“KNOWLEDGE IS POWER”
There is, apparently, a dispute about who came up with this quote (some say Sir Francis Bacon in 1597) but not I think, about the truth behind this quote.
If you are in business, for most business owners it’s not just enough to be good at your own trade or profession, you must be a jack of all trades including administration, keeping books, debt collection, marketing, sales and HR to name just a few. We have seen this so many times with start-up businesses – they may be a great plumber, architect or physiotherapist but if for example, they cannot market themselves or their business they just won’t succeed.
To become better at business, one needs experience and know-how and one way of getting know-how is spending a few minutes every day or an hour or two a week reading useful articles or business books.
It’s our job as good accountants to proactively provide our clients with the knowledge they need to better manage their businesses, maximise their profits and reach their full potential. With that in mind, our goal is to provide as much useful, relevant, practical and up-to-date information to business owners as we can, enabling them to grow and take control of their businesses.
Trust your instincts! Often overlooked, but it shouldn’t be. If your instincts are telling you something isn’t right, pay attention.read more
Accountancy fees and costs are a common complaint amongst small business owners, but more often than not, they do nothing themselves to help resolve the issue. Here are 8 easy ways to reduce your accountancy costs.read more
The number of self-employed in the UK continues to grow and is now about 5 million people. So why has this growth taken place? Typically, there are many advantages in being self-employed: You become your own boss, answering only to yourself and your clients....read more
We get many new freelancer or contractor clients who’ve had a bad experience with umbrella companies and who are looking for a better way of managing their business affairs.read more
When it comes to running your own business, it’s essential to keep your record keeping and accounting organised and as with all aspects of business, maintain good systems. Let’s have a look at some simple steps you can take to help keep your accounting organised....read more
‘‘There are only two certainties in life – death and taxes!’ Although it is difficult to stop the sand flowing though the hour-glass of life, good habits can slow its pace. Good taxation planning can ensure that taxes can be managed so there are no nasty surprises...read more
If you struggle to pay your tax, seek advice, there may be a solution, we are more than happy to discuss your options with you, and share our expert knowledge.read more
Whether you still use manual books, spreadsheets or difficult to use traditional accounting software, bookkeeping is still too hard for those who are not experienced professional bookkeepers or accountants.read more
Most small business owners are far too busy to worry about things like cloud accounting but given the importance in business of being organised and getting the back-office right it is something they cannot ignore. One Data File There is only ever one data file with...read more
VAT is a complex tax and continues to cause confusion. Here are six reasons why you might register for VAT: You Have No Choice. You must register for VAT if your VAT taxable turnover is more than £83,000 (the ‘threshold’) in a 12-month period or you expect to go over...read more
There are many myths and half-truths floating around in the world of small business regarding VAT and it is feared by many of the self-employed. Like it or not, VAT is part of the landscape of being in business and to run your business successfully, it is just another...read more
For some while, HMRC have been talking about bringing the UK tax system into the modern world by “making tax digital”. Such a development is well overdue given the widespread use of the Internet and technology and few of us these days do not have access to a computer....read more
Unless you are a micro business, there are a number of compelling reasons why you should trade as a limited company rather than a sole trader, or even worse, a partnership. With a partnership, not only are you liable for your own debts but those of your business...read more
Following on my previous Blog “Small Business Profits Extraction - Limited Company Dividends” I have been asked to cover the optimum profit withdrawal strategy for smaller business owners operating via a limited company, given the new rules applying from 6 April 2016....read more
The VAT Flat Rate scheme was introduced by HMRC to make life easy for small businesses with low outgoings. How typical of HMRC to now argue that using a scheme they introduced amounts to “aggressive tax abuse”! How typical of them too to complicate what was such a...read more
Here is a great article from Xero…………… Small businesses often start out using Excel – but that’s only doable up until a point. Like every teenager eventually becomes an adult, your business needs to evolve and grow. Find out why the smartest organisations are using...read more
VAT can be a tricky tax to deal with even at its simplest level and getting it wrong can be very expensive indeed. Here are a few common problems we find in practice: 1. Not registering on time. For new and growing businesses, it’s very important to register for VAT...read more
Other than mastering the complexities and tricks of the trade of your own trade or profession, there are several key business skills you need to master to get on in business. One of the most important is marketing. Marketing is certainly not just advertising, as many...read more
Extracting your profits from your limited company in the most tax efficient manner continues to be an issue and a perennial question for accountants and, as with many areas of tax, gets more complicated as time passes. Part of the problem lies in the increasing...read more
Setting business goals is one of the most important keys to business success because, more often than not, successful business owners are goal driven, they know what they want to achieve and where they are going. Setting goals in business is important because: It...read more
Getting noticed by the Inland Revenue can have some very unpleasant consequences. Even if you are scrupulously honest and your business records are good, very few of us have endless time to spend on record-keeping which invariably means there is going to be something...read more