Regardless of size, every business requires a Bookkeeper to keep their finances consistently organized. At Hubu Accountants, we collaborate with Business Owners to prevent disruptions in their Business Operations due to missing documents or inaccurate financial reporting.
New legislation is approaching - Making Tax Digital for Income Tax Self Assessment (MTDITSA)
Businesses, self-employed individuals, and landlords will need to:
implement MTD starting 6 April 2026 for their trading and property income subject to Income Tax and Class 4 National Insurance contributions, if their total qualifying income from these sources exceeds £50,000 in a tax year
implement MTD starting 6 April 2027 for their trading and property income subject to Income Tax and Class 4 National Insurance contributions, if their total qualifying income from these sources exceeds £30,000 in a tax year
They will:
maintain their records digitally
submit digital quarterly updates
be able to submit their ITSA return information to HMRC using MTD compatible software
As a business owner, partnering with Hubu Tax Accountants in Wales allows you to decide your level of participation in bookkeeping and payroll. Using the latest advancements in accounting software, we provide a range of services. Whether you need support for complex transactions or prefer a fully managed bookkeeping solution, we can alleviate the bookkeeping burden entirely.
As Hubu Accountants in Wales work alongside our clients, this means that not only are they covered by our support and expertise, they will also be learning as they go; meaning as a Business Owner, if you choose to work with Hubu Accountants you will become empowered by better understanding the process, and able to complete certain tasks quickly and more efficiently.
The main reasons for having a qualified Bookkeeper are:
1. To fulfill tax obligations
2. To fulfil legal obligations
3. For better analysis and management of Business finances
4. To help plan Business strategies
5. Reporting to investors
To expand on this in more detail, we’ve asked Greg at Hubu to break it down a little more.
“It’s not enough for Businesses to just submit their tax returns; they must also keep adequate digital Business records so that HMRC can audit their finances at any time. So that’s my job, as the client’s chosen bookkeeper, to ensure these records are kept up to date.”
So, if a client decided they wanted to expand their property portfolio, or they were planning on running a huge event, or opening a new office - could they come to Hubu for advice?
“ Essentially, yes. We can provide a cash flow statement to give the Business Owner a snapshot of how their Business is performing against expectations. The organisation and analysing of the Business cash flow is how Hubu Accountants can provide recommendations to help our clients strategise for the future and improve spending.”
Ok, that makes sense. So what if, like a recent client we worked with, a Business Owner is looking to sell their Business in the near future? Could Hubu help with that?
“This is similar to the process of securing investment. A great investor can help a Business to grow and become more successful, but the investor needs to know that their money is safe. This is certainly something that Hubu Accountants can help with, by providing detailed reports about the company’s financial status backed by our thorough bookkeeping service.”
So there you have it - a quick snapshot of why Bookkeeping is important for your Business, and how Hubu Accountants can help get you on the right path for Making Tax Digital for Income Tax Self Assessment (MTDITSA). If you’d like more information please contact us on 0800 206 2625 and we’ll be happy to help!
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