As a small business owner, it is important to understand which business expenses you can claim for tax purposes. Claiming business expenses can help reduce your taxable income and save you money. Today, we will discuss the types of business expenses you are eligible to claim for. Office Expenses Office expenses include rent or mortgage […]
Outsourcing accounting is when you pay an external accountant or accounting firm to manage your accounts for you, rather than employ an accountant on your own payroll or do the accounts yourself. Advantages of Outsourcing My Accounting There is a lot you can gain from outsourcing your accounting function: Businesses of all sizes outsource their
New research has shown that chasing payments are a big problem for small businesses within the UK. Three out of every five (60%) invoices issued by UK-based small businesses are not paid on time. What is even more worrying is that, on average, small businesses are forced to devote 10% (an hour) of their working
The Bank of England will be withdrawing legal tender status of £20 and £50 paper bank notes after 30th September 2022. After this date, £20 and £50 paper bank notes will no longer be legal tender. We would like to take this opportunity to encourage anyone or any business who still have these to use
If you are a sole trader or partner in a business partnership, then you must keep self-employed business records. These business records will include your business income and expenses for your tax return if you are self-employed. You will also need to keep records of your personal income. If you are the nominated partner in
In the UK, there are regulatory filing requirements for company accounts. The Companies Act 2006 (CA 2006) requires that a company files its accounts and reports with the Registrar of Companies within certain time lines. Private companies must file within nine months of the end of their accounting reference period and Public companies must file
As bookkeepers, we carry out anti-money laundering checks to all new clients that we provide support to ensuring our clients are not attempting to launder money through their business. An anti-money laundering check is a vital component of ensuring our clients are not attempting to launder money through their business. Anti-money laundering refers to a
We prepare many year-end accounts for our clients and there are a number of administration and financial tasks that need to be done before we can help. It’s best to start planning for this as soon as possible. We want to make sure that your year-end accounts process is as hassle-free as possible for the
Managing invoicing in a small business is very important and should see this this as part of essential operations. Managing invoicing is a serious operation as it ensures customers pay more promptly. Businesses with poor invoicing practices often have poor cash flow and customers don’t have any reason to pay on time. Managing invoicing can