The world of accounting is full of stereotypes – most of them outdated and redundant – that give a false impression of what accountants do and where they can add value to companies.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...
Blog
VAT / 16.10.2017
Common VAT Mistakes
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...
freelancer and sole trading accounting / 09.10.2017
What business expenses are tax deductible as a sole trader?
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 agencies. It’s not...
VAT / 18.09.2017
VAT challenges for a growing business
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 third parties. These...
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, sole...
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 are due....
VAT / 26.06.2017
The changing shape of VAT post-Brexit
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...