Business Running Tips

For a lot of our clients running their business is the first time they have had to look at any annual accounts or financial statements and so it can be a bit bewildering when we send you the accounts to sign off each year. When we send them through to you, it’s important to review […]

I am sure we are not the only ones getting endless emails telling us about price increases for things that we use. While we do take that reminder to think carefully about whether we actually use it or not, sometimes we just have to swallow the price rises. As your costs increase, sadly your profit can

Bookkeeping is something most small business owners dread, we’ve put together our top tips to make it as painless as possible for you.  Set a Regular Schedule: Set yourself specific times each week or month to update your books. Consistency is key when it comes to bookkeeping. Put it in your diary to block it

“What should I look for when I’m picking my accountant?” 1️⃣ Do you like them? And not in a “OMG BFFS💗👯‍♀️” way. Are you comfortable speaking to them and asking questions? Do you understand their answers? Do they make you feel like you should be stood in the corner in a dunces hat? Check you

Are you actually charging enough? Let’s do some maths quickly to see. How much do you want to earn a month?How much do you want to work per month? I want to earn £10k a month and I want to work 30 hours a week. I also want 8 weeks holiday per year. Realistically of

Fixed assets and depreciation sounds like made up accounting talk. And short version, its because it is. However, hopefully we can make it a bit easier to understand! Fixed assets are things that you will use for longer than a year in your business to generate income. The money that you spend on these assets

The financial statements give a lot of key information about a business and can be used to make strategic decisions about the direction of the business. Knowing what the statements show you and how to interpret them can be very helpful in understanding the health of your business. Balance Sheet The Balance Sheet gives a

For a number of reasons, you may reach the decision to shut down your limited company, you have decided to take a job elsewhere, your revenue has dramatically decreased, you want to convert back to a sole trader with the reduced paperwork and filing requirements. Either way, you need to know how to close down

You may have opened your limited company for one of many reasons, but sometimes you may wish to stop operating under a limited company for a period of time. This can be for many reasons, maybe a return to PAYE work or a break from work all together. For whatever reason is it important to

The VAT flat rate scheme provides and alternative method of calculating VAT, whereas the annual accounting scheme provides a different way to report VAT. It is designed to help businesses reduce their admin by only filing one VAT return a year instead of four. VAT is still paid in installments you can chose to either