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Accounting Community, News & Resources

IR35

Changes to off-payroll working (IR35) rules effective from April 2020

The government has reaffirmed plans to make changes to off-payroll working (IR35) rules effective from 6th April 2020. This will affect any contractors working through a Personal Service Company, Recruitment Agencies, and all Large and Medium-sized…

Credit Note

Business, Running a business, Software

When to issue a credit note to a client?

A credit note is a type of document that businesses typically provide a customer when the amount on an invoice is disputed or incorrect. This might be due to an admin error, or because the customer requires a full or partial refund.In many…

Company Records

Business, Limited Company, Running a business, Self Employed, Tax

How long should company records be retained for?

A company director has a legal responsibility to keep company records and accounting records. A director must keep records about the company itself, as well as financial and accounting records. You may hire a professional (for example, an accountant)…

Closing a limited company

Business, Limited Company, Running a business, Tax

Closing a limited company down – what are your options?

There are many reasons why you may be looking to close down your limited company, retirement, to go back to full-time employment, or perhaps back to being a sole trader. So what are your options, and how do you know which is best for you? Top…

VAT Disagregation

Business, Running a business, Tax

VAT – what is disaggregation (artificial separation) of a business?

Disaggregation is when business owners seek to avoid charging VAT by splitting their business into different parts to ensure each operates under the VAT registration threshold. For a limited company, some business owners may look to establish…

Limited Company Expenses

Business, Expenses, Limited Company, Running a business

What business expenses can I claim as a Limited Company?

Are you a seasoned veteran of running a limited company or just starting out for the first time? Whatever the case, there are often limited company expenses that go unclaimed, which means you could end up paying more tax than you need to.…

Online Accounting

Business, Running a business, Software

Online Accounting, The Advantages

Whatever size your business is, you will need to keep accounting records and regularly produce accounts. It is of course necessary in order to keep HMRC happy that you are complying with the law. For limited companies, the accounts also need…

Capital Gains Tax

Capital Gains Tax, What is it?

Capital Gains Tax comes into play when you make a profit from selling something you own. The important point to remember is that the tax is calculated on the profit you make, and not the amount you sold it for. As the name suggests, it’s all…

Difference between a Shareholder and a Director

Business, Limited Company, Running a business

What’s the Difference between a Shareholder and a Director?

Whilst a shareholder and a director of a company can be the same person, especially if it’s the person who set up the company, the two roles do have pretty clear distinctions. That said, a director doesn’t have to be a shareholder, and shareholders…

Leads

Business, Running a business

Generate leads for your business

Generate leads for your business – the ultimate checklist Got a fantastic business idea but struggling to generate leads? Or worse, you’ve worked hard to get leads, but lost them in the great GDPR purge of May 25th 2018? You’re not…

Lunch

Business, Expenses, Running a business, Tax

Lunch expense - can you claim?

Can I claim my lunch expense as a business cost? Claiming back the money you spend on food is allowed if you’re self-employed – but you can’t just claim everything you eat. So, what’s the deal with claiming your lunch expense as a business…

Small Business Taxes

Business, Running a business, Tax

Small business taxes

Small business taxes – what you need to know Starting your own business is a truly exciting life decision, allowing you to pick your own gigs and do things your way. On the other hand, failure to get familiar with the small business taxes…

Paying Yourself

Business, Running a business, Tax

How to pay yourself from your business

How to pay yourself from your business Every year when the personal allowance and the tax bands change, one of the biggest dilemmas you face if you run a limited company is how much to pay yourself and what type of income is best (dividends…

Director's Loan Account

Limited Company, Tax

Directors' Loan Account

Director's Loan Account Explained Taking money from the business for personal use when trading as a sole trade or partnership is normally easy and straightforward; and unless proprietors’ drawings are a major drain on the business’ assets,…

Good Bookkeeping Records

Business, Limited Company, Running a business, Self Employed, Tax

Reasons for Bookkeeping Records

12 Reasons to Keep Good Bookkeeping Records When it comes to bookkeeping records we all seem to acknowledge that things could be done better.But why is keeping good bookkeeping records important?Here are twelve reasons why it’s so…

Why SMES Need an Accountant

Why SMEs Need an Accountant

Why SMEs Need an Accountant According to Taxing Times, a new report from the Federation of Small Businesses (FSB), the average UK small business spends three working weeks a year on tax compliance. If you’re a SMEs business owner, isn’t…

Card Payments

How to Start Taking Card Payments at Your Small Business

Card payments are on the rise everywhere. Soon enough “can I pay in cash?” will be a more common question than “can I pay by card?”It’s easy to see why this is. It’s often more convenient to just use your card than it is to withdraw…

cloud Accounting software

Business, Limited Company, Running a business, Software

How Cloud Accounting Helps Your Business

Spreadsheets may have served you well, but is there a better way for you to keep your business’ books up-to-date? Have you thought about Cloud Accounting?Rather than having your time taken away from you by the mundane task of inputting…

GDPR

Business, Limited Company, Running a business, Self Employed

GDPR, Is Your Small Business Prepared?

25th May is just around the corner, and with it the deadline for getting your head around the European General Data Protection Regulation (GDPR). You should have your ducks in a row and ready, but do you? Do you know everything you need to…

Spring Statement

Spring Statement 2018 - what you need to know

Spring Statement 2018 - gives people and businesses certainty and stability to plan for the future Major tax or spending changes will now be made once a year at the Budget in the Autumn.The Spring Statement:gives an update on the…

Making Tax Digital

Business, Limited Company, News, Running a business, Self Employed, Tax

Making Tax Digital for Business

The government have issued information on how Making Tax Digital for Business is expected to work for VAT once the rules are introduced in April 2019.Under the proposed rules, which have been issued subject to consultation, VAT registered…

BBC Radio Operational Efficiency

Accounting Wise, Business, Running a business

Operational Efficiency Review - BBC Radio

Our Director Ian Jipps was hanging out at the BBC Radio 1 Live Lounge earlier today whilst the Accounting Wise Business Consultancy Department was conducting an Operational Efficiency review of BBC Radio. Whilst there he had time to pose for…

Working Capital Management

Accounting Wise, Business, Running a business

Working Capital Management, the Importance!

Accounting Wise has completed a project on Working Capital Management for a client with a turnover of £90 million. The project resulted in the introduction of a Working Capital System that achieves an increased cash inflow position of £5.5…

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