Before you start panicking - if you're used to keeping paper records or doing things manually, this doesn't suddenly mean that you have to start scanning everything you've ever done so that there's a digital copy of it all. You can carry on with a paper based system so long as each individual transaction is also recorded and stored somewhere digitally (to later be communicated to HMRC).
With HRMC’s Making Tax Digital deadline(s) approaching fast, we thought it would be a good idea to look at what HMRC means when they consider a business “complex” (in turn, complex enough to give some businesses a 6 month delayed deadline until October 2019).
By this point, you've probably heard somewhat of HMRC's new Making Tax Digital Scheme that's set to roll out on the 1st of April 2019. Or you might be very familiar with it.
HMRC want to use their Making Tax Digital initiative to bring tax reporting and compliance up to date - and for HMRC themselves to become one of the most digital advanced tax administrations in the world.
As it stands, all businesses that are over the VAT threshold of £85,000 a year turnover and are not complex in nature will have to comply with HMRC's Making Tax Digital scheme when it's introduced in April.
If your business is considered complicated, then Making Tax Digital will not come into effect for you until October 2019.
After some debate (and feedback on how it should be structured in regards to simplicity), HMRC have settled on how penalties will work for filing or paying late when it comes to submitting your VAT return online under the new Making Tax Digital scheme. The scheme comes into effect on the 1st of April 2019.
Please note that these are general or the most common terms for each type of Individual Savings Account. Individual banks will have their own name for different accounts- so it's best to research via each bank's website individually to see what they all offer.
It's also going to be the case that the majority of these accounts will have minimum/maximum deposit thresholds (which will vary by account type and the bank that offers the account).
In this article we will cover the main account types that you can open within Ireland for the purpose of savings - Fixed Term, Notice, Regular Saver, Demand, - and a bit about a parent/child account for young savers. Let's get stuck right in...
In the first part of our tax guide, we covered what you'll need to be able to pay taxes, as well as how and when you'll pay them each year. For part two, we'll look at what a tax return is made up of- Income tax, Universal Social Charge, and Pay Related Social Insurance. We'll also touch on Tax Credits, and a little about VAT. So, diving in...
I know, I know - it isn't the most exciting of aspects when it comes to running a business, but unfortunately it has to be done.
As there’s a lot ot get into, this topic will be split into two parts. In this post we'll go over the criteria for filing a self assessment tax return (or in the few cases that you don’t need to), and the method for self-assessment.
If you already know how self assessment works, but want to find out a bit more about how it all comes together, then in Part 2 we’ll have a closer look at a breakdown of each tax component: Income, Universal Social Charge (USC), Pay Related Social Insurance (PRSI), Value Added Tax (VAT), and about Tax Credits.
This is our last in the series, which will be a Q&A on common questions you might have, which type of Individual Savings Account (ISA) is better than others and how you can combine different ISA types under one rather than have individual ISA of each type. In previous posts we looked at the ISA options individually, so if you're joining us late, you might want to skim over the first two parts. In Part 1, we covered the Cash, Stocks and Shares, Help-to-Buy, and Lifetime ISAs. For Part 2, we tackled the Innovative Finance, Junior, Inheritance, and Flexible ISA options.
For part two, we'll be exploring the Innovative Finance (IFISA), Junior (JISA), Inheritance, and Flexible ISA, along with a few of the finer details of each.
With many different types of Individual Savings Accounts (ISAs) on offer these days, it can all be a bit confusing when you sit down and try and figure out what's what, or what the best route to take might be. Fear not, this roundup should hopefully make things a bit clearer so you know your options.
This is blog 1 of 3, in which we’ll be looking at Cash, Stocks and Shares (S&S), Help-to-buy, and Lifetime Individual Saving Accounts.
If you're interested in the Junior, Inheritance, or Flexible Savings Accounts then you can find them here in Part 2. Finally, in the last of the series we’ll do a bit of a Q&A going over combinations of different ISA types, and which ISAs are worth your while over some other choices- depending on your needs. If you're a bit more clued up on the different ISA options, but just wanted to learn more about how they can work together, then head over to Part 3 to find out more.
Before we get into the different types of ISA, it's probably a good idea to explain what they are, just so you're all caught up. An Investment Savings Account (ISA), is a savings account that you don't have to pay tax on (within reason). The differences between ISAs are how they're made up - or what their uses are for.
If you're a small business or freelancer in Ireland, then aside from the marketing, bringing in new business, and trying to secure new clients, you might not have given too much thought to how you're going to keep track of your invoices.
You might not even have an idea of how you're going to start invoicing in the first place. Don't panic- we're here to help.
Sure, it isn't the most fun part of running your own business, but unfortunately it's one of the most important because it's how you're going to ensure you get paid on time and in full by your clients.
The number of communications professionals within the UK has steadily risen over the years. Currently there are around 86,000 PR professionals and around 25,000 Advertising professionals practicing in the UK.
Your job as a communications professional - regardless of the platform you're using, is to be clear and understood when delivering your message to your audience. Therefore, you want to carry those same traits over when it comes to invoicing your clients.
For the purpose of this blog post, the assumption is going to be made that you're freelancing, rather than part of a company that you're employed by.
As of 2018, there are just under 18,000 people employed as photographers, and just over 8000 businesses registered as photographers.
Working as a photographer is hard- you spend a lot less of your time behind a camera, and a lot more of it chasing up clients, generating new business, and doing paperwork. Generally speaking, there's more time focused on running the business than there is pressing the shutter button.
There are no formal requirements for becoming a Real Estate agent in the United Kingdom- unlike some other countries. Therefore you have a bit more flexibility in whether you want to work for yourself right from the start and freelance, or whether you want to be taken under an agencies wing.
On the whole, the number of real estate agents working in the UK has remained relatively steady over the years- seeing a slight dip from 2017 to 2018. Currently, in 2018, there are 51,000 working in the industry.
You have a passion for teaching- you like knowing things, and you love helping others learn and grow. So how exactly do you go about becoming a freelance teacher and begin to turn something you love into something you can make a living from?
There are currently around 20,000 freelance journalists in the UK, and although there has been a sharp decline in the number of those working as freelance journalists, the National Council for the Training of Journalists (NCTJ) conducted a survey which found that the main draw to the profession was the flexibility it offered.
This is no doubt in line with the general feeling that you’d rather be your own boss if you can help it- the ONS released figures earlier this year that currently there are 4.8 million self-employed workers in the United Kingdom.
Hi, my name is Jack and I’m (currently) the newest member of the Debitoor team. I’ll be helping with the UK market in the way of customer support, communications, and marketing.
After spending many years in London, occasionally moving from place to place within the UK for university, I’ve settled upon Copenhagen as the place to call home.
Whilst working part-time here at Debitoor, I’m finishing up my masters in Strategic Communication at Lund University in Sweden. When I’m not in the office at Debitoor or working on my masters, you can find me catching up on series on Netflix, attempting to muddle my way through learning Danish, wandering around Copenhagen with a camera, or scouring the city looking for places that serve fish and chips that are as close to what I’m used to from home- (no luck yet, the search continues!).