As an employer you can pay your employees for mileage incurred when they are using their own car to travel on business. HMRC sets out the rates you can pay without the payment being subject to tax and NI. The approved rate is 45p per mile for up to 10,000 miles per annum and 25p […]
What is an Accounts Receivable Aging Report?
If you’re like most businesses, then there’s a good chance that you offer credit terms to some of your customers. This is known as your accounts receivable or AR as it represents the balance of money owed to a firm for goods delivered or services rendered but not yet paid for by customers. In a […]
We are ready for MTD – are you?
Making Tax Digital for VAT is less than 6 months away. We are ready for it and have made sure all our customers know what changes they need to make too. Are you ready for MTD? 80% of our customers use Xero to maintain their accounting records and we know that Xero software will be […]
Sole Trader or Limited Company?
When you start out in business it is difficult to know whether to be a sole trader (self-employed) or a limited company. And many will wonder what the difference is and whether there are advantages of one over the other. A few years ago it was said that it was more tax efficient to be […]
Do You Know What Should Be In Your General Ledger?
As your business grows, any bookkeeping system that includes a shoebox full of receipts just won’t cut it anymore. Keeping accurate financial records is essential for everything from preparing taxes to assessing the health of your business. One of the first financial tools a maturing small business needs to establish is a general ledger. Think […]
When is the right time to register for VAT?
Whether you are a new business or an established business it is always worth putting some thought into when is the right time to become VAT registered. New business owners often think that they have to become VAT registered when they become a limited company and that they have to become a limited company as […]
Do you have a credit control process?
Being in business is about selling a service or a product in order to make a profit. On paper it can look as though you are making a profit however your bank account could tell a very different story. When sales are invoiced they are recorded in your accounts as income but if your customers buy […]
23 Bookkeeping Terms Every Small Business Owner Should Know
While we don’t recommend doing the books on your own (unless you’ve got an accounting background), it’s still important to have a good grasp on the drivers of your business finances. That being said, let’s take a look. Know these 23 Bookkeeping Terms 1. Accounts receivable Many businesses offer credit terms to their customers and […]
Business Inspiration
I have just reached a milestone of 15 years in business. It has been challenging, rewarding and enlightening. I have had to learn to do things it never occurred to me I would have to do when I started out. I have had opportunities and experiences that I would never would have had. I have […]
Time to Re-enrol
It doesn’t seem that long ago that we were talking to employers about setting up an auto enrolment pension scheme and the eligibility of their staff to join the scheme. We held a seminar for our payroll clients to talk them through what was involved in So now we are almost at the point of pension […]