Accounts / 21 posts found
How an accountant supports your business development
As your accountant, we won't just look after the financial side of your business, we can also advise you on the strategic side of your company, including the importance of business development as vital part of your growth plan. Business development (BD) is what helps your company move from slow, organic growth to fast-paced, hypergrowth. And it’s only by putting the right drive and expertise behind your BD that you can turn your strategic ideas into real success stories. So, how can we help you achieve this? Talk to you about your strategic goals The starting point for any kind [...]
Improve your debtor days to boost your cashflow
It’s important to stay on top of your debt collection to free up cash. Establishing how long it takes you to get paid is the first step, but how can you measure this? Debtor days measures, on average, how long your customers take to pay you. 'Debtor' is, in this context, just a fancy term for customer. While there are many complex formulas to accurately calculate this, a nice easy formula is: current debtors balance owing / annual sales * 365. For example, if you have annual sales of £450,000 and debtors owing of £80,000, your debtor days are 65 [...]
The reduced rate of VAT has gone up – are you ready?
The 5% reduced rate of value-added tax (VAT) has been in place since 8 July 2020. The reduced rate has been extended on numerous occasions to factor in changes to the affected sectors over the course of the pandemic – and has been a lifeline for many affected companies. But, from 1 October 2021, the 5% rate jumped to a new reduced rate of 12.5%, a change that could have significant cashflow implications if you’re one of the affected businesses. Why was the reduced rate of VAT needed? The hospitality, hotel and holiday accommodation sectors have been particularly badly hit by the impact [...]
Did your goat eat your accounts?
Companies House have published a list of bizarre excuses for the late filing of their statutory accounts. They include: “goats ate my accounts” “I found my wife in the bath with my accountant” “pirates stole my accounts” “we delivered the accounts to the betting office next door to Companies House” “a volcano erupted and prevented me from filing” “slugs ate my accounts” “it was Valentine’s Day” “my company was more successful than I thought it would be, so I was too busy to file” As you would expect, Companies House issued late filing penalties and any appeals were [...]
Top Tips – August 2011
This is a round-up of questions that have been raised by clients over the past few weeks. They are being posted here for general information, but please see the disclaimer at the end!!! if you want to discuss how any of these issues – or other tax and related business matters – may affect your business please get in touch (email here or telephone 01905 21411) for a free, no-obligation discussion. To sign up for our monthly Newsletter for Small Business visit our webpage here. Reducing the reporting of expenses and benefits Q: I've recently submitted forms P11D and P11D(b) [...]
Tax Tips – July 2011
This is a round-up of questions that have been raised by clients over the past few weeks. They are being posted here for general information, but please see the disclaimer at the end!!! if you want to discuss how any of these issues – or other tax and related business matters – may affect your business please get in touch (email here or telephone 01905 21411) for a free, no-obligation discussion. To sign up for our monthly Newsletter for Small Business visit our webpage here. July 2011 Companies making donations Q: I am a director of a small limited company [...]
Tax Tips – June 2011
This is a round-up of questions that have been raised by clients over the past few weeks. They are being posted here for general information, but please see the disclaimer at the end!!! if you want to discuss how any of these issues – or other tax and related business matters – may affect your business please get in touch (email here or telephone 01905 21411) for a free, no-obligation discussion. To sign up for our monthly Newsletter for Small Business visit our webpage here. Can I use my loss? Q: I paint in my spare time and sometimes, my [...]
May 2011 Questions and Answers
This is a round-up of questions that have been raised by clients over the past few weeks. They are being posted here for general information, but please see the disclaimer at the end!!! if you want to discuss how any of these issues – or other tax and related business matters – may affect your business please get in touch (email here or telephone 01905 21411) for a free, no-obligation discussion. To sign up for our monthly Newsletter for Small Business visit our webpage here. Withdrawals from a company Q: My daughter has just found a house she'd like to [...]
April 2011 Questions and Answers
This is a round-up of questions that have been raised by clients over the past few weeks. They are being posted here for general information, but please see the disclaimer at the end!!! if you want to discuss how any of these issues – or other tax and related business matters – may affect your business please get in touch (email here or telephone 01905 21411) for a free, no-obligation discussion. To sign up for our monthly Newsletter for Small Business visit our webpage here. Too big to cash account Q: I am about to complete my VAT return for [...]
VAT Flat Rate Scheme
When advising clients, one of the areas we examine in some detail is value added tax, not just whether or not they should register (if they have a choice!) but also which of the various schemes available is most suitable. The Flat Rate Scheme is intended to simplify VAT accounting, but in the right circumstances it can also result in improved profits. We have put together this guide to how the scheme operates; if you think it may be beneficial to your business please get in touch (email here or telephone 01905 21411) for a free, no-obligation discussion. VAT Flat [...]