Rules for digital records keeping as part of Making Tax Digital

Written by JackJack, 26 February 2019 in Making Tax Digital

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).

... continue reading: Rules for digital records keeping as part of Making Tax Digital

What is a complex business under HMRC's Making Tax Digital scheme?

Written by JackJack, 26 February 2019 in Making Tax Digital

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).

... continue reading: What is a complex business under HMRC's Making Tax Digital scheme?

Moving from Excel to online accounting software for Making Tax Digital

Written by JackJack, 26 February 2019 in Making Tax Digital

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.

... continue reading: Moving from Excel to online accounting software for Making Tax Digital

Penalties under the Making Tax Digital Scheme

Written by JackJack, 19 February 2019 in Making Tax Digital

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.

image of a woman marking a date in a calendar

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An overview of Individual Savings Accounts (ISAs) in Ireland

Written by JackJack, 15 January 2019 in Ireland

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).

image of euro coins falling onto table- every cent helps when saving | Debitoor Invoicing and Accounting

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...

... continue reading: An overview of Individual Savings Accounts (ISAs) in Ireland

Self-employed in Ireland: A guide to your taxes (Part 2)

Written by JackJack, 27 December 2018 in Ireland Taxes

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...

... continue reading: Self-employed in Ireland: A guide to your taxes (Part 2)

Self employed in Ireland: A guide to your taxes (Part 1 of 2)

Written by JackJack, 19 December 2018 in Ireland Taxes

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.

person holding pencil over a piece of paper with the word tax written on it

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.

... continue reading: Self employed in Ireland: A guide to your taxes (Part 1 of 2)

Individual Savings Accounts: An Overview - Part 3 of 3

Written by JackJack, 19 December 2018

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.

Question mark drawn in chalk on blackboard. Questions you might have about different ISAs and mixing them together.

... continue reading: Individual Savings Accounts: An Overview - Part 3 of 3

Individual Savings Accounts: An Overview - Part 2 of 3

Written by JackJack, 18 December 2018

At the beginning of our ISA series we covered Cash, Stocks and Shares (S&S), Help-to-buy and Lifetime ISAs, so if any of those are what you're after, you can find them here in Part 1.

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.

Image of people shaking hands at the end of a deal.

... continue reading: Individual Savings Accounts: An Overview - Part 2 of 3

Individual Savings Accounts: An Overview - Part 1 of 3

Written by JackJack, 18 December 2018

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.

... continue reading: Individual Savings Accounts: An Overview - Part 1 of 3