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Category: Advice

Accounting advice for startups

accounting-startups

Accounting advice for startups: what you need to do   So you’ve made the leap, struck out on your own and started your own business. It’s an exciting time, but it’s also hard work – and there’s a lot of important information to take on board.   As much as you want to get on […]

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Accounting for Jargon: Common Bookkeeping Terms Explained

Every business owner and even laymen should have at least a basic understanding of common accounting terms. You never know when you’ll face an accounting emergency! So, without further ado, let’s look at some essential accounting terms that you need to know about: Essential Accounting Terms Balance Sheet A financial statement that captures the company’s […]

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VAT Flat Rate Scheme – Why it May Not Be Good for Your Business Anymore

VAT or (Value-Added Tax) has always been more or less a nuisance for business owners. But recently, the VAT Flat Rate Scheme has also been changed in ways that don’t make it viable any longer for businesses. In 2017, the UK government introduced revisions in the VAT Flat Rate Scheme, which has existed since the […]

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SEIS: Tax Incentive for Your Startup’s First Investors

One of the toughest parts of running your own business is to get investors willing to put their money into your organization. It can be not easy to find investors for your business, especially if you are running a startup that implies a higher risk and hence, a higher possibility of loss. But if startups […]

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5 Reasons Your Small Business Needs Bookkeeping Services

Running a business is far from easy – there are many things to do, many things to look after. If you are running one on your own, it gets even more complicated since you have to deal with everything, from supply chain and marketing to finances, all on your own. In the midst of all […]

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Pros and Cons of Limited Company vs Sole Trader

You’ve made a thrilling, life changing decision to set up your own business. Along with excitement and anticipation of an amazing journey ahead come, understandably, worrisome questions: How do I do this? What is the best way for me?! Choosing whether to go down the sole trader or a Ltd company route can be a […]

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10 ways to save on taxes: Tips for small business owners

Low Salary and High Dividends. This is the most common method of reducing your personal income tax liability and corporation tax (business) liability. The income tax rate payable on dividends is less than that payable on a PAYE salary, and you won’t have to pay any NIC contributions on those dividends either. Transfer funds to […]

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All you need to know about Construction Industry Scheme (CIS) for Contractors

Overview: Your business must register with HMRC as a contractor if you are: paying subcontractors to do construction work for you, or – not in a construction business but still usually spend more than £1m a year on construction related work. Make deductions and pay to you subcontractors: In order to comply with CIS regulations […]

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