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Business accounting for non-accountants

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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…


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…


Types of Accounting Services and Their Importance

Even though your business may show signs of improvement and growth, there are still possibilities for your loan proposal to be rejected. Why does that happen? The reason might be your company‚Äôs inaccurate or incomplete financial statements. Why are financial statements so important? Mainly because correctly audited accounting statements are a clear sign of economic…


Benefits of preparing monthly management accounts

Running a business means taking decisions every day, and it is always better to decide while having accurate financial information. The management accounts are financial reports intended for internal use and prepared by an organization. The account formats may vary, since they have to meet the specific needs of a particular business. Management accounts are…