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IR35: Will it affect me?
Protests against IR35 took place last week. The protestors went to Westminster as they are against the new legislation. They say it will be ‘disastrous’ for many small businesses who need to hire contractors. But what is IR35 and will it affect you? Here we look at...
Limited company or sole trader?
Limited companies are seen as a large business but the truth is many limited companies are run by individuals. Becoming a sole trader is the easiest way to set up a business in the UK. Many people start out like that while they find their feet. Sole traders are simply...
HMRC fake emails: how to spot them!
HMRC will be sending out emails to those people who have registered on the government gateway over the next few weeks. As the self assessment deadline fast approaches, they may get in touch to give you an update on your statement. And that means scammers will be...
Self Assessment: all you need to know
Self Assessment is a phrase that often strikes dread into some people. Add the word deadline and that can turn to fear! But what is it and why do we hear so much about the deadline? What is Self Assessment? You are eligible to complete a Self Assessment tax return if...
Increase business profits
Our last blog looked at turnover and profit and we explained the difference between the two. If you have a good turnover but poor profits, your business isn’t running as well as it might. Having better profitability increases the likelihood that your business can cope...
Turnover and profit: what’s the difference?
Turnover! It’s a word that many business owners drool over as they tell you how much their business has achieved this financial year. But what does it really mean? Owning a business with a great turnover sounds impressive, but if it’s smaller than what’s owed to...
What is bookkeeping?
If you run your own business, you need to look after your accounts: that’s the money-side of things. It can mean looking after your cashflow, invoicing your clients, chasing payments or paying bills among many other things. An essential part of that is keeping your...
What is Working Capital?
Over the summer, we ran a 26-day series on social media called the A-Z of Accounting. Each day there was a brief paragraph outlining topics, phrases and words used by accountants and business finance specialists. Some topics were read by more people, so we’ve chosen...
Do you claim the right expenses?
Keeping track of everything in business can be challenging. And if you are not a qualified accountant then keeping track of the finances cannot only be a challenge, it can become a real issue that could have a major impact on your company. This is especially the case...
What to do when your clients cease trading
A client had some extraordinary bad luck recently when two of his customers in the construction industry abruptly ceased trading owing almost £50k to our client. The situation was worsened by the fact that the goods had been delivered and invoiced but there was little...