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Tax planning helps you do more with your money

Tax planning is a strategic approach to managing your business’ financial affairs, with the aim of legally minimising your tax liability. In other words, you plan ahead to make sure you pay the taxes you should be paying, but not a penny more.Working with your tax adviser, you can look for deductions, credits, exemptions and tax-saving strategies that will help to optimise your company’s overall tax position. How does tax planning affect your business?The primary goal of tax planning is to r...

How does an accountant save you money?

Turning a profit will be high on your list of goals as a business owner. And if you want to generate the best margins, that means keeping an eye on the money that’s going out of the business, as well as what’s coming in. So, how can your accountant help with this?The days where your accountant just did the bookkeeping, compiled your accounts and filed your tax return are well and truly over. Modern accounting firms are far more interested in helping you with your financial performance, your ...

Back to Tax Basics: What taxes will I need to pay as a director?

When you set up a new company, there are certain business taxes you’ll be liable for as a business. But have you also planned for the personal taxes you must pay as a director?As a company director, it’s not just the company’s corporation tax that you have to pay. You also need to pay the requisite taxes on your own income. This might be dividends payments from the company’s profits, or the income you receive from property, shares or investments you own.Knowing which personal taxes to pl...

5 challenges for small business - and how to beat them!

Founding, building and growing your own small business is a hugely rewarding experience for many entrepreneurs. But the road ahead isn't always smooth. There are common challenges that crop up and ongoing issues that need to be factored into your business plan, your strategy and your own personal thinking. So, what can you do to beat these challenges and make the journey as frictionless as possible?5 proactive ways to overcome your business challengesWe’d all love to know what lies around the ...

What are your business goals for the year ahead?

The beginning of a new calendar year is an excellent time to review the year just finished and reflect on what worked, what didn’t, what you’d like to change and new things you’d like to implement.Take the time to review the year and acknowledge all that has happened, good, bad or indifferent. Examining the year with an objective perspective can provide valuable insights to prepare for the next business year. Planning and goal setting will help provide a focus for your business efforts.You...

Exit - Stage Right!

It takes a lot to start a business. Few business owners start with exit in mind. You start with a dream and the tenacity to make it real, and make it grow. When do you start thinking about what you want to happen when you retire? Some business owners talk about funding a lifestyle but actually work is their lifestyle. They’d rather go with their boots on. But what happens to the business? Assets? Clients? Employees? The dream and the hard work that made it real?Don’t let your exit strategy h...

Should you buy a building for your business?

Tired of paying rent for your commercial premises and considering buying a premises for your business? Owning a building works best if your business is well-established, you have money to invest, and you’re taking a long-term approach – it can take many years for this decision to pay for itself.The advantages of owning a commercial propertyYou no longer need to worry about dealing with a landlord. You’re the landlord now, so your lease won’t end and you get to make all the decisions abou...

Spreading your tax costs with Time To Pay

HM Revenue & Customs (HMRC) expects you to pay your taxes on time. But if you’re finding it difficult to pay in full, HMRC can be approached to allow a Time to Pay arrangement.A Time to Pay arrangement will allow you to pay your debt off in pre-agreed instalments, reducing the impact of a large tax bill – and helping you manage your debt and cashflow.How does Time to Pay work?If you need to request a Time to Pay arrangement for self-assessment tax, Employer’s PAYE and VAT, these ca...

Setting goals for you and your business

A new year is a new beginning. If you are a business owner, this is often the time of year when you reflect on where you are at and think about your business goals for the year ahead.Setting goals is an essential part of personal and professional growth. These could be lofty goals, or even setting out a plan to achieve some more mundane (but equally important) projects. Whether that is getting paid faster, reassessing expenses or bigger things like automation of processes and new markets. You ma...

Finding and retaining the key talent for your business

The job market has been through plenty of ups and downs in recent years. But the real challenge is attracting and retaining the top talent you need to grow the businessFinding the skilled employees you need, and keeping them in the business, is vital for driving innovation and growth over the coming years. So, how do you locate the best talent? Nearly 4 in 5 employers, globally, report difficulty finding the skilled talent they need, according to statistics from Manpower Group. This scarcity of...

How to ride the wave of technological advancements

The rapid technological advancements we're seeing are a double-edged sword for many business owners, presenting both great opportunities and potential challenges. Adopting and integrating these new technologies is essential if you want to remain competitive, but it requires careful navigation and a clear strategic plan for your tech stack.5 key steps for transforming your use of business techThere are solutions for enhancing your bookkeeping, accounting, forecasting, inventory management, projec...

Five steps to better cash flow

Need a hand managing cash flow? You’re not alone. The key is getting your invoicing right, by invoicing customers as soon as possible and using tools like Xero’s invoice reminders to move payments along.That said, there are a few other simple rules you can apply to manage your cash flow and get your invoices paid even faster:Keep your books accurate and up to date - so you can see your financial state at a glance.Don’t be too lenient with your customers - you can be direct and st...

Can an AI assistant streamline your business?

A business AI assistant is an artificial intelligence-powered software tool that’s designed to support and enhance different areas of your business administration and management.These AI assistants (sometimes known as virtual assistants or chatbots) use natural language processing (NLP), machine learning and automation to interact with you, your team and your customers. They can give answers to simple questions and FAQs, perform efficient automated tasks and carry out detailed reviews and anal...

The VAT domestic reverse charge: what your construction business needs to know

The VAT domestic reverse charge came into operation in March 2021, introducing significant changes around how VAT is collected and paid within the construction industry.So, how does the domestic reverse charge work?:The domestic reverse charge applies to construction services in the UK, together with related materials, but not to materials supplied separately from any construction services.It applies only to transactions that already fall under the Contruction Industry Scheme (CIS), and only tho...

Plain English guide to profit and loss

Here's our Plain English guide to profit and loss and what this report reveals about your finances.What is profit and loss?Your profit and loss statement is commonly called your ‘P&L’. It’s also sometimes referred to as your income statement or statement of earnings. Your P&L is a breakdown of your company’s revenue (money coming into the company as sales and other income) and your expenditure (direct costs, overheads, expenses and other costs).As a business, you obviously want t...

Are employee parties tax-free?

If the rules around social functions are followed, staff events like your end-of-year party, or your summer barbecue are tax-deductible for you, as the employer, and tax-free for your staff.This means you can claim back some of the expenses you incur when putting on a social event for your team, while also helping to build better team bonds. Whether your party is taking place in the office, at a local restaurant or via Zoom for your remote-working teams, you can be confident that you can re...

Writing a business plan? Read our guide

Your business plan is the sat-nav that keeps the company moving in the right direction. Having that guidance can be a massive benefit to your success as a business. But what elements should you include, and what are the main considerations to think about?A detailed business plan will generally includeA clear direction for the business – a well-crafted business plan gives you a defined path to follow, outlining the company’s purpose, goals and strategies. This helps everyone understand the bu...

Company year-end preparations: time to get ready

As your company year-end date gets closer, there are a number of administrative and financial tasks to start planning for – so it’s a good idea to get yourself organised and ready.There are several things to check, either on the year-end date, or before the end of your company’s financial year. Some tasks are simple administrative processes, while others involve a deeper dive into your accounts. But, on the whole, this is about getting on top of the planning and making sure your year-end i...

Can directors and employees receive gifts from the company tax free?

Giving gifts to your employees can be a great way to increase engagement and raise the overall morale of your team. But how much can you give before there are tax implications? And how do the rules differ if you’re giving gifts to your directors?The good news is that you can give gifts that don’t exceed £50 in value to your employees without any tax or National Insurance (NI) charges arising – as long as you follow HMRC’s rules. The cost of this is also tax-deductible by the company. Ma...

Preparing your business for a sale

Selling your business is a big move for any owner. You’ve built this company up, scaled it and put years of hard work into making the business a success story. So, when the time comes to sell, you’ll want to know that you’re getting the best price, and the best future for your legacy.We’ve outlined five ways to maximise the value of your business, with practical steps for making your company the most attractive prospect on the market. 5 steps to prepare you for a saleThe first thing to u...

What to look out for when buying a business

Buying an established business is a great way to enter into the business world, or to expand your existing business empire. But purchasing a company isn’t something to enter into lightly.Becoming the prospective owner of a new business means doing your homework, researching the business you plan to acquire and working closely with a team of advisers. Here are five key questions to ask yourself, before entering into a deal.Why are they selling the business?It’s vital that you know WHY the cur...

10 hot questions to ask yourself as a business owner

Running a busy and successful business means you often don’t have the time to step back and work ON the business. This can be a challenge if your aim is to grow and scale the company. As experienced professional business advisers, we know the value of taking the time to ask yourself some pertinent questions. Holding yourself and the business to account is something we can help with. And there's never a bad time to pose a few questions and gauge where you're at with your planning, strategy, fin...

How much should you pay yourself?

Being the boss means you get to make all the big decisions about your business – including how much to pay yourself in wages, salary or drawings.As the owner, you might need to underpay yourself in the early stages of building your business, so you can reinvest the profits. But your time is valuable – and you need enough money to pay the bills. So how can you find the right level of pay? It has to be enough to keep the mortgage paid, while also building a thriving business.If you’re trying...

How can small businesses compete with the big chains?

In tough economic times, small businesses can struggle. Big multinational chains often have the scale to undercut local competitors and survive even when times get tough.What can small businesses do to retain and attract customers in a competitive market?Identify your business’s advantagesThink about what your business can offer that a multinational operator cannot. For example, you might have the edge on: Local knowledge Close relationships with customers Personalised service Easier parking S...

Plain English guide to depreciation

Getting to grips with the basics of accounting, financial management and business strategy can be a challenge. To make things easier, we've created a plan-english guide to depreciation and the impact this accounting term can have on your assets, tax, cashflow and company accounts.What is depreciation?Depreciation is an accounting term that you’ll hear us talking about when we run your accounts.In basic terms, depreciation is about allocating the cost of a tangible asset over the course of its ...