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Major changes to the VAT Flat Rate Scheme

If you currently charge 20% VAT on your sales to customers but pay a much lower VAT rate as a percentage of your Gross sales (between 12-14%)  please read on! From the 1st April 2017, the Flat Rate VAT Scheme is changing.  HMRC is introducing a new 16.5% rate which is likely to be less…Read More

How to stay on top of your taxes

Staying on top of your tax obligations can be a challenge, particularly when you’re trying to run a busy business. Doing so really does make life much easier when it comes to submitting your self assessment however and it also helps you maintain control of your accounts and in the rare event that you do…Read More

Self-employment rates in the UK continues to soar

The latest figures which have been released from the Office for National Statistics (ONS) has revealed that the rate of self employment in the UK is continuing to grow year-on-year. Since 2008, the number of freelancers or self-employed workers has risen by an impressive 700,000 and now stands at 4.5 million. Furthermore, in the period…Read More

How to avoid cashflow problems when you run your own business

One in four businesses don’t make it through the first year and more than half don’t survive past the fifth. Unsurprisingly, one of the main reasons for this is down to cashflow – without it, a business simply cannot stay afloat. Below are some of the most common cashflow problems and how you can prevent…Read More

The most common accounting mistakes small businesses make

When running a business, mistakes are inevitable and one of the most common areas in which people slip up is with accounting and bookkeeping. Accounting mistakes can range from minor errors such as forgetting to keep low-value receipts all the way up to issues that can really affect your company’s cash flow and even put…Read More

The benefits of outsourcing payroll

Payroll management is time consuming and difficult so it’s not surprising that very few business owners enjoy it or like to do it themselves. If you’re currently in the process of weighing up whether or not to carry on as you are or outsource this service, here are a few benefits which should help you…Read More

Everything you need to know about Pension Auto Enrolment

  Pension Auto Enrolment, also known as Automatic Enrolment, is a new law that means all employers must automatically enrol their workers into a workplace pension scheme. Although this process is automatic for your staff because they don’t have to do anything, it’s not automatic for the employer and there are steps you need to…Read More

Tax efficient ways to get your staff fitter and healthier

It makes sense that a healthy workforce is a productive workforce. As well as being more motivated during the day and getting more done, they’re also less likely to take sick days. The government has recognised these benefits and has introduced tax breaks to employers who promote good health so encouraging your staff to be…Read More

What to do if you miss the tax return deadline

As always, the deadline for submitting and paying self return tax returns is the 31st January. If for whatever reason you haven’t managed to complete yours, what happens now? The first thing to remember is not to panic. Missing a payment to HMRC can feel incredibly daunting and although it’s highly advisable to keep up…Read More

Every year HMRC receives some genuine, some silly and some downright bizarre excuses for why people couldn’t submit their tax return on time. As the 2015 deadline quickly approaches the tax authority has released its annual list of the 10 worst excuses they heard last year for people filing or paying their return late. Unsurprisingly,…Read More

Young men are the biggest culprits for missing the tax return deadline

With the January 31st deadline approaching very quickly, accountants and business owners across the country are racing to get their self assessments completed in time. The instant £100 fine for missing the cut off date tends to be motivation enough for most people but inevitably, every year there are thousands who don’t quite manage it.…Read More

Getting yourself prepared for the self-assessment tax deadline

As soon as the Christmas break is over it’s back to reality and nothing reminds us of this more than the self-assessment tax deadline. The 31st of January is dreaded by companies and the self-employed all over the country but if you’re well prepared, believe it or not, it really doesn’t have to be that…Read More

The most common mistakes people make on their tax return

Completing a tax return can be daunting, confusing and easy to get wrong if you don’t know what you’re doing. In order to help you avoid making any mistakes, below are some of the most common errors people make on their self assessment forms. Typos The most common mistake that business owners make is not…Read More

The Accountancy Rich List

For 25 years now, the world eagerly awaits the annual Sunday Times Rich List. From musicians, actors and TV personalities to politicians and business owners, the list is always filled with a huge variety of people. Being accountants ourselves, we wondered if and where those in the finance industry feature on the list and we…Read More

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