As a small business owner, you must wear many hats. But when it comes to bookkeeping, juggling numbers and paperwork alongside running your business can feel overwhelming. Outsourcing your bookkeeping is a smart move that not only saves you time but also improves financial accuracy and frees up resources for growth. Here are 7 ways […]
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The tax season can be a daunting time for small business owners, but with some preparation, it doesn’t have to be. Organising your financial records in advance can really help you save time and reduce stress. Here’s a short guide to help you get your books in order, for a hassle-free tax season… Keep Accurate
For most small business owners, managing cash flow is the backbone of financial stability and growth. Cash flow, the money coming in and going out of a business, might seem straightforward, but effectively managing it can mean the difference between success and failure. Today, we are going to discuss why cash flow is crucial and
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As a small business owner, preparing for tax season can be a stressful time, especially when you are also managing the day-to-day operations. The good news is that with a little forward planning and organisation, tax season doesn’t have to be stressful. We’ve seen first-hand how proactive preparation can make a huge difference for small
Choosing the right bookkeeping service is crucial for the financial health and success of your small business. In the UK, small business owners often find themselves overwhelmed with the myriad of options available. Here’s a comprehensive guide to help you make an informed decision that suits your specific needs. Assess Your Bookkeeping Needs Before you
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Managing cash flow effectively is crucial for the survival and growth of any business, particularly for small businesses. In the UK, many small business owners face cash flow challenges that can threaten their operations. Here are some top strategies to help you manage cash flow and ensure your business remains financially healthy. 1. Monitor Cash
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As a small business owner in the UK, managing payroll can be one of the most time-consuming and complex tasks you face. From ensuring compliance with HMRC regulations to calculating employee wages accurately, payroll demands meticulous attention to detail. This is where outsourcing payroll services can be a game-changer for your business. By entrusting this
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Background In 2022, a B2B furniture wholesaler based in the UK acquired a going concern, significantly expanding their business operations. By late 2023, the company realised the need for a robust accounting system to manage their financial transactions and reporting. They approached us to set up new accounting software, reconcile a backlog of transactions, and
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As your bookkeeper, it’s essential to understand how earning over £100,000 in a tax year affects your personal allowance and what strategies can be employed to mitigate the impact. Personal Allowance Reduction If your adjusted net income exceeds £100,000, your personal allowance decreases by £1 for every £2 over this threshold, regardless of your age.
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As your bookkeeper, it’s essential to understand which expenses are tax allowable, as these can significantly reduce your taxable profit. General Rules for Allowable Expenses You can claim expenses for items you would typically use for less than two years, such as stationery and office sundries. Additionally, costs like rent, rates, power, and insurance are
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