How an accountant can help your business
Firstly, ask yourself, why do I need an accountant? You may have recently started up a new business either as a sole trader or a partnership, or have incorporated a company. You may have rental income from properties. You may have made a capital gain from selling a property. You may have foreign income that […]
Use of Home as an Office is an allowable business expense
There has been a big increase in people becoming self-employed in the past couple of years. A lot of start-ups have begun in bedrooms and study rooms. Successful businesses are still being carried out at home after several years of trading. H M Revenue & Customs provides an entitlement for those that do not rent […]
Debit & Credit
It is not surprising when small to medium sized business owners query about Debits and Credits and the whole system of double entry bookkeeping, but it is a shock when you ask an accountant and they can’t explain it, although most of us accountants use the system day in day out. I would like to […]
What Are My Options for Start-Up Investment?
If you’re looking to start up your own business it’s an incredibly exciting time, but there are a number of financial aspects to consider before you can get it fully up and running. Unless you have the capital yourself, you may be wondering what other options there are available for investment for your new business. […]
VAT – will your business benefit from the Flat Rate Scheme?
As an SME, whether you are self employed or a limited company, if your turnover becomes above £82,000 (£81,000 2015) then you are obliged to register for VAT. You are therefore obliged to charge VAT on your sales, at the going rate, currently 20%, and claim VAT on your expenses accordingly. At the end of […]
The Importance of Hiring a Great Accountant
Every business, big or small, needs to hire an accountant to protect the financial integrity of the organisation. Many business owners think that with the assistance of handy software such as QuickBooks, they can personally handle the accounting, and truth be told, that is the biggest mistake a business owner can make. When business owners […]
Self Assessment – Why do we Pay On Account?
Whether you are self employed or employed and receiving untaxed income, you would have had to, at some point, file a Self Assessment Tax Return, or atleast sign one that was prepared by your accountant. Within the UK, there are set deadlines for when you have to pay your taxes by to H M Revenue […]
Minimum wage increase – How will it affect your business?
Last month, the National Minimum Wage increased, with employers now required to pay all of their workers 21 years old and over a minimum of £6.70 per hour. This represents a 20p increase on the previous hourly rate of £6.50. Those between the age of 18 and 20 will now receive a minimum of £5.30 […]
5 Things never to ignore with your business bank account
Business banking is not everyone’s idea of fun but as the business owner you have no choice but to be hot on the transactions in your accounts. Here we take a look at five things not to ignore with your business bank account. Account Fees Unless you are in your first year, it is highly […]
