The coronavirus outbreak has closed businesses, schools and leisure venues and many people have suddenly found themselves working from home. Working from home can be quite the adjustment, so we thought we’d share some tips to help you stay positive and productive in this difficult time.
Read More
The government has unveiled a package of measures to support UK businesses during the COVID-19 outbreak. To help you access that support, we have put all relevant links and resources in one place. You will find them below.
Read More
An accountant and bookkeeper share a common goal to support your business and help it succeed financially, but they achieve this in drastically different ways. In today’s blog post I’ll explain the key differences between bookkeepers and accountants, so you know exactly what kind of support you need.
Read More
There are lots of dates and deadlines to be aware of, and it can be overwhelming trying to remember them all. To help you stay compliant and avoid late penalties, I’ve put together this UK tax calendar. It includes HMRC’s key dates for the self-employed and PAYE
Read More
The small business landscape is constantly changing. Evolving technology, changing consumer needs, and political and social issues all impact the ways in which small businesses operate. Or at least they should, if you plan to stay in the game.
Read More
A new report published by Starling Bank has revealed that UK micro-businesses are spending 10 weeks a year working on financial admin. The report, Make Business Simple, studied more than 1,000 UK micro-businesses and found that the average firm spent 15 hours a week on finance admin.
Read MoreIf you’re self-employed (aka a sole trader) and need to buy something for your business, you can claim this expense on your tax return and it will lower your tax bill. This is known as an ‘allowable expense’. Self-employed tax is based on the amount of profit made in a tax year. However, allowable expenses can be deducted from your profit and thus reduce the amount of tax you owe.
Read MoreThe Boxing Day sales may not be as frenzied as they once were, but there are still plenty of customers looking for a bargain. As a small business owner, being prepared is key to making the most of this exciting period. (And keep your business going during the quiet spell that follows.) Here’s how you can get your business ready for the post-Christmas sales.
Read MoreBookkeeping is one of the most difficult things to get to grips with when you start a new business. You need to know how to accurately keep records, learn new terminology, be aware of when to file tax returns, learn how to file tax returns, and make sure you pay tax on time. It’s understandable then that mistakes are easily made. Bookkeeping is one of the most difficult things to get to grips with when you start a new business. You need to know how to accurately keep records, learn new terminology, be aware of when to file tax returns, learn how to file tax returns, and make sure you pay tax on time. It’s understandable then that mistakes are easily made.
Read MoreBanking facilities of some kind are essential if you intend to run a business. But do you need a specific business bank account?
The answer depends on what type of business structure you operate under.
If you’re a sole trader you are not legally required to open a business bank account.
Read More
VAT is a tax applied to goods and services offered by a business. Currently the standard VAT rate is 20% and you’ll see this applied to the majority of taxable goods and services in the UK. There is also a reduced rate of 5% and a zero rate. Zero rated items include young children’s clothing, books and most food. It’s important for a business owner to know which VAT rates apply to their products.
Read More
What is a bookkeeper?
A bookkeeper is someone who keeps track of all the money coming in and going out of a business. A bookkeeper will maintain highly accurate financial records, prepare for year-end tax and VAT returns, manage payroll and much, much more. It is a highly specialised job that requires significant training and certification.
Read More
“Should I register as a sole trader or limited company?”
This is one of the most important questions any new business owner can ask. The legal structure of your business may have a profound impact on how you operate, so it’s important you choose the right one.
Read More
October is a busy month in the tax calendar. There are a number of key deadlines you may need to be aware of as a business owner or self-employed individual. Some deadlines require a great deal of preparation, so make sure you know which ones apply to you well in advance.
Read More
If you run your business from home, you need to know about work from home expenses. Whether you work from the kitchen table, the spare room, or a studio in the garden, you can claim tax relief.
It sounds almost too good to be true, doesn’t it? But the fact is you can claim utilities like heating, electricity, internet and phone line, rent or mortgage, council tax and even repairs as expenses.
Read More
Bookkeeping is one of the most time-consuming and stressful aspects of running a business. And yet many business owners believe they should do it all themselves to save money or better understand their cash flow. Well what if you could save money, time and improve your understanding of your business’s financials by hiring a bookkeeper?
Read MoreAs Spring is in the air at last, we thought we’d do a very small introduction to MTD for any businesses who are still getting their heads around what it is and what to do next. No fear we can help, but first of all let’s have a quick look at what MTD is all about.
Read More