Sole trader or Ltd. What is the difference in tax payable? Watch this video
Oct 02, 2017If you are starting a new business, are you clear on how you and the business will be taxed? This short video explains the tax payable on a profit of £50k. The tax payable will be dependent on wheth... ...Read More
Manage your pay within tax bands and avoid paying tax at 60%
Sep 27, 2017Manage your pay within tax bands and avoid paying tax at 60% Most individuals receive an amount which is tax free called their Personal Allowance (current tax year 2017/18 is £11.5k). This allowan... ...Read More
Setting up a new business right first time
Aug 01, 2017Structure of the business When starting a business one of the things to think about is the structure of that business. Do you set up as an unincorporated entity (sole trader or partnership)... ...Read More
Increasing profits by increasing sales
Jul 21, 2017Increasing profits by increasing sales The profit of your business is calculated by the sales of your business less the costs of delivering the sales/running your business. Therefore to inc... ...Read More
Why profit doesn't equal cash!
Jun 25, 2017Ever wondered why if you’ve made a profit of £50k why there isn’t £50k in your bank account? The reason is something called 'working capital' which is the cash tied up in the day to day running of t... ...Read More
Are you on the VAT Flat Rate Scheme? Make sure you watch this!
May 22, 2017IMPORTANT CHANGES: VAT Flat Rate Scheme Are on the VAT Flat Rate Scheme and don’t buy many goods? Have you reviewed whether it is worth staying on the scheme post 1 April 2017. Watch this short vid... ...Read More
Know your numbers to grow your business
May 18, 2017Do you know how your business is doing on a daily/weekly/monthly basis? or do you wait until your accountant prepares your accounts once a year after the year end? Your books or figure... ...Read More
Could your Ltd reduce its corporation tax?
Apr 08, 2017Do you take any proactive action to reduce the amount of corporation tax your Limited company pays? Are you making sure that the Limited company is taking all the necessary action to minimise th... ...Read More
Claiming business mileage as an employee
Apr 07, 2017If you are an employee and you use your OWN car for business and your employer doesn’t reimburse you the HMRC approved mileage rates are you claiming the difference back? The HMRC approved milea... ...Read More
Do not assume HMRC are always correct
Mar 25, 2017Do you check or get your accountant to check HMRC demands for additional tax? HMRC sometimes get things wrong so do not assume what they are saying is correct as they may be basing calculatio... ...Read More
Why does profit not equal cash? Working capital explained
Jan 08, 2017Clients sometimes ask “I’ve made a £50k profit so why haven’t I got £50k in the bank?” We the reason is something called working capital which is the cash tied up in the day to day running of ... ...Read More
Changes to VAT Flat Rate Scheme
Jan 08, 2017The VAT Flat Rate Scheme (FRS) is changing from 1 April 2017 to included a new category of 'limited cost traders' . This is supposedly to tackle "aggressive abuse of the scheme". These businesses wil... ...Read More
Changes to trivial benefits rules
Dec 28, 2016Rules around trivial benefits changed in April 2016 so that employers can now provide trivial benefits without any P11D or employer/employee National Insurance impact (and also get corporation tax re... ...Read More
Limited company or Partnership?
Jul 03, 2016With the new dividend tax rates from 6 April 2016 a lot of people are asking whether it is still worthwhile running their business as a Limited company rather than an unincorporated sole trader o... ...Read More
Is it worth having a company car?
Jun 30, 2016If a Limited company provides a car to a Director or employee and it’s used for private use then it is a taxable benefit on the individual. If having a company car, the CO2 emissions of the car a... ...Read More
Why bother with cloud accounting software?
May 28, 2016Basic accounting software has come a long way from the times when the client saved the year end on a disc, passed it to the accountant who did adjustments etc..... There are lots of relatively inexpe... ...Read More
Calling HMRC costs Taxpayers £97m
May 13, 2016According to the National Audit Office, £97m was wasted by Taxpayers last year phoning HMRC. This was broken down as: £66m waiting on the phone£21m if actually got through to speak to someone£10m on... ...Read More
Why file 2016-17 self assessment tax return early?
Apr 01, 2016Self assessment Tax Returns needs to be filed by 31st January following the end of the Tax year (or 31st October if you want HMRC to calculate the tax payable). So for the Tax year 2015/16 ending on 5... ...Read More
New Dividend Tax
Apr 01, 2016In 2015/16 a ‘husband and wife’ Limited company could extract £78k between them through a combination of salary up to the basic rate and dividends up to the higher rate and PAY NO INCOME TAX (on the c... ...Read More
Importance of realistic forecasts - Easter Egg Business
Mar 31, 2016Billy Smith needs some help with his business planning and forecasting…………. EASTER EGG SELLER PREDICTS RAPID GROWTH OVER NEXT 4 MONTHS Billy Smith’s Easter egg business has been overwhelmed since th... ...Read More
The importance of cash flow in small business: The Scooby Doo cash flow example
Mar 03, 2016The importance of cash flow in the Scooby snacks business. Scooby and Shaggy have identical market shares and make the same profit. Shaggy is all over cash flow He pays his suppliers 30 days after ... ...Read More
Not all accountants have to be boring......
Feb 03, 2016There’s a theme that all accountants are DULL DULL DULL. Well we’re not (or maybe just a little!). Here's our top 3 jokes about accountants: Why did the accountant cross the road? To bore the peopl... ...Read More
