Many Brits decide to sell products online as a full-time business or to supplement other income. Running your own online selling business can provide financial freedom, but you need to make sure you get the money side of things right.
Nobody gets into because they love accountancy. But if you want your new venture to succeed and grow, you can’t afford to ignore the finances.
Bookkeeping and taxes can be scary for first-time business owners, but it isn’t too tricky as long as you pay attention to the basics.
In this blog post we share some business finance fundamentals that you need to get right if you want to sell online successfully.
Challenger bank Monzo has announced that its business customers will soon be able to integrate their accounts with Xero and FreeAgent.
The integration means that business transactions will automatically be imported into the accounting software each day, making it easier to track what’s coming in and what’s going out.
Combined with Xero and FreeAgent’s easy bank reconciliation systems, it will make financial processing quicker and easier than ever before.
Open Banking is set to revolutionise bookkeeping, offering to small businesses some opportunities that previously have only been available to bring firms.
Cloud accounting software platform Xero is on the forefront of the changes, promising small firms that they will be able to grow and run their businesses more effectively.
Open Banking is set to be introduced for all Xero customers from September 2019, so we thought that we would take an in-depth look at the changes and how they can benefit small and medium sized businesses.
HMRC paid Amazon £11 million for web hosting services in 2018, more than six times the £1.7 million than Amazon’s main UK business paid in corporation tax.
A new report from the GMB union reveals that Amazon received more than £460 million worth of public contracts in the last four years.
Small businesses that sell products online through platforms like EBay, Amazon, Shopify and Etsy need simple software that they can rely on to run at their best.
Cloud Accountant specialises in supporting online sellers with the financial management.
We work with hundreds of online businesses – including part-time sellers, start-ups and established businesses – and in the vast majority of cases we only recommend one accounting system.
HMRC has urged businesses that will be affected by Making Tax Digital to submit their first quarterly return using approved software by 7 August.
Under the new rules, which came into effect on 1 April, businesses with an annual turnover over £85,000 need to sign up to Making Tax Digital and submit a quarterly VAT return before the 7 August filing date.
Survey evidence shows that small firms are struggling to expand, hire and raise productivity as political uncertainty takes its toll on the economy.
Published by the Federation of Small Businesses (FSB), the Small Business Index (SBI) tracks the confidence of and outlook for small businesses in the UK.
Proposals released by Small Business Minister Kelly Tolhurst will make the boards of big companies more accountable for late payments to small businesses.
And, for the first time, large firms could be fined if they don’t pay smaller suppliers on time.
The amount owed in late payments has halved over the last five years, but the government wants to go further to support the nation’s smallest businesses.
The boss of accounting software firm Xero Australia has revealed an innovative and somewhat controversial interview technique that he uses to weed out candidates that don’t fit with the company culture.
Trent Innes’ technique has nothing to do with skills or experience, it’s all down to how interview candidates deal with a dirty coffee cup.