Which VAT Scheme Should I Use for My Business?
https://youtube.com/embed/F6ebhRMF654 Which VAT Scheme Should I Use for My Business? VAT can be confusing, particularly when you first register. One reason is that there isn’t just one way of accounting for VAT. There are several VAT schemes available, but for many small businesses the three you’re most likely to come across are: Standard VAT accounting, […]
EMI Share Option Schemes: A Tax-Efficient Way to Reward Key Employees
https://youtube.com/shorts/SEkDI-7CelI EMI Share Option Schemes: A Tax-Efficient Way to Reward Key Employees As a business grows, retaining and motivating good people becomes increasingly important. But smaller and growing companies don’t always have the resources to compete with larger businesses purely on salary. One possible solution is to give key employees an opportunity to share in […]
Why Have I Made a Profit But Have No Cash?
https://youtube.com/shorts/WtCAUwf-Q7Q Why Have I Made a Profit But Have No Cash? “My accounts say I’ve made a good profit – so where has all the money gone?” It’s a question we regularly get asked when we sit down with clients to review their monthly management accounts. A business might have made a £50,000 profit, but […]
Director’s Loans and Section 455 Tax: What Company Owners Need to Know
https://youtube.com/shorts/XOJAEL75vw4 Director’s Loans and Section 455 Tax: What Company Owners Need to Know Many small business owners make a simple mistake. They start treating their limited company’s bank account like their own personal bank account. They need some money personally, so they transfer it from the company. Then they take some more. At the end […]
Why Isn’t My Accountant More Proactive?
https://youtube.com/shorts/81s06SZ7n9I Why Isn’t My Accountant More Proactive? “My accountant isn’t proactive enough.” It’s one of the most common complaints we hear from prospective clients who are thinking about changing accountants. They’ll tell us their accountant prepares the accounts, submits the tax returns and deals with Companies House – but that’s about it. Nobody contacts them […]
Which Accounting Software Should I Use for My Small Business?
https://youtube.com/shorts/tvwTlJJvvbU Which Accounting Software Should I Use for My Small Business? Xero, QuickBooks, Sage or FreeAgent – which accounting software should you use? It’s a question we’re asked regularly. My answer is probably less exciting than people expect: For most small businesses, it really doesn’t matter that much. All of the major cloud accounting packages […]
Why Stock Control Is So Important in the Hospitality Industry
https://youtube.com/shorts/GFzvZTqSZDE Why Stock Control Is So Important in the Hospitality Industry Running a successful restaurant, café, pub or other hospitality business isn’t easy. Before you’ve served a single customer, you may already have committed significant amounts of money to premises, refurbishment, equipment, staff and your initial stock. Then, once the doors open, you have another […]
Work in Progress in Construction: Why Accurate WIP Is Critical to Your Management Accounts
https://youtube.com/shorts/GbQc-Fl7H88 Work in Progress in Construction: Why Accurate WIP Is Critical to Your Management Accounts If you run a construction company, one of the most important numbers in your monthly management accounts is work in progress (WIP). Get your WIP calculation wrong and you can get your profit wrong. That can mean directors sitting around […]
Tax Evasion vs Tax Avoidance: What’s the Difference?
https://youtu.be/9aWgP3rGj3I Tax Evasion vs Tax Avoidance: What’s the Difference? The terms tax evasion and tax avoidance are often used interchangeably. But they are not the same thing. Tax evasion is illegal. Tax avoidance is more complicated because it can range from completely legitimate tax planning to highly artificial arrangements that HMRC may challenge. So where […]
Closing a Limited Company: How to Take Out the Money Tax Efficiently
https://youtu.be/Y1aAZh8R-dQ If you’re closing a limited company and there is money or other assets left in the business, how you take those assets out can make a significant difference to the amount of tax you pay. One particularly important figure is £25,000. Where the conditions are met, distributions of up to £25,000 made before a […]
