A bank reconciliation is an important part of the daily accounting function for any business. In essence it is a matching process whereby you link the receipt of funds into your bank account with a sales invoice or payment of funds with a purchase.
Earlier this month, HMRC announced its detailed guidance for the introduction of Making Tax Digital (MTD) for VAT transactions which comes into force from April 2019. Whilst other elements of the wider Making Tax Digital project have been put on hold because of the need to focus on implementing changes as a result of Brexit […]
Having identified that they are responsible for almost 50% of the £34billion of uncollected tax in 2015-16, HMRC has confirmed that it is focusing its efforts on around half-a-million small businesses at any time. There are some 5 million small businesses in the UK and the move by the tax man has been criticised by […]