5 Tips for starting your business on a shoe string

Starting your business is exciting but also daunting. Many businesses are started whilst the entrepreneur has another job or business so as to mitigate some of the risk. There are many ways of reducing the cost of setting up and establishing a business before the financial risk becomes too big to handle. 1. Work from homeFinding affordable work space suitable for your business locally can be a … [Read more...]

How to manage expenses

There are many things to think about if you run your own business and a key one should be how to manage expenses. You can’t afford to waste money plus you need to make ensure that any legitimate expenses are logged correctly by employees so as to minimise the amount of tax owed by maximising your allowable expenses. You will only be taxed on your profits if you are not a limited company and … [Read more...]

Do I need an accountant for my part-time business?

Many people start a small business selling services or products whilst still working for another company, and think their business is too small to need an accountant. However, unless you are experienced in accounting and tax you may find yourself facing a very steep learning curve, whilst also trying to master being a business person and meeting your client’s expectations. If you don’t get … [Read more...]

The Benefits of Cloud Accounting

Have you ever had a call from your accountant or had a niggling voice saying it’s time to complete your accounts or file your tax return? When this happens do you feel confident that everything is in order or do you feel a mild sense of panic? Don’t feel guilty if you fall into the latter category, try to simplify the process so that it causes you less stress. Simplify your Accounting FD … [Read more...]

Real Time Digital Tax Accounts

In the budget back in March this year, George Osborne, the Chancellor announced plans to move away from the annual tax return to digital tax accounts. But what does this mean for individuals and for accountants. For individuals From April 2016 five million small businesses and 10 million individuals will have digital tax accounts, which will mean that the individual will no longer need to … [Read more...]

Simple payroll for small businesses

As we approach the end of the tax year, it is worth giving some time over to think about how small businesses operate their payroll, and what is the most effective method for processing the payroll. Many small businesses use the HMRC basic PAYE tools, which are very good but do not link to their accounting system, their bank or generate payslips, others use a standalone payroll system which … [Read more...]