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Cloud Accounting – Simple way to stay MTD compliant

Cloud Accounting is a Way for Modern Businesses to Stay MTD Compliant The fast-paced transition towards a digitalised future and the upcoming ‘Making Tax Digital’ (MTD) initiative is changing the way we do business. To embrace the change and upkeep with HM Revenues & Customs (HMRC)’’s guidelines regarding MTD, modern businesses are rapidly adopting the[...]
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Making Tax Digital for Small Business

Making Tax Digital for Small Business – Everything You Need to Know The HM Revenue & Customs (HMRC) department is making it compulsory for small businesses to file their tax returns online. Learn why it is mandatory to embrace digital tax management and what small businesses need to do before the deadline. What is Making[...]
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Self-Assessment For Cab Drivers

Self-Assessment For Cab Drivers – A Complete Guide If you are a self-employed cab driver and have a steady income flow, it is important to complete the self-assessment tax return process to declare earnings to the HM Revenues & Customs (HMRC) department. Even if you have rented the taxi from a fleet using a dispatcher,[...]
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Accounting in Construction Industry

Understanding the Basics of Accounting in Construction Industry Accounting is an important aspect of running a company, ensuring profitability and transparency. However, for the construction industry, the concept of accounting is little different and complex. In this blog, we will understand how accounting in construction industry is different from the regular practices, what the challenges[...]
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Rental Property Tax Return

A Complete Guide to Self-Assessment Rental Property Tax Return The HM Revenue & Customs (HMRC) department determines your tax payable on rental income based on what your employment status is and how much profit you make. As per HMRC guidelines, if you are earning a steady income from renting out your property, you will need[...]
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Self Assessment 2015/16

File your self assessment in time to avoid penalties The deadline for filing the self assessment tax return for last tax year 2014/15 is coming nearer and it’s is always better to act in time than to panic at the last moment. With GNS we assure you will never miss deadlines and incur penalties. All[...]
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Accounting for Small Businesses-Myths Clarified

By: Subash Ghimire When we talk about paying for the service of a professional accountant to look after the accounting and financial matters of a business, there are common misconceptions that the small business owners fall victim of. Some common myths about hiring an accountancy firm and their explanation is presented below. Myth 1- Accountants[...]
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Claiming input VAT on Flat Rate Scheme

Claiming input VAT on Flat Rate Scheme Normally the input VAT is not considered if your business is registered for a FRS. So you simply apply the percentage of Flat Rate applicable to your business and ignore the input VAT. But you may be losing some pounds if you have made a significant purchase of[...]
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