The tax gap increases by £3.8 billion for 21/22
HMRC has estimated that the tax gap across all taxes has increased to £35.6bn. The tax gap is the is the difference between the amount of tax paid to HMRC and the total amount of tax that should…
When do you need to register for VAT?
When do you need to register for VAT? You need to register your business for VAT if your total VATable turnover goes over £85,000 in any rolling twelve month period, or you expect your turnover to exceed £85,000…
We are Certified Xero Advisors!
Once again, we have re-certified as Xero Advisors! Having first passed the tests a decade ago and continued to do so ever since, we have once again re-certified as Xero approved official Advisors. This means we are experts…
We are a Silver Partner with Xero!
We make no secret that we love Xero here at Flamingo Accounting! And we are also happy to continue as a Silver Partner with them. Our team of Certified Xero Advisers have been using and implementing this software for years and believe…
Top Ten Things to consider when choosing a new accountant
Whenever potential new clients approach us, it is often because they are not happy with their existing accountant, or because they are a new business and don’t know how to select an appropriate one that will suit them…
Cash and profit are not the same thing – forgetting that can cost you dearly
The vast majority of businesses, particularly those in their early stages, go bankrupt through lack of cash, not from lack of profits. However, many business owners don’t truly understand the difference between having cash and having profit, and…
Top ten bookkeeping mistakes and how to avoid them
Here are our Top 10 mistakes that people make when doing their own bookkeeping: Letting it all build up This seems obvious, but some people still leave everything to the very last minute and let the bookkeeping build up. …
What can HMRC find out about you?
What can HMRC find out about you? You’ll probably be surprised to find out it’s a lot more than you think. When meeting potential new clients we often hear “Well, HMRC won’t find out about that” – and…
What are the different VAT rates and what do they mean?
We are often asked what all the different VAT rates are and what they mean. Zero-rated is the same as Exempt, right? Wrong. Read our guide below to make sure you understand the difference between all the rates…
What interest can you charge on late payments?
What interest can you charge on late payments? From time a customer may pay you late, and you may be ok with that. But when the problem becomes persistent, it can effect your own cash flow and the…