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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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What’s the difference between financial accounting and management accounting?

What’s the difference between financial accounting and management accounting? You’re running a business, so you know the legal requirements around producing accounts and submitting tax returns. But do you truly know WHY you’ve engaged an accountant? And do you understand the value that a good accountant and business adviser can add to your company? As…
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The Man on the Moon Principle

The Man on the Moon Principle In 1961, President John F Kennedy famously announced his goal of landing a man on the moon and returning him safely to Earth before the decade was out. As we know, in July 1969, Neil Armstrong and Buzz Aldrin became the first people to walk on the moon, 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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Limited Company Records

Limited Company Records If you trade as a Limited company you are required to keep a whole host of company and accounting records. These include details of directors, shareholders, company secretaries and the results of any shareholder votes and resolutions. Failure to do this could land you in deep water with the authorities and in many cases…
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Expenses for Sole Traders

Self Employed Expenses What are allowable expenses? Essentially expenses are costs that you’re able to deduct from income to calculate your taxable profits. For example, if you earn £40,000 in a year and can offset £10,000 in expenses during the same period you will pay tax on £30,000. This would be your taxable profit. Allowable…
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Help to Grow Campaign

Help to Grow Campaign In the 2021 Budget the government announced two further initiatives to support Companies where they have between 5 and 249 staff. Help to Grow: Management What is it? This June, small businesses will be able to access a 12 week-programme delivered by leading business schools across the UK. The programme will…
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Self Employed Income Support Scheme – New Grants

Self Employed Income Support Scheme – New Grants At the Budget it was confirmed that the fourth SEISS grant will be set at 80% of 3 months’ average trading profits, paid out in a single instalment, capped at £7,500. The fourth grant will take into account 2019 to 2020 tax returns and will be open…
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Recovery Loan Scheme

Recovery Loan Scheme The Recovery Loan Scheme is to replace the Coronavirus Business Interruption lOan and the Bounce Back Loan schemes. It ensures businesses of any size can continue to access loans and other kinds of finance up to £10 million per business once the existing COVID-19 loan schemes close, providing support as businesses recover…
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