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What Is....

Ever wanted to understand what accountin jargon means? Below is of 11 core accounting terms with an explantion. We hope you find it useful...

Making Tax Digital for ITSA

Making Tax Digital (MTD) is a goverments initiative where it is making the income tax process digital for certain taxpayer within the Income Tax Self-Assessment (ITSA). This has been planned by HMRC since their launch of MTD for the VAT process. The whole aim of the process is void mistakes through miss copying of data and for HMRC to receive tax payments regularly throughout the year.HMRC will require the whole process of keeping your accounts as digital as possible. This will mean the followin...

What is the difference between a Bookkeeper and an Accountant?

This is a great question, most people think that we are the same thing.We like to use the analogy that the difference is very similar to a Nurse and a Doctor, you wouldn't put them on the same level yet you understand a nurse knows medicine and has picked up extra medical knowledge during their career.This is the same for Bookkeepers and Accountants, a bookkeeper is someone who enters all your day to day accounting data (sales, purchases, bank transactions, payroll journals, submit VAT and CIS r...