Cloud Accounting

HM Revenue & Customs are introducing Making Tax Digital (MTD) for Income Tax from 6 April 2026. This will change the way sole-traders and landlords keep their records and report their income and expenses.

An HMRC announcement this month has major implications for all businesses which rely on its online filing service.

Following Xero’s recent announcement that they would be implementing price increases, many have seen this as just another symptom of the increased cost of living we are all facing; however, this is due to a change in the packages being offered. It is worth understanding the detail on these changes so that businesses can maximise the potential of their package and make sure they are on the right tariff.

Xero has the benefit of an open Application Programming Interface (API), which means there are 1000’s of connections shown in their app marketplace which can integrate and talk with Xero. Some of these are their own packages which they have recently introduced as part of their core subscription.

For complex, multi-faceted businesses such as holiday parks, cloud accounting is a vital tool to ensure you have up-to-date financial information.

Good financial management is essential, especially in businesses where seasonality and variation is such an important factor. The high season needs to be properly managed to maximise profitability. Building in flexibility to your operations and scaling down efficiently without losing good staff long term or over stocking basic consumables is key to ensuring your business remains profitable.

Cloud accounting has revolutionised the way companies manage their finances and work with their customers and advisers.

An event for businesses at Norwich City Football Club next month will bring together leading experts in cloud accounting and cyber security, to help business owners and managers get the most out of digital technology.

What is Xero and cloud accounting?