Contrary to popular opinion, the life of a Chartered Accountant is far from dull. The stories some people share with us are extraordinary. It’s almost like being a Priest except, for those accountants who are regulated (not all are but that’s a different story) we have a legal obligation, under Money Laundering Rules, to report any financially suspicious behaviour we … [Read more...]
20 things every small-business owner should know about VAT
Value Added Tax (VAT) is one of the UK’s most complex taxes. There are so many rules, regulations and schemes that getting the right advice, at the right time, from a suitably qualified VAT professional, is essential for many businesses. For now, what are the key facts that small-business owners should know about VAT? 1 All businesses must register and account for … [Read more...]
Self Employed Key Facts 2019 / 2020
If you work for yourself or start a business on your own and are operating without incorporating it as a limited company then you are referred to as a sole trader. The term sole trader is interchangeable with being self employed. Accounts Each year, accounts for your business or trade would be prepared to record your income and allowable costs, which would usually be … [Read more...]
Getting the most from your Accountant
Paying your accountant can seem like a big outlay; it’s an overhead that bites into your profits meaning less money for you to take out of the business. It could be that you are paying your accountant to simply make a list of your transactions, upload files to a Cloud Accountancy system or file returns that you could do yourself. There are ways of reducing your … [Read more...]
Top tips for setting up a business when still employed
Check your contract of employment Whilst not wishing to pour cold water on your entrepreneurial aspirations, it is essential that you check your contract of employment prior to commencing any new business. All too often there is a clause contained there that prevents an employee from starting up a business whilst employed. Your employer wants to make sure that you are fully … [Read more...]
Exit Planning for Contractors, Freelancers and Small Business Owners
There are many reasons why you could be thinking about finishing your career as a contractor. Maybe you are moving back into full-time employment or perhaps you are thinking of retiring; whatever the reason it is worth planning your exit carefully. Closing the company Before closing, the affairs of the company will need to be brought up to date (accounts and tax returns), … [Read more...]
Salary and Dividends for 2019 / 2020
Your profit extraction Strategy from April 2019. Another year passes and it’s time for me to update our annual profit extraction strategy sheet. Once again please do bear in mind that this Salary and Dividend factsheet gives our recommendations for taking a salary and dividends from your limited company. The figures are generic and may not be suitable for your circumstances; … [Read more...]