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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…


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…


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…


VAT schemes for small businesses

If you own a small business, you have several alternatives to the standard VAT accounting that you may consider. In some cases, these VAT schemes can save you time and money so let’s take a look at how each of these VAT schemes works. Cash Accounting Scheme The Cash Accounting Scheme basically means that your…


Payroll Processing Mistakes made by small businesses

Not calculating payroll correctly may lead to a series of problems, and if you own a small company and you have little experience with doing payroll, you may end up making costly mistakes. If you process the payroll for your small company, pay a lot of attention and try to verify several times. Also, make…


Bookkeeping Mistakes Made by Small Businesses

Most of the small businesses owners have little to no experience with bookkeeping, and they often make the same mistakes. Let’s see which the mistakes you should avoid if you are starting your own small business. Most managers start a new business thinking about how much they know about their domain, and how they are…