Business Regulation

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Xero Advisor Certification

You may have seen the Xero Advisor certificate and Xero Payroll certificate icons on the front page of our website; these certificates are not just given to online accountants when they sign up to Xero. The software itself has video lessons that can be viewed and are followed by a series of questions to ensure the information has been understood. Once these lessons have been completed, an email with the certificate is sent to the accountant for public display. There is a separate set of videos and questions for payroll which earns another certificate.

Moving on to Online Cloud Software
Making Tax Digital (MTD) has been introduced for VAT-registered companies and businesses, and they are now required to use an online cloud software for their bookkeeping records. Unless the company had been using online software from before most businesses will find themselves required to transfer their information across platforms to meet the required criteria.
Information Sharing Online
Nearly every household in the UK now has a computer or mobile device that links up with the internet. It is uncommon to encounter individuals who do not use an email address – even if that email address is not their own – and as this is a far quicker form of sharing information than using the postal service, emails can take preference.
What is meant by IFRS
IFRS is an acronym that stands for International Financial Reporting Standards; there are 17 of these standards that outline the information required to appear and how it should be presented in annual accounts for limited companies. Previous standards are known as International Accounting Standards (IAS), which were issued by the International Accounting Standards Committee up to December 2000. From 2001, the committee was replaced by the International Accounting Standards Board and future standards became IFRS standards.
What is IR35
The term IR35 has cropped up in accountancy news over the last few years as changes to the rules have been made by HMRC but the term is not self-explanatory at first glance. The ‘IR’ stands for intermediaries legislation, a set of rules that apply to an engagement between an individual and a business to ensure that the correct taxes are paid for the workers.

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