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Making Tax Digital creates headlines yet again…

Making Tax Digital continues to have a torrid time and on this occasion caused by the early general election. The majority of this year’s Finance Bill has been dropped to ensure it can be passed quickly and without potential delays because of the general election. 110 out of 135 items in the original plan have now been dropped including the Making Tax Digital provisions. So the finance bill has gone from 760 pages down to just 140 pages.

Does this mean the end of Making Tax Digital?

So why does the UK tax year end on 5th April?

It all started a long, long time ago…...

We were all using the Julian calendar, named after Julius Caesar so this was a system adopted in 45 BC. Although this calendar was reasonably accurate it differed from the solar calendar by 11 ½ minutes each year which was no big problem as far as Julius Caesar was concerned and in fact was not a problem for many years after his death. However by 1582 it had built up to be 10 days out of sync with the solar calendar and Pope Gregory X111 decided a change was necessary. So he introduced the aptly named Gregorian Calendar which reduced the length of a calendar year from 365.25 days to 365.2425 days…In effect a reduction of 10 minutes and 48 seconds per year.

The IT Manager who will definitely be replaced by a Robot

Files upI asked a client's IT manager what he thought about moving to a cloud based accounting system for one of the companies in the group, and had the following reply:

"With regards to your second question, which brings into scope any cloud-based software utilised by us, let me first enumerate the risks of using cloud-based software against in-house software.

1. Loss of data: Cloud-based companies go bankrupt just as normal software companies do, and the difference is that you can lose access to an application that you rely on overnight. There have also been several examples where data has been lost from cloud-based systems.

How Start-Ups and SMEs can benefit from the Cloud

Bigger used to mean better. In the past, the kind of technology and processing power now offered by cloud computing was only available to large corporations. This put start-ups and SMEs at a disadvantage. Smaller companies rarely had the capital to invest in the necessary hardware, software, security, maintenance, and space within which to house it all. That’s all changed with the rise of cloud computing, which has been a game-changer for businesses, especially for start-ups and SMEs.

Colchester Accountants

Wizard AccountantYou may have read that we are cloud accounting specialists and experts in QuickBooks Online, Xero, SageOne and Kashflow so in theory we can act for any clients anywhere. Despite only being a small firm of accountants based on a rural business park on the outskirts of Colchester we have clients in Wales, Scotland, northern England and on the south coast. These relationships have mainly been because those clients started locally but when they moved away still retained us to act for them.