The Chancellor has set out a series of measure to help the UK economy cope with the disruption caused by COVID-19, below is a brief summary of the packages announced.
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An online accountant is an accountant that uses the latest software technology to deliver their service to the client. This software can be using apps like Xero, QuickBooks or Freeagent to maintain the accounts but also supplementary apps like Receipt Bank or Arthur Online.
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How well do you know the business that you run? Do you know the profit that you make from each sale, or do you know the key parts of your business that makes the most money? You may be able to narrow that down to one or two parts, but do you know exactly what is the most profitable good or service that you sell?
Read MoreAs a small business-owner you need to focus on making your life as easy as possible, there will be enough problems that will come to you without you going looking for them. .
Read MoreWhy we start out business very often gets lost as we start to get more involved in our business, our priorities start to change focus. Our focus becomes our business rather than the reason we wanted to start the business in the first place.
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Time is the enemy for any business owner, as you grow your business you will spend money to give you more time. You will hire staff to do the work and you will spend money on systems and software to reduce time spent on admin and mundane tasks that can be automated.
Read MoreWhen you start in business you need to view it as if you are building a series of systems and machines. You build a system that leads to a predictable outcome or event.
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It is important for any small business to pay attention to the amount of owed to them at any time and to have a system and a structure to deal with debtors. It is ideal to have a written policy on how to do this and if you have employees to have one member of staff accountable for collecting these monies for your company.
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One of the most frequent questions we get asked by our clients is what taxes do I have to pay and when do I have to pay them?
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One of the biggest enemies that you have when you run your own business is time. You will be pulled in different directions – looking after staff, dealing with clients and running and trying to grow your business. In this situation it is natural that one or more parts of your business and life will suffer.
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Receipt Bank is a bookkeeping software that automates the collection and data extraction from invoices and bank statements.
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The company’s first website was launched in April that year and was by today’s standard was very basic, but still contained the essence of what makes Pisces unique today. The intention to create an accountancy practice that used technology to give a great customer service and did the complex accountancy and tax work but made it easy to understand.
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The accountant for most small businesses is normally the only professional advisor that they engage with, they may not need a firm of solicitors or consultants to help support them with their business, but they will need an accountant to file their accounts and taxes. How much should you value the services that they give you?
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Shortly after the end of your accounting year HM Revenue and Customs will send you a form called ‘A Notice to Deliver a Tax Return – CT603’ this is to inform you that a tax return is required for your company. This notice will state the dates that the tax return is due for and the date that it was issued.
Read MoreEvery year your company will be required to a submit a tax return to HM Revenue and Customs to declare the amount of tax due.
Read MoreThe payment of taxes should be made by the 31st of January following the end of the tax year that they relate to, this is regardless of when you file your tax return.
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You will be required to file a tax return if you have income that is not currently being taxed and tax is due on that income.
Read MoreNow that you have looked at the accounts and raised queries as to how the numbers were derived and got the answers you wanted, what do you do next?
Read MoreThere are two formats that small companies can adapt when preparing each year. There is FRS 105 for micro-entities and FRS 102(1A) for small companies.
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