15 things you didn’t know an accountant could do When asked “What does an accountant do?” many people answer with accounts, tax or compliance work. While that’s true, what many don’t know, is that the good ones do so much more. The best accountants will become a part of your team; they will give you…
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NI Increase / Social Care Levy The governement have announced that all rates of national insurance contributions and income tax on dividends will increase by 1.25 percentage points from 6 April 2022. This increase in rates will be rebranded as the ” health and social care levy” with effect from April 2023 and kept separate…
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Proposed change of accounting period for unincorporated businesses: are you ready? **UPDATE** – The government announced on 23rd September 2021 that the introduction of this has been postponed one year. **UPDATE** Are you self-employed? Or are you a partner in a trading partnership? If you are, you should be aware of the proposed changes to…
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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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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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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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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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Getting ready for the extension of Making Tax Digital **UPDATE – On 23rd September 2021 the government announced that they have decided to push back / postpone the introduction of Making Tax Digital (MTD) for Income Tax for one year, ie to April 2024. They did however confirm that from that date it will affect…
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The value of cashflow forecasting during a crisis Projecting your cashflow pipeline forwards during a crisis is vital. To be able to navigate the future path of your cashflow, you need to start forecasting – so you can map out your financial position over the coming months and can take the appropriate action to safeguard…
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Do you feel like a slave to your business? Feeling like a slave to your business implies the loss of control; thinking that you need to be available to your customers 24/7 and that your team can’t cope without you. It can also imply a victim mentality – that this is just what it’s like…
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