ALL YOU NEED TO RUN YOUR BUSINESS
At Fawcetts, we only recommend accounting software that’s right for our clients.
That’s why we’re happy to recommend Xero Online Accounting.
Our Xero Online Accounting clients are among the 200,000 users in 100 countries worldwide, who find this secure, online accounting system makes managing their business finances much easier.
Benefits of Xero Online Accounting include:
- it is cloud-based, with secure, easy access via the internet
- Xero Online Accounting is simple to use
- it directly feeds from online banking, reducing the amount of time you spend on data entry and reconciliations
- Xero Online Accounting provides a view of cash within the business that is always up-to-date
- we can log in whenever clients need us to check or review accounts, answer questions, give proactive advice and run reports, all in real time.
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HM Revenue & Customs (HMRC) has confirmed that, as part of a crackdown on cash-in-hand payments, it is monitoring the proportion of card payments processed by small businesses, including restaurants and retailers.
According to the Revenue, on average, approximately 30 per cent of sales made by small businesses are paid in cash. However, it says that many small firms are failing to declare all the payments they receive.
HMRC has indicated that where a business’s card payments exceed a certain threshold, it will then investigate further.
It is inevitable, however, that SMEs in some sectors and some locations, will have a higher proportion of card payments than businesses in other sectors and locations. This creates a risk that businesses that are wholly compliant with the Revenue’s requirements will be investigated, simply because card payments represent a high proportion of their sales.
Link: This is Money