News & Press

What does payroll involve?Payroll is more than simply paying employees.It can include:Calculating gross payCalculating PAYE taxCalculating National InsuranceProcessing pension contributionsManaging statutory sick payManaging statutory...

1. You are spending too much time on finance adminIf you are spending evenings or weekends dealing with invoices, receipts, payroll, spreadsheets or tax records, your finance function may be taking up too much of your time.Business owners...

What are back office services?Back office services are the internal tasks that support the running of a business but are not usually client-facing.These can include:BookkeepingPayroll administrationInvoicingCredit controlSupplier...

Keeping the business compliantOne of the core roles of an accountant is to help a business stay compliant.For limited companies, there are clear responsibilities around keeping company and accounting records. Companies must keep records about...

1. Mixing personal and business financesOne of the most common mistakes is failing to separate personal and business finances.This can make it harder to understand how the business is performing, track expenses accurately and prepare accounts...

1. You are unsure how profitable the business really isA business can be busy without being profitable.If you know sales are coming in but are unsure how much profit you are actually making, this is a sign that your financial reporting needs...

What is bookkeeping?Bookkeeping is the process of recording and organising the financial transactions of a business.This usually includes sales, purchases, receipts, payments, payroll, invoices, expenses, bank transactions and VAT records...

Profit and loss reportA profit and loss report shows income, costs and profit over a specific period.It helps answer one of the most important questions in business: are we making money?A typical profit and loss report includes revenue,...

Many business owners assume an audit only applies to large companies, but the rules are more nuanced. Whether your business needs a statutory audit depends on its size, structure, sector, shareholders and specific circumstances.This guide...

For some small businesses, staying as a sole trader is simple, flexible and cost-effective. For others, setting up a limited company may offer tax planning opportunities, greater credibility and better protection as the business grows.There...

Claiming the right business expenses can reduce your taxable profit, which means you only pay tax on the profit your business has genuinely made. However, the rules are not always as simple as keeping every receipt and putting it through the...

From April 2026, many sole traders and landlords will need to keep digital records and send quarterly updates to HMRC using compatible software. This will change how affected businesses manage their tax records, report income and expenses,...