Small Businesses / May 28th 2019

What are tax free trivial benefits?

Many small business owners are often looking at tax efficient ways to get money out of their company, or to provide small rewards to employees in a tax efficient way. HMRC recognise that for small items, it is often not practical or efficient to collect the small amount of tax that would result.  There can also be times w

When it comes to selling your business, preparation is everything and it must start years beforehand. There are a number of key elements that require focus: Establishing the business’ story (history, current standing and prospects) Selecting the right accounting policies Ensuring that your tax position is co

When it comes to selling your business, preparation is everything and it must start years beforehand. There are a number of key elements that require focus: Establishing the business’ story (history, current standing and prospects) Selecting the right accounting policies Ensuring that your tax position is co

The UK will soon be leaving the European Union. While the details and timings of Brexit remain a topic of parliamentary debate, at this stage it appears the UK will leave one way or another. There is a high chance that the UK will be leaving the European Union without any transitional arrangements which you will have hea

The benefits of an audit are always likely to outweigh the cost.   Below are just some of the benefits: Streamline Your Operation A good auditor will really get under the skin of your business.  In carrying out their audit work they are likely to be able to highlight any weaknesses in your accounting processes and inte

Bookkeeping is fundamental to the success of any enterprise, big or small. It provides a systematic record of your company’s financial transactions, from sales and investments to expenses and payroll, and, done properly, it can help your business thrive. In this article, we’ll demonstrate how sound bookkeeping practices

A number of our clients that operate VAT groups have been enquiring whether Sage 50 will be able to manage the submission of group VAT under Making Tax Digital (MTD). You will be pleased to know that it can via the MTD submission module.  You will of course need to download the required add-on. The process is straigh

Quite simply, the MOSS system is a simplified way to declare and pay the VAT you owe across the EU in one place, normally in the country where you are also established, and VAT registered. As is always the case with VAT, the detail is somewhat more tricky to follow. One of the key concepts in VAT is the “place of su

What is a CIO? A CIO is a type of organisation that is only regulated by the Charity Commission, as opposed to both the Charity Commission and Companies House.  It is easy to incorporate and easy to maintain. To incorporate a CIO you only need to complete one of the model constitutions and apply online with the Chari

For most companies opening a bank account is a straight forward process.  It involves: Selecting the most appropriate bank Selecting the services that are required Completing an application Attending the branch and meeting the branch manager Providing sufficient identification for the directors and shareho