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...
Blog
Business / 15.12.2015
Dealing with Difficult Clients
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 life...
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...
VAT / 07.12.2015
VAT Record Keeping
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 mistake,...
VAT / 31.10.2015
Small Businesses: VAT-related FAQs
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 can’t change...
VAT / 25.10.2015
What information do you need for new starters?
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 contain...
VAT / 21.10.2015
VAT for Charities: What you Need to Know
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 strict reference to...
VAT / 17.10.2015
VAT for property: Zero-rated & Exempt
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 sell, then you...
VAT / 03.10.2015
Flat Rate VAT: What you Need to Know
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...
Accounting, Business, Small business accounting, Start up business accounting / 26.09.2015
Starting your business (Part 3)
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...
Accounting, Small business accounting, Start up business accounting / 15.09.2015
Setting up a Small Business (Part 2)
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...