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Nimbus

By Nimbus

November 5, 2012

Would you like to make money from the VATman?

November 5, 2012 | By |

If you run a VAT registered business, have you considered going on the flat rate? Providing your turnover is less than £150,000 HMRC will let you pay a fixed percentage of your sales (including VAT) each quarter, rather than analysing all the expenses and deducting the VAT you have suffered on your purchases from the VAT collected on your sales.

The VATman has a list of rates applicable to various industries, which can be found here: http://www.hmrc.gov.uk/vat/start/schemes/flat-rate.htm#5 We suggest you calculate the payment that would have been due in your last quarter, if it is lower then it maybe time to change to the flat rate.

If you would like to talk to one of our chartered accountants about this, or any other accounting matter, please give us a call on 01273 782 742. 

Tax
Nimbus

By Nimbus

November 5, 2012

Limited company contributions to a pension

November 5, 2012 | By |

If you run your business through a limited company and have made a profit that has not been declared as a dividend, we would recommend that you consider making a contribution to a pension.

Contributions to a pension, up to the £50,000 limit in any one input period, can form a deduction from the profits chargeable to corporation tax in the period in which the payment is made. Contributions within the limits do not give rise to tax or national insurance on the individual concerned, therefore making it an attractive method to extract funds from a company.

As part of our service at Nimbus Accounting, we regularly discuss the options available to our clients to help minimise their tax liability. If a pension contribution is something you are interested in, we recommend speaking to an independent financial advisor to ensure you get the best product to suit your current and future needs. If you would like us to help with this or any other tax matter, please give us a call on 01273 782 742.

Tax
Nimbus

By Nimbus

November 5, 2012

How to streamline you business with Xero, ReceiptBank and DropBox.

November 5, 2012 | By |

Are you the type of business owner that still keeps a bag of receipts? If this sounds familiar, then it is unlikely you are in complete control of your finances.

At Nimbus Accounting we help our clients develop a robust accounting system, which allows them to maintain all the necessary business records.  This not only gives our clients the peace of mind that everything is in order, but delivers the timely financial information to enable them to make informed decisions.

Our solution, that suits the majority of our clients, is a combination of three cloud based products.

We recommend Xero as your core financial management tool.  We believe it is so important that we include it at no extra cost in our fixed fee packages. Xero is an online accounting solution that will take care of your invoicing and account for all your business transactions.  Xero can download your bank transactions every evening, which allows you to keep track your financial position and performance. We have previously written about the many benefits of Xero, if you would like to find out more about what the software has to offer please follow this link – http://www.nimbusaccounting.com/why-we-recommend-xero-online-accounting-software-to-enhance-the-accountantclient-relationship/

Xero will handle all the transactions that go through the bank, but in order to digitise your purchase invoices, you will need to consider the services of ReceiptBank. ReceiptBank is, as the name suggests, a storage service that keeps all your receipts in one place.  More importantly, rather than you manually entering the details into Xero, ReceiptBank completes this for you, giving you more time to focus on growing your business. The company has developed an app which allows you to take a photo of a receipt and within 48 hours it will appear in Xero. You can also forward electronic receipts by email or put them in the post, so all formats are covered. Whichever method you use, all your receipts will be uploaded to the cloud, providing you with access to the original paperwork at all times.

Once you have Xero and Receipt Bank working in harmony, the final piece of cloud software you need is online file storage. There are an increasing number to choose from, one of the biggest and early entrants into this arena is DropBox. It offers you an initial 2GB of storage, which is sufficient to get you started. The facility enables you to save everything in the cloud and sync all your files on every device you use, giving you access to all your important documents wherever you are. You can even share specific folders with other users, such as your accountant, allowing those larger files that are to big to email to be easily shared.

Nimbus accounting can guide you through setting up your business to embrace cloud technology. We provide all the advice and support you require through our team of qualified accountants, who specialise in assisting entrepreneurs grow and manage their businesses.

If you want to know more about how we can help you, please call us on 01273 782 742 for a chat. 

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