Tag: Business

The Ultimate Guide to System Design & Implementation for Businesses

Posted on by Mohsin Khan

System design and implementation is all about creating and setting up the right systems to manage your business’s finances smoothly. 

It involves: 

  • designing custom solutions
  • automating tasks, and 
  • integrating the latest technology

At Apex Accountants, we specialise in helping businesses improve their financial operations. 

Our services include:

  • assessing your current systems
  • custom designing solutions
  • implementing new systems, and 
  • providing ongoing support.

We also offer cloud integration, accounting software solutions, and automation to make your accounting processes run faster and more accurately.

In this guide, we’ll cover key topics like choosing the best system for your needs, managing change during system transitions, and understanding costs and support. 

We’ll also show you how to maximise your accounting software’s value, deal with resistance to new technology, and implement AI solutions that can transform your accounting processes. 

Plus, we’ll discuss practical tips on integrating new systems and making sure everything runs like clockwork. 

So, grab a cup of coffee and dive in!

How To Print Your Clients HMRC Online Tax Calculation

Posted on by Rana Zubair

FRS 102 bears more than a passing resemblance to the International Financial Reporting Standard for SMEs, as issued by the International Accounting Standards Board in 2009, although it has been amended to be more compliant with the Companies Act and EU directives, and incorporate some old UK GAAP options.

 

HMRC Online Tax Calculation

The new standard impacts a huge swathe of businesses, as it applies to the vast majority of large and medium-sized UK businesses and organizations, including charities, retirement benefit plans, and financial institutions. Effective of January this year, ‘small entities’ was broadened to encompass small companies and LLPs not excluded from the small companies / LLPs regime. In addition, FRS 102 applies to all entities that are neither required nor elect to apply EU-adopted IFRSs.

Encouraging early adoption, this regulatory change has been a significant one.. Bigger still is the official documentation that practitioners have had to acquaint themselves with, at around 350 pages – but on the plus side, it is only a tenth the length of the old GAAP documentation!

 

How to Calculate Annual Tax Summaries or SA302s: (HMRC Online Tax Calculation)

1. Select the appropriate client.
2. Navigate to the ‘tax return options’ link.
3. Pick the desired year from the dropdown menu and click ‘Go.’
4. Proceed to the ‘view calculation’ link.
5. Click on ‘view and print your calculation.’
6. Finally, select ‘print your full calculation.’ Currently, printing is available for up to 2 years, extending to 3 years from April 2015 and 4 years from April 2016.

 

How to Calculate Yearly Tax Summaries:

1. Choose the relevant client.
2. Access the ‘view account’ link.
3. Navigate to ‘tax years.’
4. Select the desired year from the dropdown menu and click ‘Go.’
5. Click on ‘Print your Tax Year Overview.’
Note: Allow 72 hours after submitting your return before printing documents.

Looking for a tech-savvy accountant who simplifies financial details? Our London-based accountants are friendly, proactive, and abreast of the latest developments in your business to ensure you stay ahead.

 

Book a free consultation with us today to ensure HMRC Online Tax Calculation!

4 Reasons Why IT Businesses Should Look For Outsourcing

Posted on by Rana Zubair

Technology has made it much easier for businesses to operate on a global scale. Whether you’re just starting out as an entrepreneur or have been in business for a long time, you will probably have to deal with some form of tech at some point. Outsourcing core business processes comes with its own set of upsides and downsides, which is why it’s important for business owners to understand the benefits and drawbacks before making any final decisions on the matter.

What is Outsourcing?

Outsourcing is the practice of transferring certain business processes to outside suppliers. This can help companies save costs and increase efficiency by focusing on their core competencies while offloading non-core tasks to specialists. When you outsource, you’re hiring someone outside of your company — often a company or an individual located in another country — to perform a specific task. Outsourcing is a popular trend among IT businesses to hire someone who specialises in a certain field.

4 reasons why you should consider outsourcing your core business processes

Reduced Costs: With outsourcing, you don’t have to hire a full-time employee to manage and maintain yourIT systems. Instead, you can hire a company to do it on a per-job basis. This way, you only pay for what you need and don’t have to pay for benefits or a full-time salary.

A Variety of Expertise: When you outsource, you have access to professionals who have years of experience in a specific field. For example, you can find companies that specialise in IT infrastructure management and use them to help you create a robust and reliable system.

Flexibility: Outsourcing allows you to scale back or ramp up your contracts whenever necessary. Often, outsourcing companies offer short-term contracts that allow you to work with the flexibility to change your needs at any given time.

Expert Insight: If you don’t have in-house experts who can provide advice and recommendations, outsourcing is a great way to get expert insight.

There are drawbacks of outsourcing as well. When you outsource, you have to go outside of your company to find experts. However, when you bring in outside companies or individuals, you lose the ability to build real and meaningful relationships. It’s important for business owners to maintain a level of empathy for their customers. Outsourcing also means giving up control over the systems that you’re using. You don’t have any control over the infrastructure that you’ve hired someone to manage. You don’t have any control over the systems that are used to host your data. You don’t have any control over the people who are working inside of your organisation. Unfortunately, outsourcing comes with a high degree of uncertainty. It’s almost impossible to predict how much you’ll pay for outsourcing services. You don’t know how long your projects will take or how much they’ll cost. You don’t know if you’ll be able to find a company that’s willing to work with your budget.

HMRC and tax implications of outsourcing:

Outsourcing is seen very carefully by HMRC in terms of IR35 and employed / self-employed scenario. If the contractor is under IR35, the contractor will be deemed as an employee of the company. HMRC has suggested a to0l which could be helpful to decide the employed / self-employed status of an individual.

Final Thoughts:

The world has become more and more connected, and it has never been easier to outsource your business’s IT needs. Technology makes it possible to hire experts from around the world and have them manage your data and systems without ever having to meet in person. Technology is also making it easier to hire experts from countries where the cost of living is lower than in the UK. There are a lot of advantages to outsourcing. While outsourcing has its benefits, it also comes with some drawbacks. It can be harder to develop real relationships with outsourced experts. Furthermore, the costs can be unpredictable, and it may be
difficult to hire people from countries where living costs are lower.

 

Next Step:

Book a free consultation now.

Book a Free Consultation