A property rental accounting checklist is a useful tool for any landlord. It helps you organise all the information required to prepare accurate accounts for your rental properties. In the UK, accounts are prepared for each tax year, which runs from 6 April to 5...
Working for yourself is a major life change for most people. It affects your work/life balance, your attitude, and even your social life. It also impacts your earning power and ambition. Today, more people consider working for yourself, whether by choice or by...
Understanding worker status is one of the first steps when arts organisations take on workers. Before making payments, you must determine whether the individual is employed or self-employed. This process is known as a status test, and it has a fundamental impact on...
Outsourcing accounting services is a decision many businesses consider at some point. For small businesses, in particular, it can be a game changer. It allows you to compete with larger companies without increasing your overheads. In fact, outsourcing accounting...
Business credit control is essential for any organisation that relies on incoming payments. Many artists and businesses face delays between earning income and receiving cash. This often includes fees, grants, sales, and donations. However, cash flow remains critical...
Understanding the National Insurance Contribution rules for entertainers is essential if you work in the performing arts or hire performers in the UK. These rules determine whether an entertainer pays National Insurance as an employee or as a self-employed...
Keeping financial records, or bookkeeping, is an essential but often misunderstood task. Bookkeeping for arts organisations is especially important. That’s why, this article will give you an overview of why bookkeeping (record keeping)matters and how it works for arts...
When it comes to claiming business-related costs, understanding which travel expenses HMRC allows can save you time, stress, and money. In this guide, we break down what counts, what doesn’t, and how to handle claims correctly. Understanding Travel Expenses Travel...
Understanding VAT for UK businesses is essential if you're trading goods or services. From what counts as a taxable supply to when you need to register, VAT can seem like a maze, but it doesn’t have to be. In this guide, we’ll break down the types of VAT, the...
If you landed on this page, I’m assuming you’re struggling to pay your taxes on time. But, don’t worry - you’re in the right place. This blog aims to give you the steps you need to take if you can’t pay your tax bill, and to give you some peace of mind. So, read on....
Cash flow forecasting might sound like a big deal, but it is really not. It is just about making sure you know how much money is coming in and going out of your business. If you get it right, you can avoid running out of money and be ready for anything. So, that’s...
Managing cash flow is vital for running a successful business. I can testify to this personally as well as from my 30+ years of experience helping clients manage theirs. No matter what kind of business you have, a steady cash flow ensures your business stays...
Small businesses can often struggle to make ends meet if they don’t have a good billing process in place. That’s why, in this blog, we’ll focus on the 5 common billing mistakes that can hurt your financial health and how to avoid them. The general topic of this blog...
Dividends are one of the most efficient ways for company owners to take profits from their business. However, there’s more to paying dividends than just transferring money. If you’re a director of a limited company, it’s your responsibility to be in the know about...
Dividends are a popular way for company owners to take profits from their business, but they need to follow the proper rules.If you’re a director and shareholder of a limited company, dividends might already be part of how you pay yourself. However, you need to...
Running a business in the UK - we know it comes with its fair share of tax responsibilities. And VAT is often one of the most confusing areas, especially reverse charging VAT. It's something every business owner, freelancer, or entrepreneur needs to understand....
Running a limited company in the UK can open up exciting opportunities. But it also comes with its fair share of responsibilities, particularly when it comes to taxes. For many business owners, the thought of dealing with tax obligations can feel overwhelming or even...
When you decide to run your own business as a sole trader in the UK, understanding how sole trader taxes work is a key part of your entrepreneurial journey. Whether you’re just starting out or have been trading for a while, knowing the basics of tax treatment can save...
When you embark on the journey of entrepreneurship, one of the most pivotal decisions you will face is the choice of business structure. Registering as a sole trader vs limited company - this is where you’ll need to weigh your options and choose. Naturally, it will...
When it comes to growing your business, success isn’t just about strategy, tools, or talent. Often, what keeps businesses stuck are the bad business habits that seem harmless but can actually hold you back from reaching your full potential. These aren’t just minor bad...
If you’re running a dormant company, or thinking about making your business dormant, there are some key things you need to understand. Dormancy is a status for companies that aren’t actively trading. While it might seem like a low-maintenance option, there are still...
Shareholders and directors both play crucial roles in a company, but they have distinct responsibilities and powers. Understanding these differences is key to managing a business successfully. The differences between shareholders and directors Think of shareholders as...
Being a limited company director means making smart decisions for your business - but doing it in a way that benefits the company as a whole. It’s important to understand your responsibilities in order to avoid any legal or financial pitfalls in the future. As a...
If you are still keeping track of your business finances with spreadsheets, data entry, or any other outdated software, this could be the best time to finally move to cloud accounting. More and more businesses are making this switch, and that is simply because cloud...