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Category: Sole Trader

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Understanding your working capital to maintain business success

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

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 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

Getting ready for the extension of Making Tax Digital Keeping the UK’s tax system running effectively and up to date with advances in technology is no easy task. But the introduction of the Government’s ‘Making Tax Digital (MTD)’ initiative is intended to solve this problem, by moving most taxation over to a digital model. Making…
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The value of cashflow forecasting during a crisis

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?

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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10 ways to lift your profit margin

10 ways to lift your profit margin Improvements can always be made at the margin. Small tweaks to your processes or systems can make a massive difference to the end result. It’s the same with your business margin – a 1% increase in your gross margin on £500,000 of sales is an extra £5,000 on…
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How to close down your self-employed business

How to close down your self-employed business When you’re self-employed, you’re the workforce, the business and the boss all rolled into one. This can be a brilliant set-up for many self-employed people, but if your plans change and you decide to wind up the business, there are certain things you need to plan for and…
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Self Employed Income Support Scheme (SEISS) – Grant 5

Self Employed Income Support Scheme (SEISS) – Grant 5 Claims for the fourth SEISS grant have now closed and hot on the heels of this is the guidance for the 5th grant.   Claiming the fifth SEISS grant  The claims window for the fifth grant will open from late Ju‌‌ly and from mid-July HMRC will contact taxpayers…
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The Most Dangerous Accounting Mistakes For Your Small Business

The Most Dangerous Accounting Mistakes For Your Small Business Starting your own business is an amazing thing to do but it’s also notoriously risky. There’s a lot to think about when you first start out on your own and it can be tempting to put accounting on the back burner, but that would be a…
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