Improving the Profitability of your Small Business

It does not matter what type of business you have, or how large or small the business is, good accounting practices are an imperative part of making every business successful and profitable. Most well-established companies will invest in the services of a reliable accountant and this is highly advised, but as a business owner you still need to have a good understanding of business… Continue Reading

Fixed Fee Accounting Service – What are the Benefits?

When choosing an accountant for your small business there are many factors to consider. You will want to make sure that they are experienced and have a good local reputation, amongst other things. However, one of the most essential factors you need to take into account is how you are going to pay for the service. Read on to find out why fixed fee accounting has so much to recommend it. If… Continue Reading

Top Ten Tax Tips For SMEs

Of course all businesses want to make sure they are handling their tax effectively and benefiting from all of the reliefs and exemptions that are available to them. However, this is arguably even more important for SMEs, who tend to have smaller budgets and fewer resources to be able to handle everything in-house.

So take a look at these ten best tax tips for SMEs in particular:

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How to become a limited company

Whether your business should become a limited company depends primarily on the individual circumstances of the business. One of the key factors determining a move to limited company status – or indeed setting up a business as a limited company from the outset- is the possibility of making a financial saving.

Why should I become a limited company?

Businesses with both small … Continue Reading

Low Corporation Tax Rates in the UK

What is the corporate tax rate in the UK?

Many countries around the world have long competed to attract foreign businesses by having an attractive business tax regime and low corporation tax rates. This explains why Google is based in Ireland, why eBay operates their business from Luxembourg and why McDonalds operates from Switzerland. The United Kingdom has been a part of this co… Continue Reading

Record Keeping For The Self-Employed

A webinar from HMRC that covers setting up a record-keeping system, what to record, how long to keep records and record keeping mobile applications. It is important to put in place a good record-keeping system that you update regularly. This video also has a handy reminder of basic accounting terms such as:

• Accounting Periods
• Turnover
• Taxable Profit
• Allowable Business Expenses

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The Key Elements of a Basic Business Plan

The thought of preparing a business plan can be a daunting prospect for many business owners or those about to start up a new business and some small businesses, particularly if they do not require a bank loan, never write one at all. But preparing a thorough business plan has been shown to increase profits because it provides direction for the business but also reveals opportunitie… Continue Reading

Fixed Fee Accountancy – Is it Right for Your Business?

Very few, if any, businesses start up with unlimited budget for accountancy fees. Indeed some small businesses don’t even use an accountant in that first year as there are plenty of other expenses that mount up and this is one area where they might think they can manage without professional help, particularly if the business is fairly straightforward. But sooner or later mo… Continue Reading

Accountancy Tips For Small Businesses

As a small business owner you may decide to manage all of your financial affairs yourself, hand it all over to an accountant or do a bit of both, handling day to day tasks yourself or employing a book-keeper to help. The choice will depend on the nature of the business and, of course, your own inclination to be closely involved with the business finances. Whatever route you choose for yo… Continue Reading

Working From Home? How To Reduce The Company Tax Burden

Increasingly many people are running their own small businesses from home but this results in increased household expenses for heating, electricity, phone bills etc.; expenses that would not be incurred by those who go to an external workplace. But when working from home there are opportunities to reduce the tax burden of the company or self-employed individual by considering… Continue Reading