A walk in the park

Business accounting for non-accountants

What is the difference between Self-employed and a small business owner?

As always, words can mean different in a different context or depending on who is using the term. No doubt every self-employed is running a small business but when do you say that you are not self-employed? When is that you are running a business or just own a business run by someone else? Tax…

More

VAT – Flate-rate scheme changes Apr 2017

At Autumn Statement on 23 November 2016, the Chancellor of the Exchequer announced the introduction of a new 16.5% VAT flat rate for businesses with limited costs. This will take effect from 1 April 2017. VAT – Flate-rate scheme changes The VAT Flat Rate Scheme (FRS) is a simplified accounting scheme for small businesses. Instead…

More

7 ethical tips for small businesses to become more successful (Efficient and Effective)

People who own small businesses often find themselves so busy keeping the business running and trying their best to expand at the same time that they can easily lose sight of their priorities and end up getting further away from their goals. Following certain ethics can make your job much easier in making decisions that…

More

The Accountant (2016 film)

The other day I came across a trailer for the new Ben Affleck film ‘The Accountant’, and I thought finally a mainstream film about an Accountant! I did a short blog about the lack of Hollywood films about us ‘interesting’ accountants back in Nov 2011 blog Here I also suggested some names for a film about accountants…

More

6 points checklist – when you start a new company

You may have been working as a self-employed or working under an employment contract with another company before but now you have decided to start your own company and are curious to know what you have to do next. Register a new Company First of all, you must register your new company. All companies are registered…

More

Looking for investment? tax incentives via government SEED Enterprise Investment Scheme (SEIS)

It can be challenging to start a new business. In order to help your business grow, you have to keep your eyes open for investment opportunities and make sure that you are making the most of the help available from HMRC. Fortunately, there are a few options to help you attract investment. Following on from…

More

Tax Incentives for Small Business Investors (EIS, SEIS, VCT)

At 2E we frequently meet with new clients who are just starting up a small business. Whether it’s a restaurant, design label or a crowdfunded tech startup, small businesses are often perceived as high risk ventures, and those just starting out may experience difficulty in attracting funding. In recent years the HMRC introduced several initiatives…

More

6 Common errors made on Flat-rate scheme VAT returns

Since VAT return figures under Flat-rate scheme is worked out different to the standard VAT scheme based return, many people make mistakes on their return. HMRC has listed the following common errors on their website. 1) the 1% reduction is applied by businesses that have been registered for more than 12 months When you registered…

More

I bought a suit for work, is it tax deductible?

Working wardrobes: is the shirt on your back tax-deductible? Tax on work clothes Many times, clients have asked me if the clothes they buy for work can be listed in their accounts and claimed for tax relief. It’s a reasonable question – clothes, after all, are an integral part of our lives and jobs, and…

More

Reasons Why Hiring an Accountant Can Benefit Your Start-Up Business

For many small businesses and start-ups, accountants are either perceived as a luxury, or as a mere tool meant to fill out those forms that keep HMRC happy. Nevertheless, good accountants will provide you with more than this. A good accountant can become a valuable ally, providing you with constant guidance and advice meant to…

More