VAT registered businesses must act now for MTD

From Tuesday 1st November, VAT registered businesses not already signed up to Making Tax Digital, will no longer be able to use their existing VAT online account to file their monthly or quarterly VAT returns. It is now a legal requirement to sign up to Making Tax Digital and use compatible software to file returns. If you don’t you may face penalties.

It’s easy to sign up – using the following steps.

1: Choose a MTD compatible software that is right for you. You can find a list of options on gov.uk or talk to your accountant.

2: Check the permissions in your software, and allow it to work with MTD. You can then file your returns easily.

3: Keep digital records for your current and future VAT records.

Your accountant may offer training in the compatible software you choose, or offer packages with their practice that includes it.

If you need help or advice about Making Tax Digital for VAT – contact Soldi Partners.

 

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6 Ways to keep your business healthy

2022 is proving to be yet another exhausting year for many – and it’s taking it’s toll on businesses too. Many of us get wrapped up in the day to day running of our businesses, that we neglect key ways to keep ourselves, and our businesses healthy.

 

Here’s our take on some top tips to implement to do just that.

Personal Wellness.

This industry makes millions and it’s a hot topic again in 2022 thanks to a post covid change in the way we live and value wellness. There is an abundance of paid and free information, ideas and guidance ranging from nutrition to exercise and meditation. With the cost-of-living crisis upon us, and business owners working harder than ever to survive, it’s never been a better time to invest in your personal wellness.

Connect.

Never underestimate the value of connection in business. Whether it’s a phone call, personalised email or private chat on social media, use every opportunity to connect with your audience to ensure you are a contactable, personable business.

Never stop learning.

A mistake easy to make is complacency in your skillset. The business world is ever evolving and keeping yourself educated and in the know in your industry is an important part of keeping your business and yourself relevant. Invest in yourself and your staff by regularly updating your education and knowledge to keep your business healthy.

Invest in people.

As the ever so wise and successful businessman Steven Bartlett says, when you are a business owner you are essentially a recruitment company. As a business owner you can’t be everything your business needs. Investing in the right people to do the right jobs within your business is one of the most important things you can do to grow.

 

Laugh more.

This had to be included – there must be a culture of hard work, dedication AND laughter in your business to keep you, your staff, and ultimately your business, healthy.

 

Don’t ignore the numbers.

We wouldn’t be doing our job if we didn’t shine a light on the importance of bookkeeping and analysing the numbers in your business. Don’t ignore them – healthy businesses are ones with accurate figures and action plans for ensuring those numbers are working for you!

I hope you find these tips helpful. Get in touch if you think of other ways to keep your business healthy!

Until next time,

Theresa

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