The VAT Threshold: What Is It and How It Is Calculated
Countries around the globe have different VAT thresholds. Nonetheless, if your business is operating in the UK and your taxable sales volume exceeds the current £81,000 VAT registration threshold, you will more than likely have to register for VAT. Put simple, that means that if you are having sales that are subject to standard or…
What Is It Exactly That You Need to Know About Corporation Tax?
If you manage or own a limited company, then you definitely have to be familiar with what corporation tax implies. Since the rules for calculation are complex and regularly amended, we strongly recommend that you hire a qualified accountant to calculate and prepare your statutory accounts and corporation tax return. Nonetheless, we consider that understanding…
Working from home expenses: Limited companies.
If you run your own business from home, HMRC allows you to claim tax relief for some of your home expenses, as long as you use a “reasonable” method to calculate the amount. The Chief Accountant from Freeagent, Emily, outlines the method she uses to calculate business use of home expenses. Check out the infographic…
Small Businesses: A Basic Guide to Cash-flow
Cash-flow can be defined in terms of the total amount of money that is transferred out and into a business. Cash-flow can be a problematic issue, especially in the case of seasonal businesses. The tough period between invoicing and actual payment is felt by almost all small businesses. However, if careful attention is paid to…
Payroll Mistakes: How do they affect your business?
Erroneous payroll calculations not only affect your employees’ payments, but they also seriously affect the employer and the business itself. This issue becomes even more serious when it comes down to tax deductions. Whether your business is large or small, its reputation will take the worst hit in such negative circumstances. And negative publicity is…
Big vs. Small Accounting Companies
All successful businesses need an accountant to maintain records intact and handle your business’ transactions responsibly. However, choosing the ideal accounting agency is not an easy task. With so many options to choose from – small firms, medium firms, big firms, independent bookkeepers – it can be difficult to decide which option best suits your…
How to Create an Efficient Bookkeeping System
If you own a small or medium size business, you must know that an efficient bookkeeping system is an essential tool, especially if you wish your records to be accurate. Without an efficient system, you will find it difficult to control your expenses and pay your corresponding taxes accurately and on time. Why is it…
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’s inaccurate or incomplete financial statements. Why are financial statements so important? Mainly because correctly audited accounting statements are a clear sign of economic…
How to work with a bookkeeper
If you decided to hire a bookkeeper to help you with your accounts, congratulations! You will have more time to actually develop your business and focus on how to make even more money with your company. Let’s take a look at the main things you should do from the moment you start working with a…
8 tips for managing your cash flow
If you don’t have accounting experience and you just started a small business, you may underestimate the importance of the correct management of your cash flow. Remember that cash flow problems are among the main problems that determine a business to fail, so be sure that your business is not one of them. Here are…