In this guide, we’ll explain how crowdfunding works, its benefits compared to other methods of financing and the factors that determine a successful crowdfunding program. We’ll also outline the services available from the best crowdfunding sites in the UK.
In this article, we set out an example of the calculations you need to make to find out how much you have saved on your tax bill. The savings apply to both profitable and loss-making companies and we have included examples for each.
Accounts payable probably isn’t the most glamourous element of your business, but it’s undoubtedly one of the most important. Getting accounts payable right can have a substantial positive impact on your organisation because it affects some of the most fundamental aspects of doing business. Here’s how it all works.
If you’re considering pension options for yourself or for key members of your small business, you may be weighing up two sets of initials – SSAS and SIPP. SSAS refers to small self-administered schemes and SIPP is a self-invested personal pension.
As business owners, bookkeeping and accounting can often be the part of the role we dread the most – and terms like trade debtors and trade receivables certainly don’t help. The fact is, to all intents and purposes, many organisations out there can treat the two terms as one and the same.
In what will signal a blow for many struggling businesses, HMRC has said it will not be waiving late filing penalties or extending the set January 31st deadline. However, there's slightly better news if you've been affected by the pandemic. HMRC has also said it will consider cases where COVID-19-related problems cause delays. Businesses will also get more time to appeal against penalty decisions.
People who have been self-employed for some time will be familiar with the procedures, but if you’re new to self-employment, it’s important to understand your filing and payment obligations so that you don’t incur fines from HMRC.
On 24th September, after weeks of speculation, the Chancellor announced the successor to the furlough scheme as part of a Winter Economy Plan. The ‘Job Support Scheme’ will come into effect on November 1st and will cover a six-month period.
Here are the key elements of the new scheme, as well as a guide for employers on what to do now furlough is ending.
If you use your own car for business travel, you are entitled to claim certain costs as an allowance against tax and that could reduce your tax bill. The way company car and mileage allowances are calculated in the UK is different for employees and self-employed people. In this article, we explain the allowances for employees.
A Statement of financial position is an important financial document that helps you run your business efficiently and profitably. It provides a guide to the financial health of your business, so it’s essential to understand its components and their significance.
In this brief guide, we’ll explain more about the recognised methods for taking money out of a business account for personal use, and provide guidelines for dealing with business payments for personal expenses.
This article will explain the different aspects of R&D accounting in more detail. However, you may find it useful to take professional advice to ensure that you are claiming the correct level of expenditure for your specific R&D project.
For millions of self-employed people in the UK, there was relief that the Government’s support scheme is set to continue following announcements in the 2021 Spring Budget. The Self-Employment Income Support Scheme (SEISS) was set to close at the end of February 2021, but has been extended to cover two further phases that will run until the end of September this year.
With cryptocurrency transactions, tax rules can get slightly complicated, and you could incur several different liabilities, like income and corporation tax, stamp duties, and – depending on transaction types – VAT.
After much pressure from professional bodies, HMRC has finally backtracked its threats to stick with a fast-approaching deadline for late filing penalties. Taxpayers will now get until the 28th of February to file their online returns before they face any fines.
If you’re self-employed in the UK then each year you’ll have to fill out a self-assessment tax return to HMRC, showing your income for the year and the income tax you are liable to pay based on that. Our team of tax accountants break down the self-employed allowable expenses.
If you are considering a merger or acquisition, it’s essential that you take professional advice before taking any decisive steps. One of the most important parts of the process is due diligence – a legal and financial assessment of any potential risks in the transaction.
All you need is the one big idea, one that could take you where the famous ‘garage entrepreneurs’ have found themselves — Apple, Facebook, Google, Microsoft. Here we’ll give some pointers on how to come up with a business idea, plus what you’ll need to do to get your idea off the ground.
Corporation Tax is payable on trading profits - in its simplest form, the income of the business after all allowable expenses have been deducted. The calculations for the final taxable profit figure are more complicated than that and it pays to take professional advice so that you can minimise your Corporation Tax liability.
If you come across the term liquidity ratio, you might think it’s just a technical accounting term. In fact, it’s a financial measure that provides you with an important indication of the financial health of your business.
Breaking even is a pretty straightforward concept to most business owners, but there’s a lot more to your break-even point than you may realise. On a rudimentary level, breaking even is when your total business costs are equal to the revenue you generate, but you can gain a lot more insight about your business from running a regular break-even analysis.
As of 1 July 2021, new rules will be introduced by the EU regarding VAT in e-commerce. The new rules will extend the Mini One Stop Shop (MOSS) that is currently available for B2C sales VAT accounting regarding Telecommunications, Broadcasting and Electronic Services (TBES), to all B2C service supplies.
The Chancellor announced a number of changes in the 2021 Spring Budget that will affect you if you are self-employed, work as a contractor through a limited company or run a small business. Some of the changes take effect immediately; others will impact your business in future tax years.
The Spring Budget recognised that the impact of COVID on small business is not yet over. Various support schemes and loans for businesses and the self-employed continue, but, at the same time, the Chancellor has begun to claw back some of the costs of that support with an announcement of future tax rises.
A balance sheet is a snapshot of what your business owns (assets), and what it owes (liabilities), at a specific point in time. By analysing the balance sheet and comparing it with information from your income and cash flow statements, you can make a realistic assessment of the financial health of your business.
As coronavirus continues to spread fuelled by the new variant, the Chancellor has extended key schemes to support businesses and employees through to spring, when the Government hopes the twin vaccines will begin to slow the pandemic.
The most straightforward way to answer the question “What is Invoice Finance?” is to say it’s booming. There are several primary reasons for that, and during the past couple of decades, some key events have changed the way small to medium-sized businesses are borrowing.
Accountancy and commerce are inextricably linked. At the best of times, accountants are an invaluable resource, but no business can afford to be without one when the financial climate is less favourable.
The Government has introduced a number of schemes to enable small and medium businesses to continue trading during the pandemic crisis – BBLS, the Bounce Back Loan Scheme and CBILS, the Coronavirus Business Interruption Loan Scheme.
Buying a business can be a great way to bypass some of the years of hard work that go into building a venture. Yet, it's by no means plain sailing, and it's only likely to prove a shortcut to success if you get everything right. While buying an established business does require some time and effort, it also means you'll need to have access to substantial funds, so there are risks.
In case you hadn't heard, the FIRE (Financial Independence/Retire Early) movement has been gaining traction for a while now. In essence, followers believe that you get paid for your time, and how much time you are free from a traditional job is what defines success and happiness.
It’s often said that the value of your business is what someone is willing to pay for it, but there are several approaches you can deploy to reach an accurate figure. Here's how to value your small business accurately.