VAT, how does it work?

Value-Added Tax (VAT) is a consumption tax that is levied on goods that have had value added at each stage of the supply chain. Businesses with turnover of £85,000 in a rolling 12 month period or more have to register for VAT. But even if your sales are below that level, you can register on […]

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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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Shortening Your Working Capital Cycle to Free Up Your Cash

The impact of Covid-19 has shown us that even profitable businesses can go broke if they run out of cash. Understanding and managing your working capital cycle frees up your cash and helps you build a cash war chest to get you through tougher times. Your working capital cycle is the number of days your […]

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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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Share Ownership for Employees – EMI

Enterprise Management Incentives (EMI) Retaining and motivating staff are key issues for many employers. Research in the UK and USA has shown a clear link between employee share ownership and increases in productivity. The government has therefore introduced a variety of ways in which an employer can provide mechanisms for employees to obtain shares in […]

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Research and Development

Research and development (R&D) by UK companies is being actively encouraged by Government through a range of tax incentives. The government views investment in research and development (‘R&D’) as a key to economic success. It is therefore committed to encouraging more smaller and medium sized (‘SME’) companies to claim R&D tax relief The incentives are […]

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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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Business Structures – Which Should I Use?

Having made the decision to be your own boss, it is important to decide the best legal and taxation structure for your enterprise. The most suitable structure for you will depend on your personal situation and your future plans. The decision you make will have repercussions on the way you are taxed, your exposure to […]

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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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