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Umbrella Companies

How do you square a circle?

It’s easy: You combine self employment, independence and flexibility with security and longer term employment without upsetting HMRC. That is to say, you keep everyone happy at the same time, employers, contractors and HMRC.

Wishful thinking? No, it is what Umbrella Companies do.

Here is the scenario:Click here to read more

14 Questions You Need To Ask When Choosing A New Accountant

This is the final article in our series helping you find an accountant.

Being prepared is never more important than ahead of a meeting that serves to bring on board one of the most important collaborators for your business: your accountant. In this article, we’ll give you first three general rules that will help you plan the meeting to ensure that you get the desired result. Then we’ll offer 14 questions that have proven very helpful in evaluating accountancy services.

Let’s first look at the general rules. They will help you order your own questions, develop a strategy and be in charge of the meeting.… Click here to read more

Record Keeping (2) – Specific Requirements

In Record Keeping, Part 1, we discussed the general rules and framework why businesses must keep and maintain complete and up to date records.

In this article, we shall look at specific record keeping requirements for:

(You can jump directly to each section. Just click the bullet point.)

First, let’s recap the fundamentals from Part 1:… Click here to read more

Record Keeping (1) – General Rules

Record keeping is the ugly little duckling among business activities. No one likes it. But without good business records no business is able to succeed. And that apart from the fact that bad records make the tax man unhappy, which is definitely not desirable because it can lead to fines, penalties and tax investigation.

From a business perspective, good records make it possible to attain business goals, assess and adjust strategies and ensure that the business stays on course. They are a long term necessity, however small the business may be.… Click here to read more

Your Guide To Changing Accountants

This is the fourth article in our series helping you find an accountant.

“Does you accountant provide you regularly with the financial information you need to steer your business to the success you planned for?”

This question sums up what a proactive account should do for your business. Anything less should at least raise a question mark about the level of service your receive. If you are in any way unhappy about your relationship with your accountant, it’s time to start looking elsewhere for the service your business needs.

Take Stock of What Is Not Right

The preceding articles in the Changing Accountants series introduced you to the reasons for change, how to assess whether the prospective candidates can be trusted to provide the service you need, and why so many business owners (wrongly) shy away … Click here to read more

Deductible Business Expenses

Business Expenses – don’t we love them!

In fact, many people love them so much because they think they get something for free. That’s a big mistake because business expenses still come out of the business’ pocket. Neither are they taken ‘off tax.’ Rather, it’s taxable (gross) income and revenue that are reduced by the amount of the expenses. Tax is then calculated on the smaller final amount.

Another general confusion seems to persist around two different types of expenditure, Capital Expenditure and Revenue Expenditure. Capital expenditure, such as equipment, computers, machinery, fixtures and fittings, is not a deductible business expense but is treated separately as Capital Allowance as it usually involves acquiring or creating an’ asset of enduring benefit.’ Revenue expenditure, on the other hand, reflects the day-to-day running costs of the business.

This … Click here to read more

Outsourcing Accounting

Should you outsource your accounting?

Fact is that virtually all small and medium size businesses outsource at least some of their accounting services. It just doesn’t make sense to hire a full time in-house accountant for their year-end tax returns and similar tasks rather than use independent accountants.

But how far should businesses go? To what extent should they outsource their accounting services? When does it make sense to do the work in-house, and when should they outsource accounting work that needs to be done? These are the questions we’ll answer in this article.

First, let’s look at…

Which Accounting Services Can Be Outsourced?Click here to read more

Changing Accountants – Trust And The Three Ts

This is the third article in our series helping you find an accountant.

Whether you are self-employed, a small or a large business, solid financial information is critical to your success, and your accountant plays a key role in this. When changing accountant or signing up with an accountant for the first time, you have to be able decide that you can trust them. After all, you hand over your money for a service that is crucial for you and your business. You simply have to be able to trust that the people who take your money deliver the service you pay for.

In this article, we’ll discuss the three Ts of changing accountants: Transparency, Talking and Taking charge.… Click here to read more

Business Partnerships

You are starting a business but instead of going it alone you partner up.

A business partnership is a great idea. You share the journey and its ups and downs including responsibility, liabilities and profit. As with any partnership, the big question is how to make it work? Or at the very least, how to avoid the worst pitfalls?

In this article, I’ll review the principal forms of business partnerships, their advantages and disadvantages and which financial obligations they entail.

Business PartnershipsClick here to read more

Companies House and Corporation Tax

This article provides an overview of both, Companies House and Corporation Tax as these two go together. Companies are incorporated first, and then they become liable for Corporation Tax with all the additional obligations this implies.

Companies House

By law, all businesses in the United Kingdom that are incorporated must be registered.

Companies House is the Registrar of Companies for England and Wales and is based at Companies House in Cardiff. The Registrar of Companies for Scotland is based in Edinburgh, and that for Northern Ireland is in Belfast.

The main role of Companies House is to:… Click here to read more

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