The move to a paperless system is one liable to mistakes, especially for a busy accountancy firm with mounds of files on record. However, in an increasingly online dominated arena, the paperless move is one necessary to keep up with…
Blog Archives
Forecasting Profit & Loss When Writing Your First Business Plan
Calculating profit and loss is the ultimate objective when writing a business plan. Doing so accurately is a vital component for managing cash flow and evaluating future company performance. For start-ups in particular, drawing out your first business plan may…
How Your Business Can Take Advantage of Contactless Payments
Successful companies are able to adapt their business model to the ever-changing environment around them. As technology improves, this means the behaviour and spending patterns of your target audience will also shift. You must recognise these changes and acclimatise to…
What is Business Forecasting and How Do You Do It?
A business forecast is an estimate of a company’s future performance, principally relating to its income, expenditure and profits. An effective forecast model will also gauge economic trends and environmental factors that can influence these basic calculations. All types…
Posted in Small Business Advice
What Does a Balanced Budget Look Like and Why Should Your Business Have One
No matter the size of your business, being fully aware of your income and expenditure is of paramount importance. If the accountancy spreadsheets are unbalanced, or you’re simply unaware of certain outgoings, profit margin and the company itself will suffer.
Posted in Small Business Advice
How Will HMRC’s Move to Digital Self-Assessments/Accounting Affect Your Business
With the upcoming digital tax makeover soon to be upon us, business owners across the UK should be aware of their new responsibilities when dealing with HMRC. The system is currently being phased in and set for universal coverage by…
Posted in Tax Tips
The Only Reasonable Excuses for Filing your Tax Return Late
Although filing a tax return late will incur penalties, you are allowed to appeal the decision should there be a reasonable excuse. The government provides a list of these acceptable excuses on their website, ranging from situations outside of your…
How to Easily Set Up Your Employees Pension Scheme
Every employer in the UK must place their staff into a pension scheme and make contributions into it. This is known as ‘automatic enrolment’ and became a legal requirement under the 2008 Pensions Act.
Posted in Limited Company Advice, Small Business Advice
Choosing the Right Business Structure – LLP, Limited or Sole Trader?
Before registering a company in the UK, you will need to consider which trading form suits your type of business. There are various aspects to take into account before you reach a final decision, including industry regulations and tax considerations.
Posted in Small Business Advice
Charging and Claiming VAT for Your Business
As a business owner, you must decide if you want to register your company for VAT. This is compulsory for companies with a taxable turnover of £83,000 or higher, although you can still register voluntarily if your turnover is less…
Posted in Tax Tips
