01494 439013
Last year’s autumn budget dropped a couple of bombshells for small businesses, most notably around increases to National Insurance Contributions. Given the financial impact these changes will have, it’s important to understand how they will affect your business and to have a strategy in place to budget for them, sooner
Now we are almost at the end of January and the first rush of enthusiasm for setting a whole string of unrealistic New Year’s resolutions has subsided, you can start setting some you will actually keep! In particular, those that will help your business be even more successful in 2025.
It’s that time of year again, when we don our Christmas jumpers, grab a mince pie (or two!) and have a good old laugh. Because, despite popular opinion, not all accountants are stuffy introverts who only love numbers. In fact, research shows that particular stereotype couldn’t be more false! So,
Labour’s long anticipated budget, their first for 14 years, has drawn mixed reactions. While they kept their earlier promises not to raise the basic, higher and additional rates of income tax, and have provided billions in extra support for services such as schools, housing and hospitals, it hasn’t been particularly
Last time we talked about how to avoid getting caught out by Capital Gains Tax, and while we said you can’t avoid paying it, there are things you can do to reduce your tax bill. We take a look at 10 easy strategies you should consider if you want to
Did you know the Capital Gains Tax (CGT) allowance was halved in April 2024? Or that you have to pay CGT if you sell a non-residential property? Over the last year, we have seen more and more people caught out by CGT. This is partly because the CGT allowance is
Welcome to the last part of our ultimate accountancy jargon buster, where you’ll gain a deeper understanding of some of the common accountancy terms you’ll potentially come across while running your business. In this final part, we’ll be getting to grips with the difference between tax avoidance and tax evasion
Welcome back to our ultimate accountancy buster. Now, you confidently know the difference between amortisation and accruals (if you’re still unsure, check out part 1!), we continue our look at some of the common accountancy terms you’ll potentially come across while running your business. Liabilities How much money your company
Not sure of the difference between amortisation and depreciation? Get confused by capital expenditure and capital gain? You’re not the only one! And while we really do believe in providing jargon-free accountancy services, sadly accountancy is littered with a host of terminology which, as much as we try, we can’t
Frustrating, annoying, inconsiderate. It’s hard enough to run a business without the added pressure of clients who always pay late, or even worse, don’t pay at all. Not only can it take up an inordinate amount of your time chasing them for payment, but it can also have a devastating
Anyone who runs a business will be keen to make sure their Corporation Tax bill is as small as possible, which is where tax-deductible purchases come in. Basically, they are purchases you make on behalf of your business on which you can claim tax relief. According to HMRC this covers
VAT. A tax that fills many people with an awful feeling of dread! But if you’re self-employed or run a limited company or partnership it’s something you should really have more than a passing knowledge about. After all, you need to know whether your business should register for VAT, what
If you’re anything like us, then you probably think New Year’s Resolutions are a bit old hat, but we can think of one that could be great for your business – make sure you know and keep on top of all the key accountancy deadlines and dates. Not only will
It’s that time of year again when we share some accountancy jokes with you, just to prove accountants really aren’t that boring. And while these won’t win any awards at the Edinburgh Festival Fringe, hopefully, they will make smirk a little. What’s an accountant’s favourite place in New York? Times
The last few years have been difficult for many businesses, and with recent news that 2023 is on track to see the highest numbers of companies going bust since 2009, it’s not surprising many businesses are looking for ways in which to stop themselves joining that sad statistic. One of
Many businesses want to give something back through charitable donations, but it can be tricky to know the best way to do it. After all, isn’t it just easier to make individual contributions through the Gift Aid scheme and have done with it? Not necessarily. In fact, if you do
“Take it from the petty cash”. Admittedly, with credit cards now increasingly being used for smaller payments, this refrain isn’t quite as prevalent as it used to be, but that doesn’t mean petty cash funds have become extinct, far from it. Many businesses have one simply because it provides a
With soaring interest rates and rising inflation, the last year has been tricky for all of us and none more so than for those running a business with many smaller businesses folding due to higher costs. But while the cost of living crisis is a concern for businesses of all
A new tax year inevitably brings with it a number of changes to tax rules and regulations which could have an impact on your business as well as your personal finances. It can be a bit confusing keeping up to date with everything that’s going on, especially when you’re busy
One of the worst things about setting up a new business is all the decisions you have to make. Should you set up as a limited company or a sole trader? What should you be charging? Do you need an accountant? (YES!) But one question people often forget to ask
Most people think that accountants just sit around all day waiting in fervent anticipation for the next VAT form to land on their desk, but that just isn’t the case. Of course, a large part of our job is completing and submitting tax forms, but that’s not all we do.
We start the new year with some good news for all self-employed business owners and landlords. Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) will now start in April 2026 rather than April 2024. Announced just before Christmas, the Government has decided that as we are facing such
We know we should really be posting a blog about Self-Assessment and how the deadline is 31st January and if you miss it, you’ll face the wrath of the taxman, but you know what, we don’t want to! Partly because we really, really hope all our clients are already on
As a new startup owner, you’ll probably want to be more focused on sales and doing what you’re good at than looking after your books but managing the money side of things is essential if you want to be successful. After all, you don’t want your business to fail because
Want to have a complete picture of the financial condition of your business? Then these are the 3 financial statements you need to be aware of and understand.
Before you launch your new business, you need to put a business plan in place. We take a look at why that’s so crucial for your success.
Accountancy software is there to help you manage your accounts more easily but which one do you choose? These handy tips might help you decide.
Keeping financial records is important for businesses of any size, but what records should you be keeping? We take a look.
Keeping a note of all your accountancy filing and payment deadlines can be stressful, so to help you out, we’ve put together this handy list.
If you are starting a new business don’t forget about all the accountancy tasks you need to do. We take a look at what they are.
If you are a startup it makes good business sense to hire an accountant. Not convinced? We look at 5 reasons why you really should.
Our MTD for ITSA pilot scheme is a great way of preparing for when the changes to how and when you file your Self-Assessment returns come into effect in 2024. Find out how taking part could benefit you and your business.
If you are a VAT-registered business and haven’t signed up for MTD VAT yet, you have less than a month to go! Find out what you need to do.
We take a look at the Making Tax Digital changes that are coming in and will affect anyone who is self-employed.
2021 has been another difficult year. COVID-19 doesn’t seem to be going away anytime soon and many of us are grappling with the idea that working from an office full-time might not be the way to go. And with Christmas just around the corner, many of us are also wondering
With the petrol crisis continuing and mounting pressure for us all to be greener, more and more business owners are looking at purchasing an electric car for their business. And with the government offering various incentives and evidence suggesting electric cars are 49% cheaper to run than their petrol or
Nothing is more stressful for a small business than unpaid invoices. Not only does it have a negative impact on your cashflow, but it also gives you more work to do when you really want to be focusing on generating more business. Even worse many of us find it quite
Introduced to protect millions of jobs during the Coronavirus pandemic, the furlough scheme was first launched in March 2020. Since then it has supported 11.6 million jobs, will cost approximately £666bn and has helped keep the employment rate to less than one in 20. But as the country gradually opens up,
If you’re just starting a new business the number of things you have to do can feel overwhelming. After all, it’s not just a case of focusing on what you are selling, but also about managing your finances, ensuring people know about your great product or service, knowing when and
Starting your own business is exciting, but in the midst of deciding what you are selling, your unique proposition and choosing the design of your funky new website, it’s easy to forget some of the more mundane items. After all, do you really need to worry about bookkeeping, cashflow or
Last week, Rishi Sunak used the Spring Budget to announce his plan for economic recovery. As well as plans for investing in the future economy, he also outlined how he will continue to support businesses and the self-employed through the next stage of the COVID-19 pandemic. The good news is
If you’re self-employed or thinking about becoming self-employed, then your business will have various running costs. The good news is some of these will be ‘allowable business expenses’, which means they can be deducted from your turnover so will reduce your overall tax bill. However, not all business expenses are
This year has been pants! There are no two ways about it, and if you’re anything like us you’ll be sick of all the doom and gloom. So, while we could do another blog on the furlough scheme extension, or how you really should get your self-assessment tax return in
Coronavirus has been a strange and stressful time for all of us, but one thing that it has done is bring us altogether. From the amazing work by NHS staff to taking part in the Thursday clap for carers with neighbours we barely ever see, it’s shown once again that
Officially opened to applications on 20 April, the furlough scheme is designed to put people on temporary leave during the coronavirus outbreak, so companies aren’t forced to make mass redundancies. You will have seen in the news last week that the furlough scheme has been extended until October 2020, but
Over the last few months, we’ve had a number of clients receive letters from HMRC demanding repayments for Child Benefit to which they weren’t apparently entitled. And if you look at some of the online parenting and money forums it seems they aren’t the only ones. Back in January 2013,
Over the last 6 years there has been a technological revolution in online accounting software. As an accountant, we need access to your bookkeeping information so that we can prepare limited company accounts or personal tax returns. Before online accounting software we would have to wait for a backup of
You’ve probably heard the stat that 30% of businesses fail during the first two years, so we are delighted to have made it to our 5th year of helping small businesses manage their financial affairs. If you’re thinking of starting your own business and want to know what the journey
If you’re an employee, who has taken advantage of any taxable benefits on offer from your employer during the last tax year, then 6th July is just around the corner. Why should you be interested? Because if you want to reduce the amount of tax you pay on your taxable
Setting up a business is a big step, and like all big steps you’re likely to be excited and frightened in equal measure. Chances are you’ve already done the fun bit of checking out if your business idea is feasible, writing a business plan and working out setup costs. But
Email, text messages, phone calls – every year thousands of taxpayers are targeted by criminals who will use whatever means necessary in order to con us into revealing personal information or even worse part with our well-earned cash. At first glance, these communications look like they come from HMRC, but
Christmas is over for another year which means only one thing – the self-assessment deadline is upon us! Yes, if you haven’t already filed your self-assessment tax return for the year 2017/2018, then you only have until 31st January to both file it and pay what you owe. But don’t
Everyone is entitled to time off regardless of whether you are employed, run your own limited company or are self-employed. However, if you work for yourself it can sometimes feel like taking a holiday is more hassle than it’s worth! But with a bit of preparation you can have a
If you run a limited company, you may have come across the term ‘Director’s Loan Account’ but may not know what it means. In this post, we’ll look at what one is, why they are important and how to minimise your tax liabilities. What is a director’s loan account? A
The tax return silly season has just finished and for some of us it was hell; however, it’s not too late to start tax planning for the end of the tax year which is still a month and a half away. There are certain things that anyone can do to
With the changes in how dividends are taxed, it is now more complicated than ever working out the most effective way to pay yourself as a director/shareholder of your own limited company. Not only do you need to take into account how much tax you yourself will be paying, but
I am often asked what the advantages and disadvantages are of voluntarily registering for VAT. Whether you are a sole trader, partnership or limited company, you can voluntarily register for VAT as long as you make relevant taxable sales and have an income which is less than the VAT threshold
Wow! Taking on your first employee is such an exciting, terrifying and stressful goal to reach when you are a small business owner. Once you realise that your business can’t grow any further without additional staff, there are lots of things you need to consider. Hire the right person Firstly,
Do you run a limited company? Have you ever wondered if you are claiming all the relevant expenses for your business without incurring any taxable benefits for yourself as director and/or your staff? Here are some of the lesser known limited company expenses that you could be claiming: Christmas parties
When you’re self-employed, it can be confusing knowing what you are allowed to put through as business expenses as the rules vary depending on your trade. The main rule of thumb to follow is to work out if that expense is “wholly, necessarily and exclusively” for your business. If it
Please get in touch to discuss your accountancy needs 01494 439013
Registered company number: 08935446
Registered address: 173 Hicks Farm Rise, High Wycombe, Buckinghamshire, England, HP13 7SQ