Tag: Accounting

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. If you’re struggling to get…

VAT Return

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 is not confined to one place. And it’s not uncommon for clients to want to connect with or thank their colleagues or clients outside of the office. For many businesses, entertaining clients and customers is part and parcel of their marketing strategy. So it’s common practice for companies of all shapes…

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…

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…

What are Business Assets?

There are lots of different types of business assets, but one thing they all have in common is that they help companies to optimise their performance, growth opportunities and production. From cash and stock through to office equipment, buildings and property, business assets are considered as being a resource of value that you own or…

Your guide to self-assessment tax return

Your guide to self-assessment If you find the thought of filing your self-assessment tax return form a daunting prospect, you’re certainly not alone! It’s a common misconception that filling out your self assessment form is a complex process when in fact, if you are organised, prepared and understand what you need, the process can be…

Our guide to VAT

Our guide to VAT Here’s our VAT guide to everything you need to know about VAT for  your business. What is VAT? VAT stands for Value Added Tax. This tax is applied to the sale of goods or services by companies who are registered in the UK. When a sale is made, the company adds…