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Why Cloud Software Will Never Replace Accountants

It seems like everyday we hear about another industry being threatened by the advancements in technology, but is accounting one of them? Cloud based accounting software certainly has risen in popularity in recent years, but Quickbooks and Xero are no replacement for living, breathing professionals - and here’s why… Location Freedom  Before we dive into the main reasons why accounting software won’t replace traditional accountants, let's take a moment to think about one of th...

The Four Biggest Fears Entrepreneurs Have (And How to Overcome Them)

While entrepreneurship is an excellent way to invest in self-worth and growth, many newcomers have latent fears from world changes and business demands. Here are some methods to help defeat them. Venturing into the business world as an entrepreneur takes dedication, persistence, and knowledge. But with a considerable majority of startups not surviving the first five years, many entrepreneurs have justifiable fears and concerns. While fear is an entirely normal human reaction to change and serves...

If you deferred your VAT last summer you need to read this

One of the first tax easements for businesses affected by the coronavirus pandemic was the option to defer VAT payments due between 20 March 2020 to 30 June 2020. The VAT was originally deferred until 31 March 2021, but a further deferral was announced giving businesses until 30 June 2021 to repay the VAT or arrange to pay in instalments. If arrangements are not made by this date, businesses incur a penalty of 5% and/or interest, chargeable in relation to the amount of the deferred VAT that...

How to Make Your Business More Socially Responsible

Year after year, customers have shown that they prefer to buy from socially responsible companies. Choosing to do so will not only help those in need, but it’s also a great way to build trust and relationships with your customers. However, it’s essential to be authentic.  The goal isn’t to become a socially responsible company just because someone proclaimed it the new norm. It’s to find causes that genuinely appeal to you and then see what you can do to help.  Different busine...

How to Write a Comprehensive Business Plan

Are you planning a new business or thinking about pivoting an existing one? Spice up your business plan to start on the right foot. Having a detailed business plan is critical to any venture. It helps you understand your goals and keeps you focused on what to do. At the same time, it can help secure vital investments for growing your business. Here’s an outline that may be of help if you need to create one for your business.The Executive Summary Always starts with an executive summar...

How Accountants Can Save You a Small Fortune

Accounting is a crucial part of every business, from small boutiques to multinational corporations. You can’t ignore your accounts and doing so for even a short period of time can damage your business. However, accounting is complicated, and mistakes can be costly. Hiring a professional accountant can save you a huge amount of time and money, which are often one and the same. Let’s take a look at how hiring an accountant can benefit your business.Accountants vs. Bookkeepers Th...

How to Grow Your Business and Shrink Your Debts at the Same Time

Research by The Telegraph newspaper found that 60% of new businesses fail within the first three years. One of the biggest reasons for this is debt. Not only can too much debt land your business in hot water financially, it also prevents many businesses from expanding and taking the next steps. However, growing your business and reducing your debts doesn’t have to be an either/or situation.  By creating a long-term plan and putting the time you spend paying off debt to good use, it’s po...

Increase in Scams Purporting to be From HMRC

As the 31 January deadline for self assessment tax returns approaches there has been an increase in the flood of scams purporting to be from HMRC.As HMRC issues thousands of SMS messages and emails as part of its annual self assessment tax return push, the department has warned taxpayers completing their returns to avoid being caught out by a rise in fraudsters using calls, emails or texts to offer fake ‘tax rebates’ or ‘tax refunds’. Fraudulent HMRC communications have already beco...

Why You Should Be Wary of Cheap Accountants

Everyone loves a bargain. It’s basic human nature. However, when it comes to running your business you should be focusing on investments, not bargains - especially when it’s time to hire an accountant.  There are plenty of cheap accountants out there, but choosing their services based on price alone is a dangerous game. Of course, it’s tempting to hire a low cost accountancy service; no-one likes shelling out large amounts of cash. However, there are many pitfalls of hiring a cheap ac...

How to Set Up and Maintain a Budget for Your Startup

Creating and following a realistic budget for your startup is essential. In fact, it can even determine whether or not your business makes it out of the gates.  A budget shows you how much money you’ll need to make in order to break even and highlights what you can and can’t afford. It also helps you to forecast and manage your cash flow, which is essential to keep your business in good financial health.  Budgeting can be a daunting task but this guide is here to make it easy by br...

How to Manage Stress as an Entrepreneur

Being an entrepreneur is stressful. A small amount of stress can actually be a good thing as it pushes you to work harder and propel your business forward. However, too much stress can take all the joy out of entrepreneurship, harm your health and hinder your productivity.  Studies show that people who suffer from prolonged stress experience a range of nasty side effects, including insomnia, low self-esteem and frequent colds or infections. Whilst it’s true that stress is part and parcel ...

The Most Dangerous Accounting Mistakes For Your Small Business

Starting your own business is an amazing thing to do but it’s can also be risky.There’s a lot to think about when you first start out on your own and it can be tempting to put accounting on the back burner, but that would be a huge mistake. Good accounting is crucial to the financial health of your business and mistakes can be devastating, especially in the early days. It’s important to know which mistakes to avoid to ensure that your small business is around for years to come. 1. Bad...

VAT Return Filing Changes Ahead for Voluntary Registered Businesses

Making Tax Digital (MTD) for VAT has been with us for some time now but not all voluntary registered businesses currently file their returns under the new regime. While MTD for VAT will be mandatory for all VAT registered traders from 2022, changes in 2021 will affect VAT registered businesses not yet in MTD.If you are using accounting software to file your returns you are likely to be filing them under the new MTD system and you can easily check by looking at your software.HMRC’s VAT records ...

7 Most Common Money Mistakes for Startups To Avoid

Smart financial management is essential for any business, no matter how big or small. However, it can be difficult to get things right, especially during the startup stage. Poor financial planning is one of the most common reasons that startups fail, so the sooner you take ownership of your business’ financial health, the better.Dealing with your finances head-on from the get-go is the best way to set yourself up for lasting success. Careful planning can help you to avoid common money mistakes...

SME Brexit Support Fund

This week the government announced that small and medium-sized businesses (SME's) can get up to £2,000 through the SME Brexit Support Fund to help with training or professional advice.The grants can be used for training on: • how to complete customs declarations• how to manage customs processes and use customs software and systems• specific import and export related aspects including VAT, excise and rules of origin.The fund will be administered through the existing Customs Grant Scheme an...

Increase in Scams Purporting to be from HMRC

As the 31 January deadline for self assessment tax returns approaches there has been an increase in the flood of scams purporting to be from HMRC.As HMRC issues thousands of SMS messages and emails as part of its annual self assessment tax return push, the department has warned taxpayers completing their returns to avoid being caught out by a rise in fraudsters using calls, emails or texts to offer fake ‘tax rebates’ or ‘tax refunds’. Fraudulent HMRC communications have already beco...

Show Me The Money

It’s a great feeling. You’ve done the work, sent the invoice quickly, the client pays and you’re on top of the cash flow. Running a business is a dream…..Except when you get the odd client who doesn’t pay quite so quickly. Your bills start to mount up as you wait and wait and wait. Chasing money can feel toe curlingly embarrassing but you need paying. It’s an irritating but routine part of running a business. So how do you deal with a late payer whilst not upsetting your client?...

Spending Review

Late November should have seen the Chancellor announce his Autumn Budget and a Comprehensive Spending Review covering the next three financial years. Like many other plans, the uncertainty created by the pandemic has put both on hold. In their place was a ‘Financial Statement’, primarily addressing a one-year Spending Review.The highlights of the Financial Statement were as follows: · No tax announcements, although the Chancellor noted that “we have a responsibility … to return to ...

Are You Concerned About Paying Your Tax Liabilities?

There have been so many changes this year to the dates the various taxes are due for payment and, although we have kept you informed along the way, we thought it would be useful to have a summary to refer to. Let’s Look at the Various Taxes Depending on your circumstances you could have the following taxes to pay. VATVAT payments which were due between 20 March 2020 and 30 June 2020 were automatically deferred to 31 March 2021. If you have not settled the VAT you now have a further 11 months f...

Can I Re-open My Business as We Begin to Ease Out of Lockdown

As we begin to ease out of lockdown the government, in consultation with industry, has produced guidance to help ensure workplaces are as safe as possible.The government has produced 8 guides covering a range of different types of work to help us understand our responsibilities.These cover:Construction and other outdoor workFactories, plants and warehousesHomesLabs and research facilitiesOffices and contact centresRestaurants offering takeway or deliveryShops and branchesVehiclesIf your industry...

What is a Personal Tax Account and Should I Have One?

A few weeks ago we wrote a post about setting up a Business Tax Account (BTA) which are how the self-employed and companies can file returns, view their tax and pay their tax liabilities. Individuals can also set up a Personal Tax Account and we are encouraging our clients to do so even when we deal with their tax affairs.As we move to a more digital tax system the tax accounts are increasingly being used by HMRC. The benefit of having a PTA is that all the most important information HMRC holds ...

Top-Up to Local Business Grant Funds Scheme

Further support is being made available to small businesses with ongoing property costs. £617 million is to be made available to local authorities. This is an additional 5% uplift to the £12.33 billion funding previously announced for the Small Business Grants Fund (SBGF) and the Retail, Hospitality and Leisure Grants Fund (RHLGF).Local authorities have been asked to prioritise businesses in shared spaces, regular market traders, small charity properties that would meet the criteria for S...

Zero Rating of VAT on E-Books to be Fast Tracked

The promise to zero rate VAT on e-books and e-newspapers has been fast-tracked by the government in a bid to boost publishers hit by the coronavirus outbreak.In the spring budget the chancellor announced that E-publications (e-books, e-newspapers, e-magazines and academic e-journals) will be VAT zero-rated from 1 December 2020 but this is now apply with effect from 1 May 2020.Previously, the standard VAT rate of 20% applied to digital publications. In support of the print newspaper industry...

How do I Claim the Grant for my Furloughed Employees?

The portal for claiming the grant for furloughed employees has opened today and you can access it via HMRC website. To claim, you will need: your employer PAYE scheme reference numberthe number of employees being furloughedNational Insurance Numbers for the furloughed employeesNames of the furloughed employeesPayroll/employee number for the furloughed employees (optional)your Self Assessment Unique Taxpayer Reference, Corporation Tax Unique Taxpayer Reference, Company Registration Numb...

So What Are My Responsibilities as a Director?

The statutory responsibilities of a director have been referred to a great deal in the last few weeks in relation to the Coronovirus Job Retention Scheme. A furloughed company director is not allowed to carry out the usual work they undertake for the company but they can continue to perform their statutory duties.A director has to perform a set of 7 duties under the Companies Act 2006. So what are they?Company’s constitutionA director must follow the company’s constitution and its artic...