5 Clever Accounting Tricks That Can Make Your Life Easier

Software tools have made accounting so much simpler. With their abundance of features, those age-old obstacles that stop you from quickly completing all your tasks are taken away. Making the best use of this software, however, involves knowing all the tricks. Here, we outline five key functionalities of accounting tools that will make your life significantly easier. Use direct bank feeds This feature means bank reconciliations are an effortless task. We're working on direct bank feeds for Pastel accounting products right now, and ensuring they are simple to set up, and will connect your bank to your Pastel software. After these are integrated, the process will never need to be completed again. From then on, it is simply a case of importing your most ...

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Sage 50 v25: The New Features

With every release of Sage comes a list of exciting new features to match. Sure enough, version 25 of Sage 50 arrives accompanied by an array of beneficial add-ons for users. Here, we take a look at them in closer detail. Tax You’ve undoubtedly heard about Making Tax Digital (MTD) by now. This is a new initiative being introduced by the government from April 2019, whereby any business with a turnover above the VAT threshold (£85,000 as of 2018/19) must process tax returns and maintain records in a digital format. For these companies, VAT returns will no longer be possible through traditional means such as via a postal delivery service. The latest updates as part of Sage 50 v25 are designed so that you can ...

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How HMRC Is Closing The Knowledge Gap On Making Tax Digital

Are you aware that Making Tax Digital (MTD) for VAT is coming into force from April 2019? ICAEW statistics show that over 40% of businesses that it will impact are currently unaware of the government initiative. That’s why HMRC have started an awareness campaign. The aim of this is not only to ensure that businesses know the digitalisation of VAT records and return submissions is happening, but to also clarify some of the information that has been provided so far. Here, we explore what you can expect from the campaign, and what the government has made evident so far. What communications can you expect? HMRC have begun closing the knowledge gap by releasing a new webpage. It details how businesses can prepare for ...

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VAT and Making Tax Digital – how will it affect my business?

From April 2019 all VAT registered businesses with turnover above the VAT threshold will be required to maintain digital records and will need to send their VAT information to HMRC using third party commercial software. HMRC’s online portal will remain available to all other businesses that complete a VAT return but have turnover below the VAT threshold. Who's in? MTD for VAT will apply to VAT registered businesses with turnover above the VAT threshold. This includes unincorporated businesses, companies, LLPs, and charities. Businesses registered for VAT but with turnover below the VAT threshold can opt in and file their VAT information via MTD if they wish. What we know so far... Start date We expect that a business will have to keep digital records and ...

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What Does Sage Evolution 200 Offer For You?

  It’s always good news when the latest Sage software is officially released. Now, as a Pastel UK & Ireland customer, you can enjoy one of the best updates we have seen for some time: Sage Evolution 200. There are a lot of new features to explore with Sage Evolution 200. Here, we take you on a tour of this software to show you why you need to upgrade. Be quick off the mark Sage Evolution 200 offers you several great ways to get started, including a trio of installation options (typical, full, and custom), as well as the freedom to choose the Windows Firewall settings. A full log of the installation is available. You can also create your very own database from scratch with ...

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Making Tax Digital: Do You Really Need To Prepare For April 2019?

Have the warnings for Making Tax Digital (MTD) been falling on deaf ears? Or has there not been enough information about the government’s plan to turn all tax submissions digital? This remains up for debate, but there can be no questioning that thousands of businesses are nowhere near ready to make the move to MTD – and now the British Chambers of Commerce (BCC) are taking action. As the national representative body of more than 50 accredited Chambers of Commerce across the UK, the BCC is campaigning for HMRC to halt the MTD roll-out until the beginning of the 2020/21 financial year. This has left some taxpayers a little confused, and many are asking whether they even need to prepare for MTD anymore. Here’s ...

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Pastel Introduces The Ultimate Solution For Manufacturers

Many manufacturers are still favouring old-fashioned approaches when it comes to money management and production. With the new Pastel UK & Ireland module, however, things are about to get very different for SMEs in this industry. Available for use in conjunction with Pastel Evolution and Pastel Partner, this magnificent module offers multiple benefits for business owners in the manufacturing sector – actively enhancing the capabilities of existing accounting software in the process. Read on to learn why we’re so excited about being able to offer this module to our customers.   What is this new Pastel advanced manufacturing module? Our new manufacturing process system guarantees seamless integration with two core Pastel products: Evolution and Partner. Offering a sophisticated solution for accounting procedures, this heavy-duty software ...

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A Step-By-Step Guide To Making Tax Digital

Digitalisation is influencing everything in the 21st century, and tax is no exception. Making Tax Digital (MTD) is the government’s own plan to use the tech evolution to transform the British tax system, reducing errors and enhancing efficiency across the board by 2020. Yet, despite the importance and significance of MTD, there remains a degree of uncertainty surrounding the scheme, especially given how it’s suffered setbacks since it was first announced. Everyone needs to know where they stand before MTD is officially rolled out, and certain business owners will need to prepare sooner than others for the onset of an all-digital tax world. That’s why Pastel, alongside sister company Liquid Accounts, has prepared an official step-by-step guide to Making Tax Digital. Over ...

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GDPR is just a few days away – here’s what we’ve done at Pastel

The GDPR deadline is 25 May 2018 and we’ve invested a lot of time and effort in preparing for it. Here’s what the Pastel team have done to ensure we’re ready for the General Data Protection Regulation: We did an audit to double check that we know what personal data we collect and hold, and what we use it for We’ve added tick boxes where needed to get consent and ensure that we’re processing data on an appropriate lawful basis We’re asking for marketing consent, and from the 25th May will only be communicating where explicit consent has been granted We have updated our Data Protection Policies to make sure they are GDPR compliant and will be publishing these shortly We ...

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VAT and Making Tax Digital – how will it affect my business?

From April 2019 all VAT registered businesses with turnover above the VAT threshold will be required to maintain digital records and will need to send their VAT information to HMRC using third party commercial software. HMRC’s online portal will remain available to all other businesses that complete a VAT return but have turnover below the VAT threshold. Who’s in? MTD for VAT will apply to VAT registered businesses with turnover above the VAT threshold. This includes unincorporated businesses, companies, LLPs, and charities. Businesses registered for VAT but with turnover below the VAT threshold can opt in and file their VAT information via MTD if they wish. What we know so far… Start date We expect that a business will have to keep digital records and ...

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