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Silver Xero Accounting Partner

Nimbus Accounting are pleased to announce that we have been promoted to a Silver Xero Accounting Partner and in just six months.

How can FreeAgent and Barclays Bank help your business?

At Nimbus Accounting we have previously blogged about how great FreeAgent is for small businesses, but now it has got even better. FreeAgent now offers live bank feeds for Barclays customers, which is a good reason to bank with Barclays. But Barclays has much more to offer their customers than their FreeAgent integration.

We have been searching the market for a Bank that truly wants to help small businesses. We visited the major high street names and Barclays came out on top by some way.  At Nimbus Accounting we recommend our clients consider Barclays. We believe the package they offer small businesses is hard to beat. It has all the essential tools that you need to start and run your business. If you combine that offering with a qualified chartered accountant, you will have the peace of mind that all the back office components required to run your business are in place, leaving you free to do what you do best.

The Barclays MyBusinessWorks package costs just £14.50 + VAT a month and includes the following tools:

·        FreeAgent – online accounting software (a subscription for a limited company would cost £25 + VAT a month)

·        LivePlan – online business planning software

·        Legal Manager – Employment, Health & Safety and Legal Compliance service

·        MindLeaders – online e-learning to develop and maintain business skills

·        MozyPro – automatic and secure data backup service

·        Moonfruit – website builder, hosting and domain service

If you would like more information on the above services please visit: www.barclays.co.uk/Businessservices/MyBusinessWorks/P1242593823223

Not only does Barclays offer all of the above in their MyBusinessWorks package, but you will also get your own dedicated Barclays business manager. This will be the same person you meet when you walk through the door, another nice touch which we didn’t find in all the banks we visited.

So if you are considering, or currently using, FreeAgent online accounting software and would like to reduce your monthly fee, or you are unhappy with your current bank, feel free to contact us at Nimbus Accounting to discuss how Barclays and FreeAgent can help your small business.

Tel: 01273 782742 Email: hello@nimbusaccounting.com

Nimbus Accounting is a specialist in FreeAgent accounting solutions and does not receive any money for promoting this Barclays product.

Why you should pick a qualified chartered accountant?

Why should I use a qualified accountant? 

There is nothing to stop anyone setting up a firm of accountants. There are some good firms of unqualified accountants, but in our experience they are few and far between.  You can of course eliminate this risk by engaging a firm of chartered accountants.  By way of a background to the qualification, it takes a minimum of three years, within which there are several exams and practical experience in a registered training office. There is then at least two years post qualification experience required before a practising certificate will be considered. So if you engage a firm of chartered accountants you can be confident that you are getting a fully trained and experienced accountant.

Other benefits that a client receives from engaging a firm of chartered accountants include the strict ethical guidelines that all members must adhere to, compulsory professional indemnity insurance and comprehensive requirements for ongoing professional education, to keep all member firms up to date with changes in legislation and maintain a consistently high level of skill within the membership community.

New Business Start-Ups 

For someone who is starting their own business for the first time, they may not be aware of the potential drawbacks of choosing an unqualified accountant.  Instinctively in business price is used as a benchmark, but this is quite often where the unqualified accountant gets his foot in the door. Clients who have come to us from unqualified accountants often have tales of poor service and a lack of technical ability. If the fundamental training is missing from your accountant, it is fair to say that you will probably be increasing the chances of a HMRC enquiry and could be paying the incorrect amount of tax – which could result in substantial penalties.

It is clear to see a qualified chartered accountant has worked hard to obtain their qualification and continues to work hard to maintain it. For this and the other reasons above we recommend that you pick a qualified chartered accountant to work alongside your business. It may cost more in the short term but the benefit over the long term will be well worth the investment.

Nimbus Accounting is a firm of Chartered Accountants. The backbone of Nimbus Accounting is the Institute of Chartered Accountants (ICAEW), our professional body and regulator. All our client managers hold their own individual accountancy qualifications, ensuring the best possible advice is at your fingertips.  If you feel that your business could benefit from one of our qualified accountants we would be very happy to help.

What are the penalties HMRC will impose if you file your tax return late?

Historically, if you filed your tax return late any penalty could not exceed the tax liability. So if you had a zero tax liability, you would incur no late filing penalty. However, things have now changed and the penalty system has got very harsh.

What is a late tax return going to cost?

• From 1 day to 3 months there is an initial penalty of £100
• From 3 months late there is a daily penalty of £10, up to a maximum of £900
• From 6 months late there is an additional £300 or 5% of any tax outstanding, whichever is the higher amount
• From 1 year late there is a further £300 or 5% of any tax outstanding, whichever is the higher amount

As you can see, the minimum penalty for filing 6 months and 1 day late is £1,300 – even if all your tax due is paid on time or you are due a tax repayment.

What about late payments?

If you are late in settling your self-assessment liabilities a penalty of 5% of the unpaid tax will be added to your bill at 30 days, 6 months and 12 months. Additionally, interest will be due until the debt is cleared.

At Nimbus accounting our advice is quite simple, appoint a proactive accountant to help manage your deadlines and take care of filing your tax return.