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 […]

Read More

Proposed Change for Sole Traders Accounting Period

Are you self-employed? Or are you a partner in a trading partnership? If you are, you should be aware of the proposed changes to the accounting period for unincorporated businesses. HM Revenue & Customs (HMRC) is proposing to change the way that unincorporated businesses (Partnerships and Sole Trades) are taxed, moving from a ‘current year’ […]

Read More

Are Staff Social Events Tax-Free?

If the rules around social functions are followed, staff events like your end-of-year party, or your summer barbecue are tax-deductible for you, as the employer, and tax-free for your staff. This means you can claim back some of the expenses you incur when putting on a social event for your team, while also helping to […]

Read More

Don’t Neglect Your Balance Sheet

Business owners tend to focus on increasing profit and driving down costs. While this is important, you must not neglect your Balance Sheet. Profitable businesses can and do go broke; your Balance Sheet is a key indicator of how solvent your business is. Here are four key areas of your Balance Sheet to focus on: […]

Read More

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 […]

Read More

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 […]

Read More

Planning your Company Filing and Payment Deadlines for the Year

Keeping on top of the deadlines for your company filing and tax payments can be hard work. With so many elements to coordinate and keep track of, it’s easy for deadlines to occasionally slip through the cracks – but that can lead to fines, penalties and other issues. The key is to stay fully in […]

Read More

What Home Office Expenses are Deductible for your Business?

With greater use of home-working now the norm for many UK businesses, it’s important to think about the deductible expenses that you may be able to claim when working from a home office. Working from home results in us using more power, more broadband and more heating than when working from an office space, or […]

Read More

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 […]

Read More

Stressed About Your Tax Return?

Top Four Tips to Complete Your Tax Return If you want to avoid the stress of your tax return, follow these four simple steps to prepare your business in advance. Tax season is one of the most stressful periods of the year for a business owner. With proper planning, however, you can change that. It’s […]

Read More