Category Archives: VAT Tips for Small Businesses

Behind the scenes of double-entry bookkeeping with Xero: Why the details matter

bookkeeping

For many small business owners, bookkeeping might feel like a bit of a mystery. You upload receipts, reconcile bank transactions, and assign account codes, but what’s really happening behind the scenes? At DNA, we love pulling back the curtain to show how double-entry bookkeeping – the unsung hero of good financial management – works its

The importance of providing bank statements to your accountant despite Xero direct feeds

providing bank statements to your accountant

In today’s digital world, tools like Xero have made managing business finances much easier. With direct bank feeds, your transactions automatically show up in your accounting software, saving you time and effort. But even though this technology is fantastic, it isn’t perfect. That’s why your accountant might still ask for copies of your physical bank

Are you thinking of doing your own limited company’s bookkeeping?

limited company bookkeeping

We hate to break it to you, but you’re not the best bookkeeper for your business. You are a business owner with a speciality in your industry. Here at DNA Accountants, we’ll always encourage business owners to hand over their bookkeeping to us. Why do we suggest this? Because it’s the fastest way to save

VAT : Know the Facts

VAT

All businesses which have an annual turnover of more than the current VAT threshold (£85,000) must register for VAT and complete a quarterly VAT return, once your business is registered you must do three things: You must charge VAT (20%) on the goods or services you sell to customers and other businesses You must pay

Flat Rate VAT has changed….

….Are you aware of the changes? The VAT Flat Rate Scheme simplifies businesses’ record keeping, and makes it easy to work out the VAT they have to pay. However as of 1st April 2017 the scheme changed, as announced by the Chancellor in his Autumn Statement last year. So, how does it work? Normally a

VAT – FLAT RATE SCHEME – WILL IT WORK FOR ME?

All about the VAT Flat Rate Scheme The VAT Flat Rate scheme was introduced in 2012 and it can be used by sole traders,  partnerships  and limited companies if they satisfy HMRC requirements.  Unlike the standard VAT accounting , where  you have to pay VAT on the basis of the difference between  purchases and sales