A guide to 2020/21 dividend rates in the UK
All limited companies operating throughout the UK, regardless of their size, should be aware of the 2020/21 dividend rates in the UK. This is because there are a whole host of dividend tax rates that affect how much money you can take from your company in the form of dividends. Understanding dividend rates is crucial…
Our guide to completing a VAT return
As soon as you reach the VAT threshold, which is currently £85,000, you will be expected to pay VAT on all taxable sales. However, you may also be entitled to claim back VAT that has been charged on business purchases. As part of this process, you will also need to submit a VAT return to…
Why should your small business be using Xero?
Xero is a cloud accounting software tool used by over two million people worldwide. Designed to meet the accounting needs of small and growing businesses, Xero has revolutionised cloud accounting, making it easier and simpler for small businesses to manage their finances. But why is it so popular? And why should your small business be…
Are you ready for the new 12.5% VAT rate for hospitality?
If you’re a business in the hospitality sector, or your business claims back VAT on travel or staff entertainment, it’s important that you’re aware of a change to VAT rates. Goods that were previously subject to a discounted rate of 5% VAT, will be affected by a new higher 12.5% rate coming into force on…
Are entertainment expenses tax deductible?
The World of Business Entertainment The world of business is not confined to one place. Whether it’s connecting with clients, thanking colleagues, or solidifying business relationships, stepping outside of the office environment can create valuable opportunities for growth. In fact, taking the time to engage with clients and colleagues outside the traditional work setting can…
The small business guide to managing cash flow
As a small business, your cash flow can make or break your business. In fact, according to research: Cash flow is the number one reason for business failure amongst start-ups 78% of all UK SMEs that are owed money are forced to wait at least one month beyond their agreement terms for payment 52% of…
How is furlough changing and when will it end?
Although lockdown restrictions have been lifted here in the UK, Covid-19 is still posing a number of challenges, especially when it comes to protecting the economy. And, with the Government furlough scheme, which has protected millions of jobs over the past year, due to end in September, many people are worried if there will be…
When should your business register for VAT?
No matter what industry you operate your business in, by law, you must register for VAT if your VAT taxable turnover goes over £85,000, or that you know that you will go over the tax threshold by the end of the year. And, when it comes to working out your VAT taxable turnover, you must…
Your guide to a successful financial audit
In any business, it’s important that you stay on top of your finances and prioritise your financial audits, especially when it comes ensuring that your company is always in the strongest position financially. At the same time, a financial audit will also give you a fair and true insight into your current financial position…
How to go self employed
How to Become Self-Employed: A Comprehensive Guide Since the beginning of the pandemic, there has been a significant increase in the number of people becoming self-employed. With more individuals re-evaluating their careers and seeking new opportunities, self-employment has become an attractive option for those looking to take control of their professional lives. If you’re considering…
Buying a second home? Know your taxes
The number of second homes in the UK has risen to an all-time high, with more and more people buying second properties, mostly as an investment. And, if you’re thinking about investing in a second property, you have certainly landed in the right place. We have created a helpful guide outlining everything that you need…
Should you trademark your business?
Trademarking your business might seem like a hassle at first however, there are a whole host of benefits that make the process worth it. Wondering whether or not it is the right decision to trademark your business? We’re created a helpful guide outlining everything that you need to know. But first and foremost, what…
