Reporting and management information!
What information do you get regularly from your accounting software? How automated is this reporting? How many reports are created by rekeying figures into spreadsheets? What other information would be useful – either to you, or others in your team? Do you wade through pages of figures, or do you have graphical formats too? Many […]
The Autumn Statement and the effect on small businesses
The government has announced a cut to the main rate of Class 1 employee NICs from 12% to 10% from 6th January 2024 and a cut to the main rate of Class 4 self-employed NICs from 9% to 8% from 6th April 2024. It has also announced that no one will be required to pay […]
Are you STILL issuing manual invoices?
Sales invoicing is another area of accounting that is labour-intensive and prone to errors when creating them manually. There may be handwriting issues or typos, the calculations may not be correct, and the totals may not correlate with the calculations. Then there’s the issue of how you keep track of unpaid invoices? There has been […]
Do you have a clear view of your business position on a regular basis
The accounts are all on the computer and, you think, the records are well maintained, and the bank feeds work every day importing transactions. It appears the business is doing well – profits are shown to be more than £100,000 on the profit and loss report…. but is it all as it seems? Are you […]
Being “green”
With sustainability and the environment constantly in the news, there are several ways any business can “make a difference”. Paper consumption, along with the consumables that are used in printing- toner, cartridges, etc. – can be reduced significantly. Why print and post invoices when it is possible to email them direct from accounting software, or […]
The cash basis for unincorporated businesses to calculate profits – is it worthwhile?
The cash basis has been in existence for 10 years now, and it is a “simplified” regime to calculate taxable profits based on income when received and expenses when paid. This basis ignores debtors – monies not paid to you by customers and creditors – bills you have not paid yet, and also ignores prepayments, […]
National Minimum Wage – make sure you are not falling foul of the rules
Around 63,000 people were out of pocket to the tune of £5 million in the latest announcement by the government of 202 employers “named and shamed” for failing to pay the minimum wage. 39% deducted pay from workers’ wages, 39% underpaid for worker’s time and 21% paid the incorrect apprenticeship rate. https://www.gov.uk/government/news/more-than-200-companies-named-for-not-paying-staff-minimum-wage Check your wages […]
Tax returns – please file early – do not leave till the last minute!
There are many reasons to file tax returns as soon as practicable, and filing early does not mean having to pay early. The filing deadline is 31 January. Filing early means that tax liabilities are known well in advance of the payment date, and it does not come as a last-minute shock. Indeed, in some […]
Is a tax return still needed to be filed with HMRC?
From tax year 2023 to 2024 onwards, the Self-Assessment threshold for HMRC customers taxed through PAYE only, has changed from £100,000 to £150,000. Affected customers do not need to do anything now as the Self-Assessment threshold for 2022 to 2023 tax returns remains at £100,000. They will receive a Self-Assessment exit letter if they submit […]
Accounting – don’t be tied to the desktop – use the mobile apps
You don’t have to be at a desk using a PC to run your accounts. Whilst cloud-based products can be accessed using a tablet or mobile phone, this does not offer the best “experience” – too small to read, too small to click around etc. Many cloud providers offer mobile “apps” – designed especially for […]
