Bottle of champagne

Win Champagne!

To celebrate the launch of our brand new website, MyTax are giving one lucky person a bottle of Moet & Chandon!

To be in with a chance of winning simply answer the following question:

How does Xero cloud accounting software for business help you manage your cashflow?

Email your answer to: michael@my-tax.co.uk, or use the contact form.

Increase your chances of winning: simply join our mailing list and/or follow us on social media (Twitter; Facebook; Google+; LinkedIn).

We hope you like the site and more importantly find it helpful, whatever line of business you’re in, whatever your tax and accountancy needs are.

Click here for competition rules.

Good luck!

7 top tips to get paid faster

  1. Discuss payment terms before you get started. Getting this sorted upfront means that there is no confusion down the track. It also sets the clients expectations around payment before you start the work.
  2. Keep detailed records of inventory and time. This saves time when it comes to creating the invoice and makes sure you don’t miss anything. It also means if things are going over budget you can let your client know, instead of sending them an expensive surprise at the end of the month.
  3. Make the invoice clear and easy to understand. List the details of the job in a way that makes sense to the client, any confusion could create a payment lag. It’s also good to personalise your invoice with your business logo – it helps carry on the professionalism of your work.
  4. Set appropriate payment terms. If you need to receive payment within 30 days, our data reveals that you will need to set your payment term 13 days or less. Keep in mind that on average, debtors pay invoices 2 weeks after the due date.
  5. Address the invoice to the person paying. Make sure your invoice goes straight to the person who makes payment to avoid getting lost in someone elses inbox. If you’re unsure exactly who that is, give them a call – it pays to know the person paying the bills.
  6. Invoice as soon as possible. Send your invoice as soon as possible, the sooner a client receives an invoice the sooner they will make payment. It also means they will receive it when the value of your work is still fresh in their mind.
  7. Keep on track with debtors. The squeaky wheel gets the oil. When things become overdue send reminders, monthly statements or make a phone call. It will help remind your client that you are serious about getting the invoice paid.

Having a process that helps streamline invoicing can reduce the amount of time you spend collecting your hard-earned money. Find out how MyTax can help you get paid quicker here.

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xero bank reconciliaton

5 easy ways to make your business run smoother and smarter

  1. Use bookkeeping software that connects to your bank account and automatically organises your transactions.
  2. Do a bank reconciliation as often as possible, to see your cashflow in real-time.
  3. Give your bookkeeper and accountant a login, so they can give professional advice sooner rather later.
  4. Use online invoicing for quicker and easier payments.
  5. Connect your business systems to your bookkeeping software so all your data is accurate and up-to-date.

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Beware of bogus emails

At this time of year there tends to be lots of communications to and from HMRC, so it’s worth noting that HMRC do not send communications to tax payers by email. If you receive an email purporting to be from HMRC, it will be some sort of scam and should be ignored and deleted.

Do not under any circumstances open attached files or disclose any personal information. Typically, the email may offer you a tax refund if you send your bank details, or some other inducement to part with similar information.

HMRC will either call you or send a letter if necessary.

High Income Child Benefit charge

You may be liable to the High Income Child Benefit charge if you, or your partner, have an individual income of more than £50,000 and one of you gets Child Benefit. It may also apply if someone else receives Child Benefit for a child who lives with you.

The new rules came into effect 7th January 2013, unusually part-way through the tax year. The option facing affected households was either to stop claiming the benefit from that date, otherwise to make a repayment of it based on a sliding scale.

An estimated 120,000 middle-class parents could be facing fines of £100 because they have so far failed to register for self-assessment and repay the benefit. Penalties can rise to £1600 for those who file more than a year late.

Find out if you’re liable, what this means and what you need to do go to https://www.hmrc.gov.uk/childbenefitcharge/

Contact us if you require help with your tax return.