Accounting
How to read the Big Three financial statements
A guide to the three most common financial documents and how to read them
Accounting
Forming a new company is easy, right?
The surprising answer to this is, YES. It is not often that you will find a professional services firm that suggests can do something yourself, but when it comes to forming a new limited company – you can. There are many services out there which guide you through the process Read more…
Accounting
Our Billing Process
Double-entry accounting should, in some cases, be called ‘double-effort’ accounting. In the case of receivables and payables, that’s true. Each invoice raised by a supplier needs to be entered at the other side by the customer… therefore any efficiency we make in how we raise them should also represent an Read more…
Accounting
Coronavirus Job Retention Scheme – latest updates (29th May)
All UK employers should make sure they’re up to date with the latest information from HMRC, but there is a lot to go through. Below is a summary of the 29th May update, highlighting the points most important to my clients and other small businesses. Support will be reduced gradually Read more…
Accounting
Introduction to Self Assessment tax returns
A self assessment can seem daunting, but fortunately the process is fairly straightforward for the vast majority. And if you have kept accurate records such as bank statements, receipts and tax forms such as your P60, completing and filing your tax return should be a breeze. Who needs to do self Read more…
Accounting
Sole trader or limited company?
If you decide to move to self-employment, you’ll need to choose a legal structure for your new business – in the UK, the vast majority of small businesses are either sole traders or limited companies. So, what are the differences and which should you pick? Sole trader Being a sole Read more…
Accounting
Collecting payment from clients on time
When a client fails to pay their invoice on time, what should a small business owner do? Many people find this an uncomfortable position to be in, and often will take a “head in the sand” approach and hope that the problem will go away on its own. Sometimes this Read more…
Accounting
Record keeping for small businesses – why it’s crucial
Although it can seem tedious or time-consuming, record keeping is a vital part of any business. Incorrect or incomplete records can have adverse consequences for your business. Understanding how your business is performing and planning for the future is difficult without accurate information, for example.Worse, you may not be complying Read more…
Accounting
Are your banking arrangements resilient?
We often hear businesses talking about resilience and disaster recovery in terms of IT. What happens if there’s a flood? Will our phones still work? Is our data backed up in the cloud? Is my website hosted separately to my registrar and DNS provider? This is all very important. But Read more…
Accounting
Making Tax Digital – what you need to know
Making Tax Digital goes live in a few months. If you have heard the phrase “Making Tax Digital” recently and are wondering what it’s all about, this is a quick summary of the important details. What is Making Tax Digital? Making Tax Digital (MTD) is a UK government initiative which Read more…