There are good reasons for hiring an accountant at different stages of your business’ growth. From a business plan to company formation, mortgage application to tax investigation, an accountant can make life easier for you at each step. Like all small business owners who are looking to save money, you may think you can’t afford…
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You’ve probably heard of it, you may well have a good idea of what it is, but many small business owners we’ve spoken to are a bit flummoxed by what a Trial Balance actually is! A Trial Balance is a list of closing balances of ledger accounts on a certain date and is the first…
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You Saw our first 5 list of tax mistakes a couple of days ago here, here are the next 5! Make sure you’re not doing them! 6. You’re misclassifying your employees, including your spouse Your tax liability will be different depending on if you use independent contractors, employees, or a mixture of both. Employees must…
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No one likes tax season, but unfortunately, you can’t ignore it altogether. And if that was your plan for this year, you could be looking at quite a hefty tax bill. But don’t worry, if you’ve been a bit negligent with your bookkeeping, all is not lost. There are still steps you can take to…
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Changes to the VAT Flat Rate Scheme Today – A reminder Flat Rate Scheme (FRS) This is a timely reminder for all businesses using the FRS that changes to the scheme come into effect TODAY: 1 April 2017. The first matter to consider is if your business is a “limited cost trader”. You can check whether…
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As technology and the marketplace continue to move forward at a rapid pace, many small businesses can be left wondering what’s next. It’s important to see the trends before they happen so you can capitalise on them for your business. Being one step ahead could mean the difference between a profitable year, and a bankruptcy….
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There is often confusion around what records you must keep in your Company, how long you should keep them for and what format they must be kept in. LeeP’s guide can help demystify these questions for you: Limited Company Records: You must keep details of: directors, shareholders and company secretaries the results of any…
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12 Month Delay In the Spring Budget this year, Hammond said, that unincorporated businesses with a turnover below the VAT registration threshold would be allowed to delay the introduction of quarterly reporting by one year – “This will provide them with more time to prepare for digital record keeping and quarterly updates.” Furthermore – following…
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Tax-saving ideas to implement before 6 April 2017 The January tax filing season may seem far behind you, but now is the time to consider tax planning opportunities before the 2016/17 tax year ends on 5 April. Every year, each of you have a number of allowances, exemptions and rate bands available to you. You…
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New Childcare Scheme which will also be available for the Self-Employed! LeeP Accountant’s summary on the new Childcare scheme which for once seems to give a ‘nod’ to those who are self-employed! A new childcare scheme called tax-free childcare (TFC) will replace the much loved childcare vouchers which was operated by Employers. The new scheme will…
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