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 to blogging...
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 cloud accountancy,...
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...