If you are keeping some money aside for your retirement, emergency or to buy a house, you are liable to pay tax on your savings. Thanks to personal savings allowance (PSA) that allows you to earn a tax advantage on your savings. In this blog, you will learn how much you will be taxed on …
During the Covid crises, or even after the post-pandemic, where many businesses are struggling hard to sustain and revive. Some sectors are experiencing a boom and have robust demand for short-term workers. Luckily, it is the best time for contractors who mostly perform short term works. Whether you are a contractor or want to set …
PAYE vs Umbrella Company: What’s the Difference? Read More »
No matter you are a freelancer, small business or a large enterprise, there is a common thing among all. They all receive and spend money. That’s what we all do. So bookkeeping is the process of recording these transactions. Simple as that, isn’t it? Whether you like it or not, it is essential for all …
Every business, regardless of its size, has to keep track of its accounts. Therefore, you need an accountant to manage your finances, whether you’re a sole trader, a startup, a freelancer, a landlord, or a small business. However, not everyone can afford to hire a skilled accountant with a £50,000 yearly salary. Therefore, many companies opt to …
If you aim to apply for a five-year route settlement in the UK, then this is the guide that you are looking for. But, first, it’s essential to understand the importance of an accountant’s certificate of confirmation for this. As in case you fail to submit it when required, your application will be rejected. This blog will let …
Everything You Need To Know About Accountant’s Certificate of Confirmation Read More »
In the United Kingdom, SMEs are essential to the economy. But, unfortunately, every year, many SMEs fail because of cash flow issues. Expenses are one of the most crucial parts of the cash flow equation. So, a business must learn how to manage expenses in order to pay the right amount of tax, save more …
Selling, General and Administrative Expenses (SG&A) – A Basic Guide Read More »
Every person’s dream is to grow his business and make a name for himself in the business world. Accounting is an essential aspect of any business’s success. A suitable accounting approach can help you expand your business. Accrual and cash basis accounting are the most used accounting methodologies for recording accounting activities. In this article, …
Accrual Basis vs Cash Basis Accounting: Pros and Cons Read More »
If your company is bringing out zero rated VAT items, why not enroll for VAT and claim back the charge you presently pay on outgoings and costs? The fundamental rule for VAT is that everything is subject to VAT at the basic and minimum rate unless the law makes a special case for it. The …
Difference Between Zero-Rated Vat Items and Exempt Supplies Read More »
An accountancy computer program can run your trade faster, easier, and simpler. Luckily there are a few incredible free accounting software to help your business grow. Check out the alternatives here, and discover the correct fit for your trade. Anybody who’s ever runs an enterprise knows how tough accounting can be. Knowing how much cash is …
Free Accounting Software for UK Small Business in 2021 Read More »
Choosing a skilled accountant is one of the major decisions business owners have to make. Being enthusiastic about a financial vision of a business is one thing, but good accountants are talented to increase the growth of your business with their remarkable thinking strategies. The right bookkeeper will become your trusted colleague, and help you …
Want to know what are statutory accounts? Who needs them? What is included in statutory accounts? When to file them? Do small businesses need to file them? Can you prepare them by yourself and so on. Read on this post till the end to get all your answers. Cheap Accountants In London provides a comprehensive …
What are Statutory Accounts and What’s Included in Them? Read More »
Budgeting is crucial for business management. Along with determining the operational profitability of a business by forecasting income and expenditures, it is critical for predicting the cash flow, which is of vital importance for achieving financial sustainability. Besides, budgeting helps to make the right business decision and monitors the performance of the business. Keeping the …
Incremental Budgeting: Advantages & Disadvantages Read More »
In accounting, audit generally refers to the audit of a financial statement or the inspection of various books of accounts that is usually done by a third party to validate the information of financial statements. Wondering what is assurance in accounting? It is the process of analyzing different processes, controls and operations of a company. …
What Is Audit & Assurance In Accounting? A Guide Read More »
Return on Assets is a metric to measure the business profit in relation to its total assets. It indicates how well a company uses its assets (capital) to generate profit (net income). If your returns are higher, it means your business is efficiently utilizing its assets. If not, it implies that your business is not …
What is Return on Assets? How to Calculate and Use it? Read More »
Double-entry bookkeeping is an accounting system in which transactions are equally recorded in two or more than two accounts. You have to make a debit entry in one account and a credit entry in another. For example, if a business takes a loan of £3000, you’d credit the assets to £3000 and debit the liability …
Management accounting is also called managerial accounting. It involves the provision of financial and non-financial information to the managers after identifying, interpreting, and analyzing the information. It is only used by the internal team of the organization that deals with the operational business metrics. The company takes the information related to the purchase cost …
If you’re new to finance and accounting, the term “Payment on account” might be confusing for you. So, we’d make it easy for you in simple words. Payment on accounts is the amount received by HMRC as an advance payment from some businesses (Self-Employed) against Income Tax and Class 4 National Insurance. Who …
Opening a new business is new and exciting – however, you have to be extra careful about your finances in order to keep your business afloat. It is normal to cut corners when it comes to expenses to ensure that you are able to adhere to your budget and come out with a positive bottom …
Signs That You Need to Hire an Accountant for Your Business Read More »
Accounting never really changes, whether it’s for a startup business or a large enterprise. It is all about keeping accurate records of ongoing financial transactions and looking for opportunities to make more profits and grow! That being said, accounting is much more essential for a startup business, as any mishaps here can lead to a …
4 Reasons Your Start-Up Needs to Have Good Accounting Read More »
Consolidating social media and marketing is an extraordinary method to support your marketing potential. Utilizing both of these channels on their own makes for a powerful advertising technique. However, on the off chance that you consolidate the two, you will intensify the qualities of each while lessening their shortcomings. Social media ought not to be …
How to Combine Social Media with Other Forms of Marketing Read More »
Your struggle to find an accountant is a real one. Things get a bit too when you’re looking for a competent one. Every business today needs a competent accountant. Find an accountant that keeps your finances in order, and most importantly, serve as your business partner. They will be your confidante you can depend on …
There’s not one truth than this one accounting for startups truth that “Bookkeeping is the cornerstone of every company’s success.” From regular restaurants and small-time retailers to publicly-traded companies, there is no firm that will ever be exempt from the responsibility of getting the numbers right. Move from taxes and finances to cash flow concerns …
3 Accounting for Startups Advice One Must Follow Read More »
Finance is a vital aspect of any given business, be it a small-scale or big-time company. Money keeps a company healthy and capable of growing. As much as possible, there should be an organized system in place for book managing and accounting. When tracking a company’s finances, it’s important to be detailed. Marking each transaction …