HMRC’s Making Tax Digital: A Debitoor Q&A

Written by WhitneyWhitney, 21 March 2019 in Making Tax Digital

The start of Making Tax Digital for businesses over the taxable turnover threshold of £85,000 is just around the corner. With April 1st coming up quickly, VAT-registered businesses in the UK are looking for answers and solutions for managing VAT returns under the requirements laid out by this new regulation.

Here at Debitoor, we’ve also been hard at work preparing for the April 1st deadline, to ensure that the software offers the options necessary for our users to continue their invoicing and accounting needs and meet the requirements of Making Tax Digital software.

In this article we have a short set of questions and answers about MTD in general, plus specific information about Making Tax Digital and Debitoor.

Debitoor accounting and invoicing software is HMRC approved. Submit your VAT returns easily from your account to HMRC, just like on this computer.

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Marketing success strategies - from real small businesses

Written by WhitneyWhitney, 19 March 2019

You want your business to succeed. You put time, money, effort, and possibly a few sleepless nights into creating a business. But simply starting it, getting a logo, putting up a website, won’t automatically start reeling in the customers. For that, you need marketing.

For some, marketing might seem like a difficult nut to crack. How do you break into a market when just starting out? Is there a secret to getting the right message to the right potential customers? What’s the best medium? What if your business is already established and you’re looking to expand your reach?

Do you have a marketing strategy like this one shown on a desktop computer?

There are plenty of questions because there are plenty of ways to go about marketing for your business. While the route you decide to take ultimately depends largely on your industry, market, competitors, and basically: just what works, there is some useful advice out there to help you find the best strategy for your business.

... continue reading: Marketing success strategies - from real small businesses

5 business mistakes - and what to do about them

Written by WhitneyWhitney, 20 February 2019

When running a business, it can seem like there is always something that pops up and needs your attention. But it’s still up to you to make the right decisions for the best impact on your business. However, this can be a bit difficult, especially if there are easier or cheaper options.

In this article, we look at a few common things that businesses do that can be changed and can have a positive impact on your business, stress levels, and even cash flow.

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Bank reconciliation - do you need it? Why it’s important

Written by WhitneyWhitney, 15 February 2019

You’ve likely heard of it, but if you’ve worked with accountants and haven’t had as much of a hands-on approach to finances, bank reconciliation is the process of matching the transactions from your bank records with those in your business records. In other words, the incoming payments from customer match with the invoices you’ve created, and the outgoing payments match with your expenses.

A man balancing his chequebook. Reconciliation can be easier with Debitoor invoicing software

Yes, it sounds a bit tedious, especially if you have to go through each payment one-by-one. But below we show you just how important it is as well as provide some tips for making bank reconciliation fast and simple.

... continue reading: Bank reconciliation - do you need it? Why it’s important

How to manage a loan in Debitoor accounting

Written by WhitneyWhitney, 7 February 2019

Launching a small business often takes up a lot of time. And money. For many businesses just starting out, a loan can make sense. Loans can provide that little extra capital that is necessary to really get things off the ground, and often, favourable terms can be found.

But getting a loan also includes an added level of management from an accounting point of view. It’s one thing to receive the money, and make payments, but how do you ensure this appears correctly in your accounts and is reflected in your financial reports?

Accounting & invoicing software can provide a solution for managing these balances and regular payments.

... continue reading: How to manage a loan in Debitoor accounting

Just hired employees? Manage invoicing & accounting as a team

Written by WhitneyWhitney, 4 February 2019

When a business is growing, it often means that it become a bit too much work for one person to handle alone. Hiring talented, qualified individuals to help out with some of the daily tasks can take a lot off your plate.

Once you’ve found your team, you’ll likely be sharing many of the duties you were previously managing on your own. These can often include much of the administrative tasks, including invoicing and even accounting.

The right invoicing & accounting software will make it easy to work with a team like this

... continue reading: Just hired employees? Manage invoicing & accounting as a team

Digging in to invoicing and accounting for gardeners

Written by WhitneyWhitney, 31 January 2019

Do you own a gardening business? Whether you’re just starting out or already well-established, there are a few inevitable elements of the business that require some time behind a screen.

This woman planting can quickly add this hour to her invoice with Debitoor invoicing software’s mobile app

But with the right software, you can keep the tedious bits up-to-date as you work - even onsite or on the way to your next location and minimise the time you spend at the end of the day or week. As with everything today: there’s an app for that.

So how exactly can you make it easy, fast, and efficient to manage your business invoicing and accounting even when on the go? Cloud-based software is a great option when you’re constantly moving from place to place for work, and don’t find yourself at a desk from 9-17.

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Sending invoices? Why not from a cafe!

Written by WhitneyWhitney, 22 January 2019

As a small business owner, you’re possibly like many who work comfortably from a home office. At least when it comes to managing the invoicing and accounting sides of your business.

If you're craving coffee from a fancy machine like this one, you can still manage your invoices with invoicing software like Debitoor.

But thanks to apps and cloud-based software, it’s easy to mix it up and move locations. Maybe you’re looking for a little company, or you simply need a change of scenery. Or if you have a business meeting and decide to get there early to prepare. Fortunately, no matter the reason, the right software will work for you anywhere.

And not just at any location. But also on any device. With cloud-based software, you can log in to your account and access your data even if you choose to take your iPad instead of your laptop.

... continue reading: Sending invoices? Why not from a cafe!

Working with SumUp - online and in-person payments

Written by WhitneyWhitney, 14 January 2019

Whether you run a brick-and-mortar shop or run a market stall on weekends and holidays, finding the right solution for payments can be a challenge. While there seem to be an array of options these days, finding one that works well and makes sense ends up being more difficult.

If you want to be able to accept credit and debit card payments, there are handy card readers and apps that make this fast and painless. But what about online payments? And how do you manage your accounting at the end of the day?

A shop accepting a credit card payment. They could be using the SumUp x Debitoor integration for easy payments and accounting

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HMRC and your VAT

Written by WhitneyWhitney, 10 January 2019 in Making Tax Digital

In 2019, HMRC is introducing the newest regulations involving the digitisation of tax in Making Tax Digital for business. The new requirements will apply to any business with an annual turnover above the VAT threshold, as well as those that have voluntarily registered for VAT.

HMRC is introducing Making Tax Digital, which means all businesses including those in the buildings from this picture of downtown London, will need to use software to report VAT

... continue reading: HMRC and your VAT