeeping practice, we are proud to acknowledge the significant contributions of women not only within our company but also across the globe. With over 80% of our team being comprised of talented and dedicated women, we understand the importance of fostering an environment where they can thrive professionally and personally.International Wom...

Companies House New Reforms - What It Means For You & Your Business

New measures have been brought in by The Economic Crime and Corporate Transparency Act meaning Companies House will play a much greater role in disrupting economic crime and preventing abuse of the register. The first changes come in to effect on 4th March,2024.The measures set out in the act give Companies House new and enhanced powers to improve the quality and reliability of their data.Registered Office AddressCompanies must have an ‘appropriate address’ as their registered office at all ...

Global Bookkeeping Week 2023 - Celebrating Bookkeepers Worldwide

Today marks the start of Global Bookkeeping Week. It's the perfect time to celebrate and appreciate the unsung heroes of the business world - bookkeepers. Here at Cashtrak we're thrilled to join the celebration and inform everyone about the significance of this week.What is Global Bookkeeping Week?Global Bookkeeping Week is a worldwide initiative dedicated to recognising the vital role bookkeepers play in keeping businesses financially healthy. This week-long event, celebrated annually in the fi...

Payroll Keeps the Entire Operation Running Smoothly - Why You Should Outsource Payroll

As an employer, payroll is a critical responsibility that involves several legal and practical considerations.Outsourcing your payroll to a professional can offer numerous benefits to businesses of all sizes. Here are some compelling reasons why a business should consider outsourcing their payroll: 1. Expertise and Compliance: Payroll professionals are well-versed in the complexities of UK tax laws, National Insurance contributions, and employment regulations. They stay up-to-date with chan...

Focusing On Cashtrak's Payroll Professionals

In the intricate machinery of a successful business, there is a group of dedicated professionals who work tirelessly behind the scenes to ensure that the gears keep turning smoothly – our payroll team!Precision, accuracy, legal compliance, data security and confidentiality are part of their every day work, this leads to:Financial Stability for EmployeesEmployee Morale and SatisfactionEfficiency and Time SavingsSupporting Business GrowthMeet The Cashtrak Team:Carol, our longest serving payroll ...

The Unsung Heroes of the Workforce: Celebrating National Payroll Week

In the intricate tapestry of the modern business world, there exists behind-the-scenes heroes whose contributions often go unnoticed, yet they play an indispensable role in the functioning of the entire economy. We are talking about the dedicated and diligent payroll professionals who make sure that each worker gets their hard-earned pay accurately and on time. As we celebrate National Payroll Week, let's reflect on the profound impact that payroll has on both the workforce and the economy.Payro...

Maximising Your Influence: The Role of a Bookkeeper in Navigating Influencer Taxes

Back to influencers - the life of an influencer is a whirlwind of creativity, content creation, and connection-building. Amid the hustle and bustle, there's a critical aspect that should not be ignored: taxes. As an influencer, you're not just a content creator; you're also a business owner, and that means navigating the complexities of taxation. This is where a skilled bookkeeper can be your guiding light. In this blog, we'll explore how influencers can effectively collaborate with a bookkeeper...

Alcohol Duty Reform from a VAT Perspective: A New Era Starting on August 1st, 2023

Today, the alcohol duty reform takes effect, bringing significant changes to the taxation and pricing of alcoholic beverages. This reform not only impacts the alcohol industry and consumers but also holds implications for Value Added Tax (VAT). We explore the alcohol duty reform from a VAT point of view and discuss its potential impact on businesses and consumers alike.Understanding Alcohol Duty and VAT: Before delving into the reform's details, it's essential to understand the concepts of ...

Why A Bookkeeper Is More Cost Effective Than Using Microsoft Excel For Your Financial Records

There are several compelling reasons why you should consider transitioning from using Microsoft Excel to using bookkeeper. Here are some key points to consider:1. Accuracy and Reliability: While Excel can be a useful tool for basic financial record keeping, it is prone to human error and can become cumbersome as your business grows. A bookkeeper, on the other hand, is a trained professional with expertise in maintaining accurate financial records. They have the knowledge and experience to ensure...

Bookkeeping - Adopting A Holistic Financial Perspective

Our recent blog looked how using a bookkeeper and an accountant can create a powerful financial team that saves your business time and money whilst ensuring compliance and accurate records. We wrote about a ‘holistic financial perspective’ but what does that mean?A holistic financial perspective refers to an encompassing and comprehensive view of a business's financial situation, performance, and future prospects. It involves looking beyond isolated financial metrics and considering the inte...

Why Using A Bookkeeper When You Already Have an Accountant Is Powerful For Your Business

Running a business involves a multitude of financial responsibilities, from record keeping and compliance to tax planning and strategic decision-making. While many businesses recognise the importance of having an accountant on board, they often overlook the benefits of hiring a bookkeeper. Having both a bookkeeper and an accountant can be a winning combination that maximises financial efficiency and success. In this blog, we will explore the advantages of hiring a bookkeeper, even when you alrea...

Forecasting & Cashflow Forecasting Software Fluidly To Close

Fluidly have announced that they will stop providing access to their cashflow software from 5pm (GMT) on Friday 28th April. They advised this was part of an integration with parent company OakNorth.Fluidly was launched in 2017, we became a silver partner with them in 2019. The software was an intuitive cashflow forecasting powered by AI stating it was for modern businesses that want to know exactly what their financial future holds and how to optimise it. Fluidly would take transaction data from...

Celebrating International Women's Day 2023

Today we join the celebrations for International Women’s Day with a look at the accomplishments of our MD, Carol Webb.Carol worked for a number of businesses but after working as Finance Manager for an international software company, Carol saw how rigid the bookkeeping industry was and saw a gap in the market for a flexible service to meet the needs of clients and took the brave decision to launch her own bookkeeping practice in 2006. Carol decided to join the Institute of Certified Bookkeeper...

Employers - Know Your Legal Workplace Pension Duties

We have taken on several clients in the last few months who were not aware of their workplace pension duties. These are governed by The Pension Regulator and failure to undertake the legal duties result in fines. So for all employers, here’s what your responsibility is....

Tax Return Deadline Day! Income Tax Self-Assessment Filing And Payment Due Today - How You Can Make Next Year's Easier

It’s the 31st of January, tax return deadline day. HMRC announced last week that 3.4 million people were still needing to file their tax return and their extremely busy helpline will close at 6pm today we look forward to how your 2022/ 2023 tax return can be easy and stress free.Stress Free Tax Returns6th April (1st day of the new tax year) we contact you with tax questions and requesting your income and expensesOnce we have your answers we process your tax returnWe send the draft tax return t...

Income Tax Return Self Assessment - How HMRCs App Can Help You

Since HMRC launched their app, more than 50,000 self-assessment customers have paid their tax using the app since its release 11 months ago. The free app can be downloaded at the App Store or Google Play and is has a number of features to use and see:What You Can See·         Find your Unique Tax Reference and National Insurance number (us bookkeepers need these to sign up as your agent with HMRC)·         Your tax...

Making Tax Digital For Self-Assessment Income Tax Delayed: How Adopting This Now Benefits You!

The government has announced that Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) is to be postponed by 2 years AND the income bracket has been raised so only those with an income of £50,000 (not the previous £10,000) will follow the rules in the first phase in 2 years. MTD for ITSA involves keeping digital records and providing quarterly updates on their income and expenditure to HMRC through MTD-compatible software quarterly filing of the figures using compliant software. The ...

Income Tax Self-Assessment Submission Top Tips

With the tax return deadline fast approaching, HMRC are encouraging Self Assessment customers to put their tax return at the top of their to-do list. Last year, 2,800 customers filed their tax return on Christmas Day.  The deadline of the 31st January 2023 is for filing and paying your tax return to avoid getting a penalty. HMRC focus penalties on those who persistently fail to complete their tax returns and deliberate tax evaders. The penalties for late tax returns are: initial £100...

Raise A Cup For Bookkeepers! Celebrating Bookkeepers Everywhere

As part of #GlobalBookkeepingWeek we all raised a cup for bookkeepers, celebrating the profession and the work we all do....

Global Bookkeeping Week: The Bookkeepers Summit

Being a successful, compliant bookkeeping practice means a lot of work happens behind the scenes. Most clients won’t be aware of the large amount of administration we have to do to adhere to regulations and legislations and ensure we keep up with the ever changing rules. We are helped and supported with this by The Institute of Certified Bookkeepers (ICB), not only are they a great community to belong to, they and our fellow members provide learning, help, support and guidance to empower us t...

It Is The Start Of Global Bookkeeping Week 2022! Find Out More

Bookkeepers and businesses right across the world are coming together to celebrate Global Bookkeeping Week this week. We are celebrating the profession and the vital work bookkeepers do to support micro and small businesses on a global scale. We will be taking part in coffee mornings, meet-ups, webinars, and the Bookkeepers Summit, to celebrate. It was started by the Institute of Certified Bookkeepers (ICB) in 2015 to celebrate bookkeepers and raise the profile of the profession; putting th...

Changes To VAT - Making Tax Digital (MTD) For VAT: Filing And Penalties

VAT-registered businesses will not be able to use their existing VAT online account to submit their VAT returns from‌‌‌ ‌‌Tuesday 1‌‌‌st ‌‌‌November 2022 and penalty reforms kick in from 1st January, 2023. The changes being made are part of the government’s Making Tax Digital (MTD) plan which is meant to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. HMRC’s states that its ambition is to: “become one of the most ...