What is reconciliation in accounting?
It’s important that businesses of all shapes and sizes keep a tight hold on their finances. This includes ensuring that all accounts are recorded accurately and on time. After all, it’s crucial that all businesses always know where they stand financially and of course, meet all tax obligations. Reconciliation is an accounting process which many…
How to sell a limited company
People decide to sell their limited company for a whole host of different reasons. However, the vast majority of business owners will choose to sell their limited company for the following reasons: Retirement Profit driven Simply not wanting to run the business anymore. You can either sell your shares to a third party buyer,…
What is a Companies House Confirmation statement?
The Companies House Confirmation statement is a document that all limited companies and LLPs must file at Companies House each year. This confirmation statement, which has an annual filing fee, is designed to give Companies House a yearly snapshot of the management and ownership of your business and it’s vital that this information is kept…
Everything you need to know about paying tax on dividends in 2022/23
Paying tax on dividends in 2022/23 | 4 minute read If you are both a director and a shareholder of a Limited company, one of the most tax-efficient way of earning an income is to pay yourself through a combination of salary and dividends. However, if you do not understand dividend payments or how much…
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…
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…
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…
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…
