A walk in the park

Business accounting for non-accountants

Things to check when preparing year-end accounts

For the preparation of the year-end accounts, most companies use an accountant. For many businesses, this can be a difficult task, but if you learn to offer all the information required by your accountant, it can become relatively simple. Here are ten things you need to check when preparing year-end accounts. They contain the basic…

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Web based Business valuation

If you want to determine the value of your web based business or you want to buy an online business, you will often have a daunting and very challenging task. While classical methods such as income-based, market-based, and asset-based valuations can be applied in finding out the value of an online business, it may be…

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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…

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Flat rate VAT schemes

The standard VAT a business has to pay or claims back from HM Revenue and Customs is the difference between the VAT they charge customers and pay on their purchases. But, you also have the possibility to join the Flat Rate Scheme that can provide you a series of advantages.   What is the Flat…

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National insurance for self employed business

As a self-employed, it is important for you to be informed and to keep track of the contributions you have to pay, so let’s see what types of National Insurances you have to pay and how to calculate the rates. If you are self-employed you have to pay two types of National Insurance: class 2…

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Benefit of limited company vs being self employed

If you are starting a business, first you need to decide what kind of legal structure you should work under. Deciding whether to work on your own or start a limited company can impact the amount of taxes, but can also influence the way you manage your business and the personal liability you face. You…

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Accounting Treatment for Bitcoin transactions

One of the best definition of money is ‘Money is what money does’.  Bitcoin, a digital currency, is gradually making its mark as ‘money’ in our modern world. On 3rd Mar 2014, HMRC issued a brief 09/14 on the treatment of Bitcoin for tax purposes. http://www.hmrc.gov.uk/briefs/vat/brief0914.htm There seems to be temporary good news for Bitcoin…

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Online bookkeeping support for tech startups

Although starting up a new tech company can be very rewarding, it can also involve a lot of hard work. If you have a limited budget, it is likely that you will be trying to handle as many operations yourself as possible. Unfortunately this can sometimes mean that areas of your business suffer.   An…

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An Accountant's Poem

I recently came across a poem in one of Mark Lee’s regular newsletters. Mark tells me it was written by Chartered Accountant David Marston in 1998.  It’s still very true. Enjoy! Spare a thought for your accountant Spare a thought for your accountant He’s trying to do his best To earn a decent living Just like all the rest Doing…

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I want to change Accountants. What to consider when changing Accountants?

Most young business owners start thinking about changing their Accountants within first couple of years in business. If you are thinking right now, ‘I want to change Accountants’, what to consider when changing Accountants? Or how to change an accountant? You should first ask yourself why change your Accountant? I receive enquiries all the time…

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