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In our accountancy blog you will find many interesting articles, case-studies, and our latest newsletters. Clicking on ‘articles’ will take you to a full list of accounting blog posts available. Please use the social share buttons or leave a comment if you enjoy what you read.
Cheap insurance premiums
Cheap premiums are great, but the cost to your business could be far greater Times are hard at the moment - small businesses are being squeezed from every side; customers want more and more for less and less, suppliers are hiking the cost of raw materials and inflation is running rife so any money they do make feels like less at the end of it all.Little wonder then that businesses are scrutinising their cost base more than ever before and cutting ...
Tax Credits
9 out of 10 families with children are entitled to tax credits – are you?Many families are entitled to tax credits, yet many aren’t claiming them for various reasons:Don’t realise they qualify for them Think it is too complicated Worried about having to repay accidental overpaymentsThe easiest way to check if you qualify for them is to utilise the HMRC online calculator or call the tax credits helpline 0345 300 3900.Types of tax credits There are different types of tax credits, the following ...
Lease Or Buy
When you require a new asset for your business, it is a good idea to consider whether you should lease or buy prior to the purchase. The asset could be motor vehicles, machinery, IT equipment or other items required for your business. There are cash flow, accounting and tax differences to the options.A finance lease means that the lessee has the risks and rewards of ownership, with an operating lease the lessor retains the risks and rewards. For example, if ...
What Is CIS?
I often have clients ask me to explain CIS to them, as it can be quite confusing if you haven’t had to comply with it before.The Construction Industry Scheme (CIS) is a system for collecting tax from subcontractors in the building industry.The scheme principally applies to mainstream construction work. However, businesses or organisations whose core activity isn't construction, but have a high annual spend on construction, may also count as contractors and fall under the scheme. Does It Apply To Me? You ...
Contracting And IR35
You may vaguely be aware of IR35, never heard of it or already know all the intricacies of it. In essence it is a mechanism for HMRC to address potential pseudo-employee situations which deprive HMRC of tax payments. This was to address a trend in the 1990s when a large number of IT professionals became contractors. The following is a theoretical example:Holly is a developer in Newbury for a software company, Orange Ltd. She enjoys her job would like to ...
Top Bookkeeping Tips
If you have decided to look after your bookkeeping yourself, it is essential that you prepare it to a high standard for the following reasons:Ensures you are using accurate information when you make management decisions. Decreases your accountancy fee costs. Decreases your risk of fines from HMRC, as they can fine a business up to £3,000 for bad record keeping.The following are some basic recommendations that I give to clients:Use a business bank account, only use it for business transactions, if you ...
Attending Networking Events
Before I setup Goringe Accountants I spent a week attending as many business networking events as I could in Reading. This was an essential part of my market research prior to start-up. As a result, I was able to talk to many business owners. In particular I asked them about the current issues they faced, what the market was like for small business owners in Reading (as I worked in London) and information about my future competitors.If you just view ...
Should You Outsource Your Bookkeeping?
We often encourage new business owners to attempt their bookkeeping themselves in their first year. There are various reasons for this:Encourages business owners to understand their numbers and implement financial controls. If they do wish to employ a bookkeeper in the future or outsource then they will understand the complexities and amount of time it takes to complete the books well. If they have time to do this it could save some money when cash could be scarce at the start of ...
