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.
As a small business, you have a choice of how you file your accounts. You can either submit a full set of accounts or an abridged set, which contains less detail but meets the compliance requirements of Companies House and HMRC.
Moving accounting systems is a daunting process, you’ve got all your financial history in the original system and learning something new takes time. But with the help of our Xero accountants, moving from Sage to Xero isn't complicated.
There is little doubt that the UK Government’s ‘Making Tax Digital’ programme is a bold one. In their words, “HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world”. So, what is making tax digital, and what are the benefits?
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’re considering how to improve your accounting processes and your financial decisions, we strongly recommend finding out more about Xero. Here’s a brief guide to Xero cloud accounting features and benefits, but if you’d like to discuss it in more detail feel free to get in touch.
Sunak’s “Plan for Jobs” is designed to protect and create roles that will help Britain recover from the economic effects of COVID-19. While the measures aren’t as wide-reaching as announcements made in phase one, many will see them as a welcome boost during difficult circumstances.
2020 has been a tough and stressful year for employees and people who are self-employed. The government lockdown to reduce the spread of Coronavirus essentially meant that people should work from home wherever possible. But, for many self-employed people that was not an option.
The Covid-19 crisis has taken an extraordinary toll on the UK, with essential workers in many sectors having been severely tested. Here's some advice for business owners on paying wages and sick play for employees during Covid-19.
Our experienced accountants reveal how to recover loss in business momentum and get ahead of potential cash flow problems. Business recovery may not happen overnight, but there is help available to make it achievable.
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.
If your business is registered at Companies House, you have to prepare an annual profit and loss statement by law. Choosing to prepare a profit and loss forecast could have valuable benefits for your business. Here's a guide to profit and loss forecasts as well as a handy profit and loss template.
After much success helping SMEs with their accounting and legal needs in London and Brighton, we are incredibly proud and excited to open our third office in Manchester. The office is run by Stuart Hurst, a talented accountant with 15 years’ experience.
Disputes often arise purely because of a lack of clarity, and that doesn’t only apply in business. Misunderstandings are a part of everyday communications, and they can happen easily. Even the strongest of relationships can have ups and downs, and business partnerships are certainly no exception to that. What’s important is to try and get ahead of any potential problems by creating a deed of partnership, otherwise known as a partnership agreement or a shareholders agreement.
To help local businesses not just recover from, but beat, the economic impact of Covid-19, Brighton accountants, Accounts and Legal, and Sussex based solicitors, Mayo Wynne Baxter, are hosting a free webinar, on ‘how not to become a statistic and to come out thriving.’
With businesses struggling to survive, the pandemic has resulted in more than one million UK workers being furloughed, according to Chancellor of the Exchequer Rishi Sunak. As the crisis continues, one in four workers, which equates to over nine million people, are expected to be furloughed.