Could you be eligible for the 5th Self-Employment Income Support Scheme grant (SEISS) ? The pandemic has proved to be a tough time for the UK’s freelancers. But there is help at hand still in the form of the Self-Employment Income Support Scheme (SEISS). The fifth tranche of the SEISS is now available to freelancers, contractors…
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Handling EU VAT on exports If you export goods and services to the European Union (EU), there are changes coming that will impact on how you account for VAT and duty in these EU member states. The One Stop Shop system, which was previously only available for digital services, will now be extended to include…
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P is for purpose, not profit Why does your business exist? Your purpose is three to seven words explaining why your business exists for your customers; it should be about them, not you. It is a small statement with immense power – your reason for being. EXAMPLES:Tesla: To accelerate the world’s transition to sustainable energy.Netflix:…
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Understanding your working capital to maintain business success If cashflow is the lifeblood of your business, then working capital is the health check you should regularly undertake to keep your business alive. Regularly checking working capital will play an essential part in maintaining business success during these times of greater economic insecurity. What is working…
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How do share buybacks work? When you head up a limited company, there will come a time where one of your current shareholders wants to retire or leave the company. A share buyback is one way to deal with this. It’s possible that your existing shareholders won’t have the funds to buy the shares back from the…
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Demystifying your Balance Sheet Do you understand the story your Balance Sheet tells about your business? It’s important you understand the components of your Balance Sheet and the key ratios that measure the health of your business. 1. It measures the net worth of your business.You Balance Sheet is made up of all of your…
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Reduce your corporation tax bill by offsetting pension contributions If you’re looking for ways to minimise your corporation tax bill, it’s worth considering if there are deductible expenses you can claim. One key area to think about is your director pension contributions, as these can be offset against your taxable profits. Pension contributions for directors…
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As your Accountant am I a cost or an investment? As accountants, I’m always helping my clients find ways to reduce their overhead costs – one of the seven ways to grow your business. Did you know that your accounting fees are an overhead cost? Should you be cutting this cost? Or do you view…
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