What are the tax return penalties?
If you are self-employed, a director or partner in a business, or you are the trustee of an estate, you will need to complete a self-assessment tax return and ensure that you pay it on time. Your tax return should be completed by the 31st January 2022. You may also need to complete a tax…
Do I have to file a self-assessment tax return?
Do I have to file a self-assessment tax return? | 3 minute read Whether you are self-employed as a sole trader and earned more than £1000 or you are a partner in a business, you must file a tax return to HMRC. A self-assessment form is a different type of tax, which is designed to…
5 start up accountancy tips for 2022
5 start up accountancy tips for 2022 | 3 minute read The New Year is the perfect time to seize new opportunities, follow your dreams and start your own business. In the past two years, thousands of entrepreneurs have already taken a giant leap of faith and began their start up journey. And, although launching…
Reasons you should hire a small business accountant in 2022
Thinking of hiring a small business accountant in 2022? Read on. Running a small business can be incredibly challenging, especially when it comes to getting your business of the ground, maximising exposure, gaining funding to grow and ensuring that you do not overspend during those early days. And, from the moment you set up your…
How to get your finances in order for 2022
With the New Year just around the corner, now is the perfect time to start thinking about getting your finances in order and starting 2022 of on the right note financially. Its also a good time to start thinking about how you plan on implementing any financial changes to your business as we approach what…
What are the tax rules around staff Christmas parties?
It’s that time of year again. As we all start to wind down towards Christmas, many businesses are in the midst of planning their Christmas parties and festive gatherings! If you’re planning a Christmas party, it’s important you understand the tax rules and exemptions around staff parties. Of course, it’s worth noting that these rules…
Business mileage rates – who can claim?
Driving your own car for business purposes can end up being incredibly expensive! After all, by the time you factor in your fuel costs, as well as the wear and tear on your car, it can quickly leave a hole in your pocket. The good news is that, as with other expenses, there are…
Choosing the right accountant for your small business
Choosing the right accountant for your small business An accountant plays a vital role in the running of any small business, helping to prepare accounts and tax returns, managing payroll, and ensuring that the business stays up to date with tax deadlines. So, if you’re thinking about hiring an accountant for your small business or…
The benefits of working with a Xero accountant
The benefits of working with a Xero accountant | 3 minute read Over the years, significant advances in technology have paved the way for a whole host of accounting technology that has been developed to optimise your accountancy processes. And, cloud based accounting software such as Xero is leading the way when it comes to…
Employing staff – a step by step guide
When the time comes to hire a new employee, it’s important that you take the necessary steps to ensure that the process runs as seamlessly as possible. And of course, it’s equally important that you find the right candidate for the right job role. After all, an efficient and effective hiring process is paramount to…
How to read a company balance sheet
Whether you’re an owner of a business or an investor, it’s important that you understand how to read a company balance sheet! Why? It’s crucial that you are able to assess a company’s financial health so that you are able to make sound and savvy business decisions and smart investments. If you struggle to read…
What are statutory accounts?
When you’re running a business, there are a number of tax returns, accounts, and other financial obligations you should be aware of. All private limited companies operating within the UK must complete statutory accounts, accurately and on time. Statutory accounts are also known as annual accountants. They are a set of in-depth financial reports that…
