FOR SMALL BUSINESSES
Many business start-ups have expressed considerable concern over Brexit and the ways it could impact on their trading and profitability. So, we’ve taken a few minutes to round up some key aspects of Brexits to provide some degree of reassurance for existing small businesses and...
The government’s shake-up of the tax system – Making Tax Digital – will impact on all businesses; including startups. This major change to the way taxes are reported and administered means any business start-ups need to ensure compliance from the launch date. If you’ve never...
An accountant is an excellent investment for business start-ups from day one, however, there are always things you can do as a business owner to improve the overall quality and efficiency of your accounting. Following these three golden rules will help you to make sure...
All UK business start-ups or existing small businesses will find using cloud accounting software offers a variety of benefits. There is a range of software on the market, some of it free to end-users, giving business accounts a head start when it comes to speed...
When running a small business or start-up, every penny counts. There’s no place for excessive spending or inefficient budgeting, which is why it’s absolutely essential to ensure you work with an accountant that helps you save money, rather than one that hampers your finances. So,...
For many people, VAT is rarely thought about. It’s an additional cost on products, but as it is incorporated into the displayed price for many items in the UK, it almost becomes an invisible tax. As such, many people don’t know much about it or...
You will probably already know that becoming a VAT registered company is a legal requirement after your business reaches a taxable turnover of £85,000 (as of 2018/2019). But businesses can actually register for VAT before that – are there any benefits of doing so? Well,...
Whether you’re a sole trader, planning a business startup, or a small business owner, it’s likely you recognise that funding your trading can be very difficult when you have to cope with a limited budget. Perhaps you’re already considering ways to reduce business costs in...
Starting a business in the competitive UK tech market means staying on track with all the latest innovations within your field. One vital consideration for any UK tech startup is accountancy and ensuring the business is up-to-speed with all legal obligations relating to payroll, PAYE,...
For any small business owner, continuous growth and an increased customer base is part of the long-term plan. However, this will also eventually mean you need to hire staff to cope with this extra demand. If you have not done this before then it can...
This year’s PAYE deadline for employers with payroll was Friday 31 May. So, if you’re reading this and have yet to get round to it, you’re probably a little behind. Every year hundreds of people miss such deadlines, so what happens when a deadline is...
If you have recently started your own company, then there will be lots to get done. Just getting a foothold in your sector and attracting customers is enough for any startup to be going on with. Alongside this, looking after your payroll is crucial if...
Entrepreneurs are, by their very nature, interested in doing things differently. They want to embrace change and commit to tasks that go against the status quo. However, while this is a common approach for entrepreneurs and those looking to develop and build small businesses, it...
Any small business or startup tends to rely on a few key employees or even just the business owner for most administrative functions. However, it’s not always feasible for the business owner or key administrator to run a payroll effectively. This is even more critical...
If you’re planning a startup or already running a small business, VAT and registering for VAT will be a major consideration. This is particularly the case if you’re close to reaching the VAT threshold or know your startup will go over this limit in the...
As a startup, you’re likely watching the pennies very closely. Startups generally want to keep as many essential business processes “in-house” as possible, because it cuts costs. While it can technically be cheaper, does that actually mean it’s what’s best for your business? The answer...
If your annual turnover exceeds £85,000, then you must register to pay VAT. However, VAT can be somewhat confusing for many small businesses. In order to avoid any penalties down the line, it’s important to make sure you’re following the rules on VAT. Here are...
UK startups across all business sectors face legal responsibilities to pay employees appropriately. Some factors to consider include ensuring payment of the national minimum wage at the very least and ensuring all essential deductions from salaries. Essential deductions include any necessary repayments of student loans...
Any existing VAT-registered business or UK startup planning to register for VAT needs to be fully aware of the new Making Tax Digital requirements and what this means for their business. 1 April 2019 was the deadline for digital VAT returns compliance. Although HMRC has...
Running a payroll for any size of business can be a complex matter and government requirements for Real Time Information (RTI) can make this more difficult. Use of RTI means employers – including start-ups – need to report all gross pay, National Insurance (NI), tax...
When launching a business, it’s inevitable that money will have to be spent. The key to success is understanding exactly what costs are necessary, and what you will get for your money. Most businesses will need to: acquire or rent office space; purchase day-to-day necessities...
SQK Accountancy offers a variety of professional accounting services for startups, including VAT and PAYE. When is the right time to register for VAT is one of the most common client queries we address as a small business accountant in Manchester. This is why we’ve...
When you’re a small business or startup, it’s tempting to look for ways to save money at every opportunity. One question that business owners or self-employed professionals often ask themselves is “do I really need to hire an accountant?” With SaaS accounting software so freely...
One of the questions we get asked regularly is if you should register for VAT or not. Hopefully, with this blog, we’ll try and answer all the questions you may have. There are some considerations, but it’s not all bad! When should I register...
It’s that time of year when people who are already self-employed are breathing a sigh of relief after filling in their returns, but it’s also the time when a lot of employed people starting thinking about starting their own business too. There are so many...
Taxes take up a considerable amount of time! They can also cost your business more money than necessary if you’re not submitting your VAT returns in the correct manner. So, with that in mind, read on to discover how to handle VAT more efficiently. Have...
More often than not, ‘bookkeeping’ and ‘accounting’ are used interchangeably. The truth, however, is that there is a considerable difference between these two practices. So exactly how are they different from each other? To better understand how these two terms vary, it is essential that...
Small and micro businesses are integral to the UK’s economy. In 2018, there were 5.4mn UK micro-businesses, which was a total of 96% of all UK business organisations. A micro business employs between zero and nine workers. Though that might not sound like a lot,...
Planning for VAT can be difficult for any business. This is a complex tax which is currently being revolutionised due to the UK government’s Making Tax Digital initiative. It’s quite possible for business organisations to under or overpays VAT, and this can cause problems. Any...
If you run your own payroll system, you need to be aware of all relevant legislation coming into effect in 2019. One of the most important income tax changes which will impact all your workers is the increase in personal allowances which takes effect from...
With more and more businesses performing nearly all of their tasks digitally, it makes sense that instances of cybercrime are on the rise. However, though this is the case, the latest research has discovered that barely half of SMEs in the UK are actually well-versed...
The Christmas season is here again and there’s no better time to treat your staff and customers. You may, however, be concerned about the costs involved in throwing a Christmas party. However, if you follow HMRC’s rules and regulations, you may get be eligible for...
Taxation, in general, can be a minefield for the inexperienced. Specifically, understanding VAT is something a lot of businesses struggle with. It makes sense, then, for you to contact a specialist for VAT advice. But with so many out there claiming to be experts, how...
Small businesses are the very backbone of the UK’s economy. For example, in 2017 over 99% of businesses in the UK were small to mid sized companies (SMEs) with total employees of 249 or less. Although there is so much potential in the UK for...
Tax inaccuracies and missed deadlines can lead to companies having a high price to pay. In this blog post, we take a look at HMRC tax penalties in further detail. Late tax returns One of the main reasons why people find themselves facing a fine...
All business owners have a number of different options available when it comes to paying themselves. It can be tricky to make the right decision, as you need to find the perfect balance between your needs and the needs of your business. One option is...
If your startup or existing small business is not making use of all available tax breaks, you could struggle to show profits. These tax saving tips for small businesses may offer the assistance you need: Tax saving tips The following simple tips may provide some...
With increasing numbers of services being offered through the cloud, and ever more businesses integrating themselves into this revolutionary technology, it is no surprise that accounting and accountancy have also discovered the benefits. Cutting edge accountancy firms are choosing to incorporate the cloud into their...
If your business is registered for VAT then one thing that will probably stress you out more than anything else is the prospect of HMRC coming to do a VAT inspection! However, this really shouldn’t be the case. As long as your VAT accounts are...
An accountant plays a key role in ensuring your long-term financial success. Whether you run a small business, or work for yourself, it’s absolutely essential to have the correct support network in place to keep everything ticking over properly. So what do you do if...
Accounting is an indispensable part of business. It is the source of critical information such as performance records, financial positions and cash flows. With this data, enterprises have an easier time making decisions on how to get ahead of their completion. But for small and...
Small business often fall into the trap of believing that they’re better off doing their own accounting than outsourcing to a specialist. It’s easy to understand why, if it’s just you and a few employees then surely it’s quicker and easier to just do it...
VAT, the dreaded Value Added Tax, is something which can often befuddle and mystify business owners, to the point where it’s worth outsourcing to a professional VAT specialist just to avoid the headaches. While VAT can be a complex beast, there are several long-standing misconceptions...
The benefits of outsourcing your accountancy requirements are well known, but in order to avail yourself of those benefits you need to make sure that you choose the right firm. Remember you’re literally trusting them with your business, so it’s important that any accountancy firm...
Accountancy in business is a process that’s as difficult or as simple as you want to make it. Businesses of all sizes often complain about the trouble they have balancing their books, but at the same time all too often they’re making one, or all,...
VAT registration becomes a legal requirement if your business is turning over in excess of £85,000. VAT registration can be done, relatively easily, online through the HRMC website. Though VAT registration is often the cause of headaches and confusion, the reality of the matter is...
Having an effectively managed payroll system is essential for all businesses. They act as records of wages, taxes and verification of contractor or freelance worker payments, and can be inspected by HMRC at any time. As such, companies must have an efficient and accurate system...
Having to deal with many employees can prove to be a difficult task. You may want to automate a few things to smoothly run your business. Cloud accountancy enables you to control how your staff accesses your company’s accounting data. It also gives your team...
Starting a new business is both an exciting time and a nerve-wracking one. You’ve taken a giant leap and it’s only right that you have a little support to get you started. At SQK Accountancy, we understand and we want to ensure you have the...
In a modern economy where competition in the market is greater than ever, firms need to take every available opportunity to gain an edge over their competition. Whilst recent trends tend to focus on previously neglected concerns, such as employee welfare and technological innovations, it...
Many new and small businesses are confused when it comes to fully understanding and working out their VAT. Below we offer some VAT advice with our simple VAT guide. What is VAT? VAT stands for Value Added Tax. This is the tax that is levied...
Reclaiming VAT is not difficult and is well worth doing, after all if your business is due some money back it does make good sense to reclaim it. Many business owners or finance directors think some aspects of VAT are too time consuming or tedious...
Over recent years, accountancy has seen big changes in the way the sector operates. Many clients and accountants have turned to online cloud-based accounting for the many benefits it brings. From increased security to cost reductions and offering a more efficient way to keep your...
Payroll can be a top concern for small business owners, after all it needs to be correct and employees need to be paid on time. If your business payroll causes you major headaches any time a run is due, follow these simple tips to make...
We live in a time where most industries are undergoing massive changes. Technology is continuously evolving, globalisation is making the world increasing more connected, and companies are moving towards commoditisation. All of these factors, and more, are going to have profound impacts on the accountancy...
Managing a non-profit organisation is a challenge. Not only do executives need to ensure the organisation is making progress towards achieving their mission, but they also need to comply with growing regulatory requirements, balance the books and leverage resources effectively, amongst many other things. Yet,...
Starting up in business is an exciting, hectic period in your life when all your time and energies are focused on building up your new company. But, it’s important to put good accountancy habits in place right from the outset of your startup, in order...
When it comes to running an SME, looking after your payroll is a key concern. This vital area is not only important for employees but also for your business. Mistakes made here can prove very costly when HMRC pick up on them. For many businesses,...
One of the worst things you can do as a business owner or sole trader is to follow incorrect information when basically your business depends on it. However, the internet is home to a plethora of self-proclaimed ‘experts’ that are giving inaccurate advice and information....
When it comes to being a sole trader, you need to have all your bases covered financially. Sole traders are held personally liable by the government which means your personal assets could be claimed in relation to any business debts. As such, no distinction is...
Small business owners need to make the most of all available tax breaks, and taking utmost advantage of professional advice can help identify some of these. It’s often the case that SMEs manage their own finances and don’t spend enough time researching some of the...
Starting your own business is an exciting time, but, beware, it’s important to keep financial records from the very start of business operations. Failing to maintain accurate accountancy records could result in hefty fines from HM Revenue & Customs or even cause your business to...
For small and medium-sized businesses, saving money is always a priority. And, while things like reducing overheads and minimising unnecessary spend on equipment are often at the top of the agenda when it comes to finding areas ripe for improvement, assessing accounting practices can very...
As an employer you will generally need to operate the HM Revenue & Customs (HMRC) PAYE system in order to collect the income tax and national insurance due via your payroll operations. If everybody that works for your business earns less than £116 weekly, you...
Any business with a turnover in excess of £79,000 will need to register for VAT purposes, businesses under this threshold can also register for VAT on a voluntary basis. There are three VAT accounting systems in place, so choosing the best system to suit your...
Much like your photos, your documents and your music, accountancy too is moving to the cloud. This is a common choice for companies around the world since cloud accountancy is internet-based, doesn’t require complex software and is easily accessible from all kinds of devices. Here...
Many bloggers are unaware of the accounting that is required for their business, which leads to the inevitable panic at tax return time! To help avoid this, we are outlining the fundamental concepts that bloggers should be aware of: Tax registration If you are new...
VAT can be a time-consuming and confusing task. When trying to run a business, getting to grips with all aspects of VAT can be a bit of a nightmare. With that in mind, read on to discover some of the most common VAT mistakes businesses...
When something comes along which fundamentally changes the way people think, it can lead to hesitancy and scepticism. This is what has happened with “the cloud” as it’s commonly known, where data and software are held on remote servers. A better way of accounting With...
Hardly a day goes by without an article appearing in a national newspaper detailing a data leak, some kind of digital security flaw, or the latest cybercriminal activity to be on the lookout for. Taking care of important and sensitive documentation can be a complicated...
Get your financial planning right, and you can ensure the longevity of your business. Decisions are based on sound knowledge and research, and performance maximised through efficiency and clarity of direction. Get it wrong, and it could spell disaster for your company. Basic financial planning...
When running a small business it is important to get the finances right. Many small business fall short because of mistakes and commonly these relate to accountancy, VAT and import or export duties. Following these 5 key accountancy tips will help you to keep your...
Bookkeeping and accountancy are dirty words to a lot of sole traders. You’re already putting a huge strain on your time and effort to keep your business afloat without having to worry about managing your cash flow. Though bookkeeping may seem daunting when you’re self-employed,...
If you’ve had a good year trading as a sole trader in 2017 then it might be time to look ahead and consider registering as a limited company in the 2018-2019 tax year. There are accountancy benefits to registering as a limited company but it...
2018 is here, so it’s time to get organised and ready. There is nothing worse than an overflowing bag of receipts or piles of bank statements that seem like they’re never-ending. Take control so your 2018 is less stressful in the office than your 2017....
Many small businesses in the UK are currently going through an extended period of uncertainty. Worries over the long-term effects of Brexit, combined with an economy that is growing slower than many experts had predicted, has resulted in ambitions for business growth being put on...
If you have recently started a new business, or are planning to in 2018, then there are lots of different things to think about. In amongst all the nuts and bolts of the core business that takes place, the subject of accountancy can become lost....
There is little doubt that payroll is one of the most essential areas within a business that employs staff. Not only will your employees not be happy if their pay is late or incorrect, but it is vital in terms of your legal responsibilities. Correct...
Taxes and VAT are a nuisance that every business owner has to deal with. While paying taxes is an accepted part of life, having to spend time and money working out how to pay taxes can be beyond frustrating. It is, however, worth taking the...
If you have just set-up as a freelance worker then there is no doubt it is an exciting time. The ability to work in a career you love and the flexibility it brings is superb, as is the chance to say goodbye to that morning...
For any company, a key consideration lies in ensuring accurate accountancy for your business. Registering with HMRC along with making sure you maintain excellent business records to complete your tax return are essential. Most businesses will use an accountancy firm to do this as it...
Setting up as a sole trader means that you will become responsible for your own accounts, taxes and books. For many this is an unwanted side effect of turning self-employed, but it is vitally important that you get it right. Failing to manage your accounts...
You may have come across the term VAT MOSS if you run a company that provides services online. In this blog post, we will reveal exactly what it is, as well as details on VAT registration for MOSS. What is VAT MOSS? If you supply...
The world of accounting is full of stereotypes – most of them outdated and redundant – that give a false impression of what accountants do and where they can add value to companies. The films and TV shows would have us believe that accountants are...
Even if you have a clear system for monitoring VAT administration, and staff trained to use it, in reality, you are susceptible to slip-ups, especially at times of pressure. Errors can slip through that could be insidiously costing your company money. Worse still, you could...
If there is one area around accountancy as a sole trader that can seem complicated, it is which expenses are tax deductible. Most sole traders will find this area tricky to navigate when completing their tax return for the year. In a very simplified form,...
If you are fed up of spending vast amounts of time sorting financial paperwork and battling with a slow computer, cloud accounting could streamline your accounting process. Not only will your accounting be much more simple, you will also be far more up to date...
Payroll management is absolutely vital for any modern business. As with any accounting task, however, it’s important to ensure you steer clear of the main pitfalls associated with managing payroll. Here are the main mistakes to avoid: Misclassifying employees Modern businesses can be complicated, especially...
Rapid growth in any company is something that most business owners would want to be associated with. Ultimately it means you’re doing something right, but it can also throw up its fair share of challenges. Businesses undergoing rapid growth will need to acknowledge that they...
One of the most important aspects of accounting for small businesses is producing annual financial statements. But what types of financial statements should you produce and why? Types of financial statements 1. Invoices Invoices record incoming and outgoing financial transactions between you, your clients, and...
As sole traders manage their businesses alone, they are responsible for the administrative, legal and environmental aspects of their operation. With numerous laws and guidelines applicable to businesses, including sole traders, it can be hard to ensure you’re fully compliant. Without specific advice and assistance,...
As an accountancy firm that specialises in small and hospitality businesses, we know first hand how important accounting is when it comes to proper hotel management. Without proper knowledge of where money was being spent or how much was left, it would be impossible for...
For businesses of any size, it’s vital to be as tax efficient as possible. Structuring your business and operations with your tax liability in mind will ensure that you aren’t overpaying when it comes to corporation tax and VAT. Whilst all businesses are liable for...
Efficient payroll management is a major concern for small business owners. Here are a few top tips on making payroll easier. 1. Know important deadlines If you want to retain control of your payroll, it’s important that you know when accounting deadlines and employee returns...
Who should take the credit (or the blame) for good-old Value Added Tax (VAT)? Our French friends put it down to an idea they had back in the 50s, while our German cousins believe they first come up with the notion many years earlier. The...
In light of upcoming changes to the revenue process, businesses are facing more regulation than ever. While tax rates will continue to change, there are also practical considerations for companies when it comes to submitting their accounts to HMRC. With many businesses now required to...
With the advent of cloud accounting and advances in accounting technology, the landscape of the accounting industry has undergone vast changes – including the skills an accountant is expected to have. So what are the essential accounting skills for 2017? 1. Accounting for knowledge New...
The days of Excel spreadsheets and piles of papers are over. With the introduction of cloud accountancy software, businesses are progressing into a new era filled with more accurate data and more manageable finances. Even the government is supporting the introduction of cloud accountancy with...
Accountancy has seen some significant developments over the past few years, some of them hand in hand with technology. Our own organisation has endeavoured to select the most effective of the new technologies available to us, for the benefit of our clients. But which trends...
Every employer in the UK, no matter what size they are or what business sector they operate in, must comply with new pension legislation. The government has created new laws to ensure that everyone saves for their retirement throughout their career – relieving the burden...
Theresa May has vowed not to increase VAT, but has not ruled out increases in either income tax or national insurance should the Conservative Party win the upcoming general election. The Prime Minister has also indicated she may scrap the ‘tax lock’ which promised no...
Selecting a new accountant doesn’t have to be a challenge. All you need to have is a firm idea of what is best for your business. Whether you’re a small business that is growing quickly, or a larger firm that needs a breath of fresh...
Whether you’re deciding to start up a new company or you’ve been going a few years, it’s likely that there are countless times you have considered hiring an accountant to assist you in the multitude of complex legal issues that you could face. If you’re...
Whether or not you should hire an accountant or use accountancy software is a big question a lot of people ask in business, especially when they’re just starting out and trying to minimise costs. Here we run through the benefits of both to help you...
Accounting is a key part of being self-employed. If you get it right you will save money, ensure you meet your tax obligations, and save time. To help you achieve this, here are four accountancy mistakes to avoid if you’re self-employed. 1. Mixing personal and...
From 1st April, 2017, a VAT flat rate of 16.5% will apply to limited cost traders. As a result, the VAT owed by affected businesses will rise from this date. Businesses affected will continue to charge customers 20% VAT. How will the new scheme work?...
Maybe you have just realised you need an accountant. Or maybe your current accountancy firm isn’t delivering. Either way, when you’re a startup business it is essential to ensure you are working with the right accountants. You need to know that the people you are...
If you’re a new business that is under the VAT threshold, you may be thinking about whether you actually wish to be voluntarily VAT registered. It is a decision that a lot of small businesses face and the decision is, of course, yours. Some companies...
Getting your payroll right isn’t as easy as it sounds. Many small businesses make regular payroll mistakes that can cause a massive headache. Here are a few of the mistakes we have encountered at SQK Accountancy, and how you can avoid them. Failing to pay...
Chances are you’re well equipped to know what an accountant does. From VAT advice to VAT registration, payroll to end-of-year tax returns, there’s a lot that you can gain from hiring an accountant. But when you hear the words ‘cloud accountancy’, it can feel a...
HM Revenue and Customs (HMRC) has admitted that the UK’s freelance and self-employed community are likely to have to fork out an extra £280 a year on their tax reporting costs in order to keep up with their impending quarterly digital reporting regime. As part...
When it comes to selecting an accountant to take care of your finances, the choice can be a little overwhelming and this can sometimes cause businesses to make the wrong decision. A good accountant should deliver on their promises. They should be able to make...
If you’ve not yet finalised your personal tax affairs for the 2015-16 financial year, time is certainly running out to prepare and submit your tax return to HM Revenue and Customs (HMRC). The deadline for online tax returns to be submitted for the 2015-16 financial...
Running a small business here in the UK in 2017 is no easy task, though with the right help, it can be both lucrative and exciting. Nonetheless, there is a good reason why so many of these fail in the first year. Here we look...
Keeping up to date with your payroll can be extremely stressful and time-consuming. This is particularly true if you handle your payroll in house. Payroll can swiftly become a nightmare for business owners, but by following our essential tips you will quickly bid goodbye to...
According to the Institute of Chartered Accountants in England and Wales (ICAEW), many British businesses could be missing out on huge financial gains because they have either yet to consider exporting abroad, or because the idea of doing so causes concerns. Research recently carried out...
An ice cream tub of receipts and a handful of bank statements is every accountant’s nightmare. And often a self-assessment form can be every business owner’s nightmare. But it doesn’t need to be that way – there are some simple strategies that you can put...
There are only a few weeks left for you to file your tax return, or you’re in danger of incurring some hefty fines. If you earn an income that doesn’t fall under the PAYE system of an employer, you must file your tax return before...
Doing the books is a thorn in the side for most businesses, and whilst many try to do their own to save money, there may well come a time when it’s better to look to an expert for help. Whether you need to seek out...
Picking an accountant is like picking a business partner: the right one will support you, encourage you, and help you to thrive, whilst the wrong one will drain your resources and do little to assist your venture. Here at SQK Accountancy, we like to think...
The world of accountancy is in flux. The industry is in transition, and accountants worth their salt are adapting to new methods and ideas to remain relevant going forward. Traditionally accountancy has been a secure sector. The key tasks carried out by accountants – namely...
When you run a small business, you’ll often find yourself spinning a lot of different plates in order to keep your company running smoothly. From frontline sales and marketing to HR and account management, you won’t necessarily be in a position to have a dedicated...
Selecting an appropriate legal structure for your business is very important, but choosing a structure ultimately depends on the type of operation you wish to run now and in the future. If you’re not a one-man-band and you’re setting up in business with a partner...
At first glance, many freelancers might see becoming a limited company as overkill. A load of paperwork and extra stress, and for what? We often see limited companies as something for people with offices and employees, but for the right freelancer, the switch could save...
When you’re a small business owner, multitasking is often a way of life; if margins are tight, you have to roll up your sleeves and become a one-person sales team, admin assistant and marketing manager. After all, if you can fit in a quick round...
When starting your new business, there are a million things to think about: your name, your business plan, your staff, your targets and your branding. Financials can seem like a huge challenge to any entrepreneur, and often get forgotten about until the letter from HMRC...
Let’s be honest – not many people in business like accounting. Accounting is necessary, however, and, when done right, can make your business stronger, more profitable, and agiler. As a starting point, you should follow these five essential rules of good accounting in your business....
Cashflow is a major issue in business. Even six and seven figure businesses can run into trouble if their cashflow isn’t managed properly. At first blush, VAT seems to be the enemy, but if you work it right you can actually improve your cashflow through...
The referendum vote in favour of leaving the European Union has left a lot of people wondering what will happen in different areas of business, tax and finance. As VAT is an EU centralised tax, this has left many businesses feeling the need for professional...
The faces in the Government might have changed but Making Tax Digital, one of former Chancellor George Osborne’s flagship policies, shows no signs of being derailed. It’s been described as the biggest shake-up in tax reporting since online tax returns were first introduced, but what...
Yes, you need an accountant for tax planning and administration – but your chosen firm can also save your business valuable money and time. Let’s take a closer look: 1. Getting it right from the start A good accountant won’t just deliver tax planning and...
The traditional perception of an accountant is that they work with companies and individuals to ensure tax returns are filed on time and accurately. Perhaps, if you’ve watched too many films, you may also regard accountants as people that have eternally growing piles of unordered...
The ever changing world we live in brings a new set of challenges to all industries, with accountancy being no different. So what are the main focus points accountants and businesses must embrace to remain competitive? Cloud adoption The ability to access data anytime, anywhere...
The life of a small business owner is largely centred around balancing the books and ensuring the company can survive another year. To remain on a sound financial footing, seeking advice and support from professionals is essential; but what exactly should you ask an accountant...
The stereotype of accountants being number-loving, grey jacket-wearing, soft-spoken middle-aged men is fading fast. The sector is changing by moving with the times, and the next generation of accountants will be required to have a wider range of skills and abilities. In the past, accountancy...
When starting a new business, hiring the right staff for your accounting and payroll department can be a difficult and daunting prospect, especially if you aren’t from a financial background yourself. How do you know where to begin? How do you know whether candidates have...
Most small business owners tend to get stressed at the prospect of an inspection from Her Majesty’s Revenue & Customs. At best, it can be an inconvenience which takes up time when you could be otherwise getting on with day-to-day business, and at worst it...
As your business grows, you must remember to register for VAT. Does your company need to do it, if so, when, and what else do you need to know about it? Here are the basics. Does your company need to register for VAT? Some companies...
You’ve just started a new business, and you’ve already conquered some of the more difficult problems that come with getting established. Yet now that you’re ready to begin trading, you need to consider a long term approach to your accounting and staff payroll. Maybe you’ve...
As the owner of a small business, there will always be some administrative work waiting on your desk, whether it’s running the monthly payroll or dealing with the end of year accounts, and often these can be left until the last minute. Rather than trying...
From the 1st April 2016 and during 2017, there are some new changes coming into effect which will impact people buying Buy to Let properties. The new rules cover stamp duty, mortgage relief, wear and tear costs and safety rules. Here the changes are explained,...
Have you submitted your VAT Return to the HMRC and just realised you made a mistake? How can you tell HRMC about it, when, and how can you make adjustment to your accounts and, of course, your return? All that and more will be discussed...
Paper Sometimes using loads of paper can’t be helped, but if you do use paper then make sure you use both sides. If you can’t then cut up any spare pieces and use them for taking notes. You can bundle some up and staple them...
If you missed the deadline for filling a paper tax, which is 31 October, or online self-assessment submissions (SA100 or SA200), which is 31 January, there is not much you can do. However, know that the more you delay, the more fine you’ll have to...
If you decide to work for yourself, you are called a sole trader. A sole trader must register for Tax and National Insurance. A trader is someone that sells, makes items or offers a service for profit. Working for yourself means being responsible for your...
If you are still trying to get a loan for your start-up, here are some additional ways you could finance your business. Grants Whether you are eligible for a grant or not will depend on your business or background. Bear in mind that it’s very...
If you decide to work for yourself, you are called a sole trader. A sole trader must register for Tax and National Insurance. A trader is someone that sells, makes items or offers a service for profit. Working for yourself means being responsible for your...
Most aspiring entrepreneurs are concerned about the lack of capital that could help them back up their viable idea to start a business. However, once you know where to look, securing funding won’t be as daunting as you thought it would be! There are lots...
The Marriage Allowance enables you to reduce your tax by up to £212. This is achieved by transferring up to £1,060 of your personal allowance to your husband, your wife, or your civil partner. Your personal allowance is the part of your earnings that you...
Landing your first contract with one of the biggest firms out here can be difficult, especially if you are self-employed or a small business. Of course, signing a big client will open doors for you and bring credibility. But, getting there seems rather far-fetched. Or...
Unfortunately, all small businesses have difficult clients. They contact you out of office hours, they want a blow by blow account of the work you’re doing for them, they know better or they want the job doing yesterday. Here are four ways to make your...
As an employer, you are obliged to operate PAYE, as part of your payroll, unless none of your employees is paid more than £112 a week, has another job, gets expenses and benefits or gets a pension. However, you do need to record their wages...
A VAT Registered business must issue VAT invoices. These rules are for businesses which don’t use the VAT Margin Scheme. Valid invoices must be on paper, or issued electronically. You must keep a record of the invoices issued, even if you write one out by...
Small business and start-ups have lots to think about regarding their operations, especially when it comes to VAT and related issues. For that reason, we have compiled a list of the most frequently asked questions, answered by our experts in a simple fashion saving difficult-to-understand...
If you want your financial year to run for more, or less than 12 months, you can change your company’s financial year end. You can apply online, by post or ask a company like SQK Accountancy in Manchester to help you with your application. You...
If you have a new employee, you will need certain information from him or her, in order to set up PAYE and in order that the new employee’s first wage slip contains all the appropriate information. If the new employee has a P45 this will...
VAT treatment for not-for-profit organisations and charities can be a challenging area for both accountants and the organisations. Below, we clarify some key issues related to the topic. What is Charity? Charities are often mixed with the term not-for-profit organisation, although there is no...
If you are considering to make a property transaction, it is critical to understand the difference between exempt and zero-rated VAT. Here are the basics for your reference. Residential Property If you have an existing residential property (i.e. a house) that you rent or...
In the middle of a rather confusing landscape surrounding the VAT changes and the impact it could have on the Flat Rate Scheme, it is best to navigate through the potential traps, possible savings, and, of course, benefits. Although it appears to be attractively simple...
Now that you have sorted things out, it’s time to deal with the legalities around your business and decide which legal structure will best suit your business. This has to be done prior registering for tax and, of course, start trading. In brief, there are...
In our previous article, we covered aspects related to how you can turn your idea into a business, and also discussed funding sources that you could use. This article will show you how to research your market, develop a business plan that actually works, and...
If you are selling, supplying or transferring goods from the UK into another country, it may well be that you have to charge VAT. If the goods are going to someone else who is registered for VAT in their own country or you are exporting...
Starting a small business involves immaculate planning and critical financial decisions, alongside a series of legal activities. To help you plan, prepare, and manage your new business, here is the first part of a guide with all the essentials you need to know. Of...
Following our article regarding the VAT Recharge Scheme put in action January 1, 2015, where we provided you with the basics of the new legislation, here are the most frequently asked questions answered by our accounting specialists. Q: I have a small business that sells...
If you are thinking about starting a business, you should begin by writing a business plan. This outlines the ideas you have for your product or service. You can get help for your business ideas from: The National Enterprise Network (England) Business Gateway (Scotland) NI...
From 1 January 2015, the EU reverse charge scheme has caused great controversy and opposition, especially among micro-businesses that are now seriously reconsidering trading in Europe. According to the new legislation, VAT is charged in the country that products are purchased, rather than the country...
Considering that SMEs (99% of all UK enterprises) employ about 60% of the country’s workforce, they are the backbone of the UK economy. However, what most entrepreneurs don’t realise is the importance of accounting management and how it can contribute to their business growth, helping...
If you pay sub-contractors to do building work for you and you are for example a: • Builder • Labour Agency • Gang Master • Property Developer You must register as a contractor with the Construction Industry Scheme (CIS). You should also register even if...
Running a business is never easy. As a matter of fact, it can be quite challenging at times. We occasionally meet business owners that have placed crucial tasks on the backburner and dedicate all their time and their energy in the daily functions of their...
Most small business owners find themselves performing multiple roles for their company. With their plate always full, completing payroll can be a real challenge considering the fact that they need to be well versed in accounting, remember all the deadlines, and be willing to research...
VAT Exempt Goods There are some goods and services that are exempt from VAT and this means that if you sell these goods, you can’t claim the VAT on the purchases or any expenses. Below is an example of goods and services that are exempt...