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 (insert link https://www.gov.uk/national-minimum-wage-rates) and ensuring all essential deductions from salaries. Essential deductions include any necessary repayments...
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 indicated...
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 and...
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 put...
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 available online,...
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 for...
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...