The Dangers of Discounting

You might think that offering discounts is a great strategy to use when sales are falling. In reality, you’re likely to be more profitable by holding your price and accepting the reduction in sales volume than discounting a product.   Let’s look at an example to show the difference in your gross profit if you […]

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The Fundamentals of a Business Budget

A business budget is one of the essential tools in managing your business finances and actively building your business. For a complete picture of your business health, you need to review the income statement (also known as Profit and Loss), the balance sheet, the cash flow forecast and the budget. Taken together, these reports can […]

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Using Pension Contributions to Reduce Corporation Tax

If you’re looking for ways to minimise your corporation tax bill, it’s worth considering if there are deductible expenses you can claim. One key area to think about is your director pension contributions, as these can be offset against your taxable profits. Pension contributions for directors of up to £40K per annum can be deducted […]

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How Do You Invoice During a Crisis?

It’s not easy to request payment on an invoice right now… But it is important to keep cash flowing into your business so you can cover expenses and meet your obligations to others. As with all business dealings at the moment, a little empathy and a lot of open communication can go a long way. […]

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Preparing for your Accountant

Whether we are producing your accounts or carrying out your annual audit, being prepared for us will ensure our work is carried out smoothly and efficiently and with the minimum disruption to yourselves. You may also be able to help by preparing some of the routine schedules for us. This will mean our time can […]

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Making Tax Digital !

You may have heard of this latest new initiative from HMRC sometimes referred to simply as MTD – here we look at what this is and how it will impact you and your business. […]

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Avoid these common business mistakes

Starting a business can be a dream come true and very exciting! There are however, many areas you will suddenly need to be involved in which may not be your core area of interest or expertise. Knowing when to delegate and outsource could save your business and your sanity. […]

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Get control of your business – accounting software in the cloud!

So you may have heard the headlines in the recent budget about the death of tax returns. Don’t start celebrating just yet – this target has a deadline of 2020 and crucially relies on businesses and tax payers moving to online accounting software. Sounds like a big step ? Over a third of our existing client […]

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Using the cash basis to prepare your tax return – coming soon!

Preparing your accounts for income tax purposes – the cash basis You may have heard that the Government has been considering whether to allow some small businesses to compute taxable profits for the purposes of income tax on a cash basis rather than the usual accruals basis. The Finance Act 2013 now allows this option. […]

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