Archives for Blog

How a Business Credit Card Can Help You to Better Manage Cash Flow

How a Business Credit Card Can Help You to Better Manage Cash Flow    As we edge ever closer towards a completely cashless society, credit cards are becoming more and more necessary. Business credit cards are also enormously helpful for bookkeeping, payment protection, and emergency funds. So long as you manage your account well, a business credit card can really help you to manage your cash flow more effectively and smooth out any bumps along the way. Here are the top reasons to get a credit card for your small business.    Separate Business and Personal Transactions  It’s important to...
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Changing Accountants: How to Choose the Right Accountant to Invest In

Changing Accountants: How to Choose the Right Accountant to Invest In       There are many reasons you might want to change your accountant, but whatever your reasons are, choosing a great accountant is one of the best investments you can make for your business.  A quality accountant can do much more than save you money on your tax bill - although of course, that’s important too. A professional accountant is a strategic business partner who can provide shrewd insight into your financial situation and offer valuable advice that will guide you towards success. They will serve as an...
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Small Creative Agency Owners and Freelancers: 6 Reasons You Should Have Swapped Spreadsheets for a Cloud Accounting Software like Yesterday!!

Small Creative Agency Owners and Freelancers: 6 Reasons You Should Have Swapped Spreadsheets for a Cloud Accounting Software like Yesterday!!   HMRC is digitising the UK Tax System. The transformation started in April 2019 with Making Tax Digital (MTD) for VAT for businesses with taxable turnover above the VAT threshold (£85,000), VAT-registered businesses with a taxable turnover below £85,000 will be required to follow MTD rules for their first return starting on or after April 2022. Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for MTD for Income Tax from...
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Self Assessment Tax Return:  Important Dates and Advantage of Filing your Self Assessment Early

Self Assessment Tax Return: Important Dates and Advantage of Filing Your Self Assessment Early   The Covid-19 pandemic has impacted businesses and personal lives on different levels, and most of us had to reinvent our way of running our lives and making our business profitable (as much as possible).  So, if you are either doing business as a Sole Trader or you are part of a Partnership or Limited Liability Partnership (LLP), you have to fill out your self assessment tax return for the tax year ended 5th April 2021, even if you have  been closed or had limited trading...
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5 Easy Tips for Managing Expenses as a Small Business Owner

5 Easy Tips for Managing Expenses as a Small Business Owner As a small business owner, it’s crucial that you manage your expenses well. In fact, Fundera found that 20% of all small businesses fail within the first year, so it’s vital that you develop good money management habits right from the very beginning. Small businesses tend to have smaller profit margins, so it’s essential to keep careful control of your costs. Here are five easy tips on how to better manage your expenses so that you can maximise your margins.   1. Start Immediately   The majority of businesses...
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How to Finance Your Business During Covid-19: 7 Ways to Consider

How to Finance Your Business During Covid-19: 7 Ways to Consider     Every business owner needs money to get their startup off the ground. You can’t very well open a shop or restaurant without premises and equipment, and even the most capital light of companies need to pay staff and cover IT costs. Financing your business allows you to start off on the right foot, but you need to be smart about it. It’s important to weigh up your options and make the right choice for your company. Here are the best financing options to consider for your business....
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The Fourth Self-Employment Income Support Scheme Grants Are Now Available

The Fourth Self-Employment Income Support Scheme Grants Are Now Available     Are you Self-Employed and have been struggling to get through the pandemic? Help could be on the way, as the Government announced the fourth phase in their Self-Employment Income Support Scheme (SEISS) grants, designed to help Self-Employed people whose businesses have been hit by Covid-19.  You may have the opportunity to apply for one of the grants — but you must make sure your application is both correct and within the window. What Is the Self-Employment Income Support Scheme Grant? SEISS was introduced by the Government in 2020...
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The Job Support Scheme — What Does It Mean for You?

The government's Furlough scheme will be ending in just a couple of weeks, although conditions are still a long way from perfect for businesses. Its replacement is going to be the Job Support Scheme — but what does this offer, and what does it mean for you? The Situation as Furlough Ends The Furlough scheme began in April, backdated to 1st March, to support businesses forced to close down wholly or partly due to the pandemic. Initially, the government paid 80% of furloughed workers' salaries, although that's gradually decreased. This was obviously only ever meant to be a temporary measure,...
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Extension to Government Support for the Self-Employed

Extension to Government Support for the Self-Employed Since the start of the Coronavirus pandemic, the Government has brought in various types of emergency business support. The Furlough scheme has received most media exposure, but another crucial measure is the Self-employment Income Support Scheme (SEISS) to help the self-employed. The second SEISS grant finished on 19th October, but by then the Government had already announced that a third and fourth grant would be made available. The Self-employment Income Support Scheme The first SEISS grant came into force early in the pandemic and was available to self-employed individuals, as opposed to limited...
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Trivial Benefits – Not So Trivial for You!

Trivial Benefits — Not So Trivial for You! As a Director of a limited company, you have various ways to take your income from the business, ranging from a straightforward Salary to Dividends — and the tax obligations for these vary considerably. While contributing fairly to the national finances is everyone's duty, no-one wants to pay tax they don't need to. However, many company Directors are not aware of one tax-free entitlement — Trivial Benefits! Expenses, Benefits and Tax Your company is entitled to pay its employees or Directors a wide range of expenses and benefits. Common examples include travel...
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