Tax season can be a source of stress. But it doesn't have to be this way. In this vlog, I'll share some useful tips for ending procrastination with tax return. Tax return deadline For the tax year of 2022/23, it’s January 21, 2024. So, even if you’ve been...
What is management accounting? Firstly, before we look at why your should use Management Accounting for your Business, let's understand what it is. Most importantly financial issues impact our working and personal lives. Knowing your numbers is important for all...
Your business plan is nothing without your objectives and goals for your business. Firstly, as a general rule, it’s good to have objectives and goals in your life. Secondly, it’s crucial to have them for your business. They will help it run smoothly and ensure a focus...
Most importantly, Tuesday 25 th August is the first LoveMyAccountantDay – and we’re excited to celebrate everything that accountants do. Many people find that they get overwhelmed with numbers. Likewise, businesses can struggle to get their head around them. That’s...
So, what does having a successful business mean to you? That is a really important question to ask yourself when starting out, as if you don’t know where you want to go, it is very difficult to figure out how to get there. Most importantly, Business growth doesn’t...
The first Coronavirus employer grant claim portal went live on Monday 20 April 2020. This has been updated as of 31-Oct-2020 to reflect the fact that the November 2020 Furlough scheme will be in line with this. We've updated this article to reflect the new scheme. ...
To clarify, making the correct Construction Industry Scheme (CIS) deductions is one of the schemes conditions. So, are you doing it correctly? Firstly are you working in construction? Secondly are you a contractor, subbie, advisor, all of those? If so this article will/should provide some value. Payments to sub-contractors: travel, subsistence and accommodation Under the Construction […]
Personal Tax: What expenses can we claim? Today, we will tell you what expense claims can be made for your Personal Tax Return. Previously we talked about that, pencil in the aorta time, tax return season. I get loads of clients saying, Mahmood, we’re putting our...
Firstly, Personal Tax return season (Self Assessment) 2019-20 finishes on 31st January 2021. Secondly, you may have done yours, so relax, but if you've not read on. I'll start by looking at the first steps and then proceed from there. Some important stuff to things...
Value Added Tax (VAT) registration, doing it sooner and being an unpaid tax collector seems crazy. It looks complicated, not to mention time-consuming. However, with the right help and guidance, VAT registration, operating it and invoicing are straight-forward and easy to navigate. Your business must register for VAT if Your taxable supplies, including zero-rates sales, […]
The importance of record keeping In this blog and video we look at Why record keeping is key to your success . Bookkeeping, or keeping financial records is vital. More importantly you need to know what you are spending. You need to know where your money’s coming from. Making good judgements when you have complete […]
Have you ever wondered what TRUST has got in common with credit control? Furthermore, why is TRUST in business so important? “If people like you they’ll listen to you, but if they trust you, they’ll do business with you.” Zig Ziglar. As a matter of fact, the concept, idea and practice of TRUST is a […]
Business success Firstly, business success, and how you achieve it is often talked about. So, this blog will look at what helps you get business success. What is business success to you? In the beginning you need to think about what success looks like to you. Furthermore, you need ask this question in advance of […]
Tax-free benefits for you and your employees Certainly paying tax-free benefits to yourself and/or your employees is a great situation. Most importantly there is no tax or NIC to pay. In addition, your company can deduct the costs from business profits. Above all the benefit must be paid for. In other words, don’t provide the […]
Business growth Firstly business growth stories tell you: Your profitability What things cost Information on Controlling & managing cash Planning Returns and Information for the Tax authorities, sending in VAT and Tax returns Telling your business story mainly comes from your financial and business transactions. This includes what you’re spending, where money’s coming from, money […]
Firstly, property is a business. Secondly, run it as one, because it is not just an investment. There is money to be made in property. Therefore before money starts rolling in there’s lots to think about, including: Tax return- do you need one? Decide whether you’re going for capital growth, income or a mix Ownership […]
Business budgeting for success needs the solid foundations of sound financial management built into its overall strategy. For that reason finances should underpin every aspect of its work. Plan and cost your activities, so your resources are properly considered. “Failing to plan is planning to fail,” Benjamin Franklin Likewise Franklin’s words apply to budgeting. Hence budgeting is […]
Ready for Making Tax Digital ? There has been a lot of news and noise about Making Tax Digital (MTD). The purpose of this short blog is to remind you of the key points about MTD, which becomes live on 01-Apr-19. Making Tax Digital MTD is compulsory if you’re VAT registered and over the VAT […]
Take charge of your numbers It becomes challenging to know how your business is doing, your progress to your objectives, what you are doing right unless you are measuring and reporting your progress. These measures are commonly referred to as Key Performance Indicators (KPIs). KPIs can take the form of financial measures, non-financial measures, surveys […]