Our blog

As we enter the 2025/26 tax year, Bells Accountants keep you abreast of several significant updates affecting personal and corporate taxation. Personal Tax: Thresholds and Allowances: Personal Allowance: Remains at £12,570. Income Tax Bands: Basic rate (20%) up to £37,700. Higher rate (40%) from £37,701 to £125,140. Additional rate(45%) above £125,140. Dividend Allowance: £500. Savings…

Doing a VAT return isn’t exactly the most exciting part of running a business. But getting it right is important. A mistake could mean paying more tax than needed or even facing penalties from HMRC. If the thought of VAT returns makes your head spin, don’t worry—you’re not alone! Many business owners find it confusing,…

If you’re a contractor in the UK, you’ve probably heard the term IR35 thrown around. But what exactly does it mean for you, and why is it important to understand whether you’re inside or outside IR35? Understanding the key differences between inside IR35 and outside IR35 can be the key to managing your tax liabilities…

When running a small or medium sized business, cash flow management is one of the most essential aspects you can focus on. Without a clear understanding of how to master cash flow management, you might face financial challenges that could harm your growth. If you need to talk to a friendly accountant who can help…

Running a small or medium sized business in the UK comes with numerous financial responsibilities, from managing daily transactions to ensuring tax compliance. Many business owners find themselves asking: What does a bookkeeper do? While accountants focus on broader financial strategy and tax planning, bookkeepers play a vital role in keeping financial records accurate and…

Running a business is exciting, but let’s be honest, managing taxes can be a bit of a headache. Every year, you might feel the weight of tax bills creeping up, but what if we told you that good tax planning can actually give your business the boost it needs to grow? It’s true! With the…

If you run a small business, financial statements might seem like a mystery. Numbers, reports, jargon—it’s enough to make your head spin! But don’t worry. We’ll break it down into simple terms so you can understand what’s happening with your money. Think of financial statements like a health check for your business. They tell you…

Starting and running a business is exciting, but let’s be honest, managing money can feel overwhelming. Don’t worry, though – you don’t need to be a financial whizz to get your business budget right. Let’s break it down into simple steps that anyone can follow. If you feel you want to speak to a friendly…

We know taxes can sound scary – especially when you’re just starting a business. It might feel like a lot of complicated numbers and jargon that doesn’t make much sense. But don’t worry! We’re here to simplify things for you. In this blog, we’ll break down what corporation tax is, how to calculate it, and what…

Running a business or managing a startup comes with its challenges, but with the right support, staying in control is entirely achievable—especially when it comes to finances. Alongside juggling daily operations, keeping customers happy, and driving growth, managing taxes is a key part of ensuring your business’s success. While missed tax obligations can lead to…

Running a small business is a rewarding journey, but it’s not without its challenges. At times, it can feel like navigating a complex maze, where even your hard work and passion don’t always translate into the financial success you’re aiming for. If you find yourself stuck in a cycle of just breaking even, don’t worry—there’s…

We all know the feeling of dread when you see your payslip and notice just how much of your gross pay disappears before it reaches your account. Paying a high amount in tax can feel frustrating! Although a necessary and universal thing, we understand that many people want to understand how they can possibly decrease…

Starting your business is an exciting journey, but it has its own challenges—the biggest one being financial management. A strong financial plan is essential for ensuring that your startup not only survives but develops. Effective budgeting lets you track your cash flow, reduce risks, and prepare for growth. Contact us now for a free consultation…

Hopefully you have now had time to read and digest the updates of the recent budget. Below, I’ve outlined some suggestions to assist you to ensure you continue to thrive through the upcoming changes: To ensure a strong start in 2025, we recommend reviewing your pricing and ensuring that each product or service contributes positively…

We are pleased to share with you a summary of today’s updates. Income tax Personal tax thresholds will increase in line with inflation from 2028/29 (frozen until then) No change to income tax rates Dividends No changes to the rates of dividend tax, or the tax free amount, which stands at £500 National insurance Employer’s…

Hear from our Managing Director about what sets us apart and how our new as well as existing clients can benefit from BellsFX. …. Looking for a transparent, ethical currency solution? Visit our website or get an appointment with our experts today! 5 Essential Questions with Our Managing Director 1. Why have you have set…

In today’s fast-paced business landscape, financial challenges are a reality. Whether it’s a cash flow crunch, budgetary mishaps, or payroll errors, your team’s ability to navigate these obstacles can significantly impact your business’s success. At Bells Accountants, we understand the importance of financial problem-solving. That’s why we’ve outlined some strategies in our blog to help…

For any established organisation or a small start-up, cash flow and profit are two of the primary areas to understand your business’s health. These are key metrics that are often used interchangeably, but in reality, they represent different aspects of your company’s financial situation. For any company, grasping the concept of cash flow vs profit…

Starting your own business as an entrepreneur is a surreal feeling. However, to make your business goal a reality, you must have a solid financial foundation in addition to a brilliant idea. Without proper financial navigation, the challenges of uncertainties, unnecessary debts, and overuse of funds can really risk your business. So, how can you…

The recent election has ushered in a new era for the United Kingdom, with the Labour Party now in power. Small businesses, in particular, are paying close attention to the policies and strategies that the new government will implement. This blog will explore the potential ways in which the Labour party could impact small businesses…

Starting a business is an incredible feat. However, if you are a business owner, you would know that managing finances during peak business seasons can get quite challenging. Implementing good money management strategies is critical to your company’s financial health and success. Hence, proper money tips for businesses with busy seasons involve budgeting, setting practical…

The market is becoming increasingly crowded, and retaining a competitive advantage is critical for the survival of businesses. The make or break for many firms can be their sense of profit, i.e. their relationship with money. Benchmarking expenses to industry standards is a significant instrument that firms can use to keep their finances in check.…

As the Bank of England continues to raise interest rates to combat inflation, businesses across the United Kingdom are grappling with the consequences of these policy decisions. As of mid-2023, the average interest rate on new business loans from banks had spiked from just over 2% in late 2021 to above 6%. From the cost…

Value Added Tax (VAT) involves complex regulations, keeping accurate records, and ensuring timely submissions. It gets overwhelming for small business owners already dealing with various aspects of start-ups. However, you can simplify the process of VAT returns with the right approach and tools. Here’s how small business owners can streamline their VAT processes and focus…

Expanding your business requires a lot of financial planning, which could get overwhelming. Many entrepreneurs face the challenge of wanting to grow their ventures or personal savings but are held back due to inefficient financial strategies. We’ll look at practical advice in this article on raising capital for expansion while avoiding financial disaster. “Are you…

In the fast-paced business world, it is easy to get caught up by profits and forget about something that is crucial for the survival of any business enterprise – cash flow. Many businesses make the mistake of equating profit with cash flow, which can result in serious issues for the business. Therefore, it is important…

Creating a strong and unique brand is not just an added advantage but a necessity in today’s saturated business landscape. A well-crafted brand can set you apart from the competition, attract your potential customers, and build long-lasting loyalty. In this blog, we will look at some essential strategies to craft a brand that leaves a…

Running a small or medium-sized business is a constant juggling act. You’re passionate about your product or service but keeping a watchful eye on expenses can feel overwhelming. As a local Kent business ourselves, we’re invested in seeing our fellow entrepreneurs thrive. We’ve put together this guide to equip you with seven effective strategies for…

In the current highly competitive and ever-evolving business landscape, it is essential to have a well-rounded set of essential skills for any organisation to thrive and succeed. From effective communication to financial literacy and adaptability, these skills will help businesses grow and build a solid, sustainable future. 1. Communication Effective communication is the essential for…

The six pillars of wellbeing are the most commonly referenced factors in ensuring employees are valued and retained. With work being such a common cause of stress and financial pressures mounting for many, it is vital that you know how to properly support your team with their needs. Job Security Recent years have seen even…

Productivity in the workplace is essential. It is the key to your business’s success and stability, which subsequently results in the business’s financial stability. There are many ways to increase the productivity in your workplace and help you and your employees to make the most of your working day, but we have narrowed it down…

The core difference between a company director and company secretary is that a company director is always a legal requirement whereas a company secretary is only required for public limited companies and is optional for private ones. Their responsibilities also differ significantly. A director takes on more responsibility and accountability for the proper running of…

If you have a business and you’re assessing your finances, you will have heard of a balance sheet. A balance sheet is a tool to help businesses and their financial teams understand their assets and liabilities. It can help them feel comfortable with where they are, as well as plan for the future of their…

Bookkeeping can be a major struggle for business owners. It represents a daunting and unfamiliar task on top of the responsibilities of running the business itself. By streamlining it you can reduce stress and save time that can be better spent elsewhere. With our advice, managing your business’ finances can become manageable, practical, and extremely…

As a small business, VAT could be something that frequently causes you hassle, giving you additional administrative tasks. VAT (Value Added Tax) is consumption tax – this is an amount of money added onto the cost of most goods and services. Businesses pay a certain amount of VAT to HM Revenue & Customs, the amount…

It is no secret that the regulations surrounding corporation tax in the UK are some of the most complex you could come across. Navigating these rules and regulations can be complicated for many business owners. In this blog, we provide an insight into the eight ways that business owners across the UK can reduce their…

Marketing is an essential part of meeting your professional goals and should always be covered in your business plan. It doesn’t need to involve big spending on billboards or glossy magazine ads if that’s not what’s right for you. There are affordable and highly effective methods that you can pursue to ensure that your business…

Keeping track of the books is an utterly vital part of running a business but is rarely anyone’s favourite activity. Outsourcing your bookkeeping to a professional accountant is the perfect way to ensure that your business’ finances are being properly attended to. You’ll receive detailed updates that keep you informed and enable you to make…

With the clock ticking, we are here to remind you that the deadline for filing your personal tax return is fast approaching. The closing date for acceptance is Wednesday 31st January 2024, and failure to miss this deadline will result in a penalty and additional interest added. This time of year can bring a rush…

Managing the finances and tax obligations of a small business on top of all your other responsibilities can seem impossible. We have put together some tax tips to help you legitimately and responsibly lower your tax obligation and increase your profitability. Make sure that you achieve your business goals sustainably and legally with our expert…

High living costs can make it challenging for businesses to attract and retain talent. Employees may seek higher salaries to cover their living expenses, and businesses may struggle to compete with companies in lower-cost areas. As a result, businesses might face difficulties in recruiting skilled professionals or retaining existing employees. Common challenges businesses experience with…

High inflation resulting from shocks to the economy will hit those with a significant portion of their income allocated to basic living expenses the most. As a result, they will need to significantly reduce discretionary spending on non-essential goods and services. If you are a business that relies on consumer spending, you will undoubtedly experience…

It is never nice to receive a complaint about your business. You value the work you do and work hard to provide a quality service, so for that to fall short for a customer can feel disheartening. However, how you handle a complaint will say a lot about your business and being able to provide…

When running a business, there are countless things to consider. From bookkeeping and taxes, through to your maintaining and even increasing your clientele. Online presence is something of great value, but many business owners are unsure of exactly how to navigate the online world. In this blog, we highlight our top four tips for boosting…

Success in business can be hard to quantify. Common definitions include turning a profit, creating return for stakeholders, providing a quality service, and growing sustainably. Achieving these at your start-up business is certainly a challenge, but not impossible. With a clear plan, understanding of your market, and the right resources you can guide your new…

Sustainable growth is a critical part of a healthy business. As a business owner you will always view growth as an indicator that everything is working as it should and that your hard work is paying off. However, be wary if it seems like you’re in a bubble that may burst or are relying on…

Value Added Tax (VAT) is a general tax that applies to commercial businesses that produce and distribute goods and services, so long as their annual turnover is above the threshold. If they are below the threshold, they do not have to charge VAT on their goods. In this blog, we explore the details of the…

When running or managing a business, you may discover that you are in a position to provide specific benefits or cover expenses for your employees. However, it is important that you keep in mind that these gratuities will be subject to tax. You will need to keep track of what you provide and inform HMRC…

During periods of economic downturn businesses often look to cut costs to weather the storm. This is a sound strategy, and there are many different costs that you can reduce to make sure that you are streamlining your business sustainably, but it is key that you cut costs intelligently to ensure that you’re still able…

When responsibly undertaken, a business loan is a great way to raise capital for your business quickly to ensure that you can cover expansion or periods of uncertainty. As with all loans, you must be prepared to pay it back with interest as instructed by your lender. There are several steps you can take to…

During a recession, you’ll want to make sure your business is secure and organised enough weather the crisis. We’ve prepared a guide for actions you can take during and in preparation for periods of economic downtime to protect your business from a dreaded slump. With diligence, forethought, and professional advice, you can steer your business…

In times of economic downturn, businesses across the country face challenges as spending habits decline and competition increases. When it comes to social media marketing, businesses are able to boost their online presence in a time where it may be most necessary. The world of online marketing can be a powerful place which, if utilised…

With the world more online than ever before, there is a pervasive attitude that we must be constantly available to our jobs, and many workers risk their work life balance shifting too far in favour of work. This can be the cause of considerable stress which, in addition to being harmful on its own, brings…

In the world of business, facing customer complaints is an inevitable reality. No matter how hard you try to provide an unbeatable service, it is near impossible to keep everybody happy all of the time. It won’t be uncommon for those negative reviews to strike an element of irritation, but the way in which you…

As a small business owner, you work incredibly hard to make sure your clients are delighted with your services and that your employees are satisfied in their work. Late payments make your job even more difficult. If you’re not being paid on time by your customers, it impacts your own cashflow and can make paying…

Expenses can be claimed for by your company employees when they make a business purchase using their own money. They can keep their receipt and make a claim on this business expense so that they can be reimbursed. Keeping receipts means that as a business owner, you can claim tax relief from HMRC. You can…

Petty cash is a small amount of cash that is kept aside and made available to a business to make small, unplanned, and one-off purchases. It should be stored in a locked box or drawer, with a trusted employee charged with managing it as a custodian. Typically, petty cash is used to pay for minor…

Changes to Corporation Tax from 1st April 2023 Legislation has been introduced to set the main rate for Corporation tax to 25% from 1st April 2023. A small profits rate will also be set at 19%. The small profits rate of 19% will apply to profits below the lower limit of £50,000 – companies with…

Online presence has never been so important in business, as potential customers will get first impressions of your business and decide whether you are the right choice for them. You will want your business to be showcased properly online, and an important element of this is online reviews. If your existing customers post their experience…

If your occupation involves a lot of driving, depending on if you are self-employed or provided with mileage allowance payments by your employer, it is important to keep a mileage log. You can do this in a way that suits you, but you must record trips that involve business engagements. You will be able to…

If you are a business owner, particularly the owner of a new business, a business loan could make the difference and allow you to secure important inventory or equipment, helping you to take the next steps in growing your business. When applying for a business loan, the application process involves multiple steps, so you should…

If you’re looking to sell a second home, or a property that is not your primary residence then there are considerations to be made when it comes to tax. There have been some changes to the law in the last few years, so make sure you know what tax you should be paying when the…

Outsourcing financial tasks has become common for businesses in order to improve their efficiency, reduce costs and provide access to expertise that the business owner or employees may not have, leaving more time for the business owner to do what they do best, running their business. Regardless of whether you need assistance with bookkeeping, payroll,…

As your business grows you will need to register for VAT with HM Revenue and Customs (HMRC). This is a legal obligation that most companies with more than £85,000 of taxable turnover must comply with. While this can seem like a daunting process, our handy guide makes it as easy as possible. What do I…

With the start of the new year brings the deadline for filing tax returns. If you are self-employed, a partner in a partnership, or the executor of an estate, you must pay tax through Self-Assessment and are required by law to submit a Self-Assessment tax return. The deadline for this each year is the 31st…

If you find yourself overcome with the responsibilities involved in running a business, you may want to consider outsourcing financial tasks to an experienced accountant. Time consuming tasks such as submitting your annual returns, creating financial forecasts and reports for the previous quarter, can prevent you from focusing on other important matters such as winning…

If you are just starting out and are in the process of launching a new business, budgeting correctly is one of the most important steps you can take to help you prepare for these initial stages. You can monitor and control your finances according to the budget you have set, and you can plan accordingly…

Many of us are beginning to feel the impact of the cost-of-living crisis, which can affect all aspects of life, especially if you have a business to run. Small changes to the way you operate, such as identifying alternate suppliers, and putting energy saving measures in place can have a significant impact on your overall…

Management accounts are a financial report that help you to assess your businesses financial position and draw your own conclusions. They are usually produced on a monthly or quarterly basis, so that you can compare them to previous accounts and track your progress against forecast figures. Management accounts will be completely unique to your business,…

With the end of the year approaching, you will be wary of the deadline for completing your self-assessment tax returns. There’s no need to panic, as you still have until 31st January to submit your returns for the previous tax year if filing online. This can be a time-consuming process, so it’s worth knowing the…

When running a small business, it is essential to maintain a good relationship with your creditors, to make sure your business operations run smoothly. If you are going through a difficult period where you are struggling for cash flow and are at risk of failing to pay bills on time to your creditors, it’s time…

Income tax From April 2023, the basic rate of income tax will be cut from 20% to 19% National insurance On 6 November 2022, the 1.25% rise in national Insurance which took effect earlier this year, will be reversed Corporation tax The planned rise in corporation tax has been scrapped Taxes in general As is…

As a small business, it can be difficult to manage the finer details of your operation, but these remain important to operating successfully. At Bells Accountants & Company, we offer comprehensive Company Secretarial services to provide you with a registered office address, help keep your business organised and ensure that you are filing important information…

With energy prices reaching an all-time high and no reprise on the horizon anytime soon, businesses need to think about reducing their energy costs and stay afloat of the soaring energy bills heading our way. In a bid to assist customers manage energy costs associated with their business premises, we have teamed up with Full…

With everyone beginning to feel the full effects of the cost-of-living crisis, business owners are constantly looking for ways to reduce their spending whilst continuing to operate at full capacity. Reducing your outgoings will depend largely upon the industry you operate in, and how essential your operating costs are, but there are multiple different ways…

If you are self-employed, you will have to pax taxes depending on the profit your business made over the tax year. One of the benefits of being self-employed is that you can claim expenses that were necessary to run your business, which can help to reduce your tax bill. Any business overheads such as lighting,…

If you are someone who runs their own business, you may be aware of how frustrating it can be to collect unpaid invoices. For small businesses with limited resources, it can be a time-consuming exercise and disrupt you from other important responsibilities. Therefore, credit control is so important, to not only save you time, but…

With many businesses continuing to work remotely, or even if you have moved back into the office, different types of meetings can take up a large portion of a business owners’ day. Without a clear structure or suitable preparation, these business meetings can often become unproductive and a waste of time or resources. If you…

When running a business, there are many important details to remember for both sole traders and limited companies. Managing your finances at the early stages and making sure you are following all legal procedures is important so that you can successfully get your business off the ground. A commonly asked question amongst business owners when…

Business owners must always be prepared to adapt to the changing environment of their industry, as it is impossible to predict what will happen in the future. One of the best ways you can prepare for change is to plan effectively, and financial forecasting is a key element of this. This can help you cope…

As a small business, it can sometimes be difficult to make connections in your industry and build your reputation. One of the best ways to do so is through business networking. Attending networking events can have so many benefits for you when trying to build your reputation, building relationships with other businesses who can provide…

Small businesses are an essential part of every local economy. They offer a personal touch and unique customer service. This is something that is not always possible to receive from a larger business with a high number of employees and multiple branches to take care of. Whether it is a coffee shop or a clothing…

If your business charges VAT, you will be aware that from April 2019, you now have to file your accounts through the HMRC Making Tax Digital (MTD) system if your taxable turnover was above £85,000. From April 2022, businesses below this threshold have to start using this system too, so it is important that you…

With the new tax year having begun on 6 April 2022 and lasting 12 months until 5 April 2023, the government have introduced numerous changes in an attempt to ease the cost of living. Whether you are a business owner or an employee, you are likely to notice this having an impact. New legislation such…

For higher rate taxpayers, buying an investment property through a limited company can have numerous benefits. If you are considering setting up as a limited company as opposed to applying for a personal buy to let mortgage, you can take advantage of lower tax rates and limited liability. This can make owning and renting out…

There are many factors to consider before deciding on the sale of your business, but if you believe it is the right time to move on, there are numerous steps involved in the sales process. You will want to make sure that the reasons for the sale are the right ones, and not purely because…

If you are taking the first steps towards setting up your business, it is essential for you to be well prepared and put together a detailed business plan. The importance of a business plan cannot be understated, as it can help you to develop long term goals and objectives to get your business off the…

(Last updated February 2022) As a start-up business or small to medium sized enterprise (SME), navigating the value added tax (VAT) landscape can be one of the biggest challenges for you to overcome. We fully understand how challenging it can be – we work with businesses just like yours, each and every day. When it…

If you are planning to set up a new business in the coming months, you will need to consider what kind of legal structure the business will follow. Whether it be running the business as a sole trader, or running it as a limited company, you will need to decide which option is right for…

If you are looking to invest in any plant and machinery assets for your business, you could benefit from claiming the super-deduction allowance (also known as the 130% allowance). Introduced by Chancellor of the Exchequer Rishi Sunak in 2021 to stimulate the economy following the peak of the Covid-19 pandemic, the 130% tax relief will…

It is a real blow when you see the National Insurance deducted from your pay packet each month isn’t it? Nevertheless, if you are employed or self-employed, are age 16 or over and earning above the minimum threshold, there is no way to evade paying it! After all, it’s in your best interests to make…

When someone passes away, it can be a complicated process to sort out inheritance. If you are a relative of the person, you may be in line to receive an inheritance from their estate, which means any assets including cash, stocks, or material goods. As with any significant income, a tax is imposed on inheritance…

If you are looking to launch your business in 2022, an accountant can help you when writing a business plan, to ensure you are well prepared for the early stages of the process. A business plan is a written document that includes a number of key details related to how your business is set up…

Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who has died). Sounds simple, doesn’t it?  Well, unfortunately it is not quite as straightforward as it may seem due to the many ‘it depends on…’ type scenarios to consider. Typically, you will be exempt from inheritance tax if the…

When managing your business effectively, it is important to keep a close eye on your cash flow. This will allow you to track your income and outgoings and plan for both the short term and long term of your business. If you are looking to grow your business, you will want to ensure that the…

Running your own business can be a busy job, but when things are going well you are able to reap the benefits. Business owners are able to take a portion of the company’s profits and pay it to themselves and other shareholders as dividends. As a business owner, it is important to bear in mind…

If you are not familiar with this increasingly popular trend, crowdfunding is widely described as a group of people donating, lending or investing towards a cause via the internet. Crowdfunding is commonly used to support charitable causes, local community and eco-technology projects. Within the business world, many companies crowdfund in order to collate small amounts…

When running your own business, you must file a confirmation statement with Companies House in addition to all your business year-end accounts. The Small Business, Enterprise and Employment Act replaced annual returns as of 30 June 2016 and introduced confirmation statements to offer a more straightforward alternative to inputting your company details. Once you have…

In the UK, 26 million people (and over 1 billion people worldwide) have disabilities and long-term conditions that enhance the social and economic health of our societies. It is important to remove any barriers that exist in business structures (and government) that prevent disabled people from thriving and contributing in this way. That’s why not-for-profit…

A company’s year-end is the date their accounting period ends for the year. From this date, you have 9 months to file your annual accounts with HMRC and Companies House as a legal requirement, excluding sole traders. In simple terms, year-end accounts are a summary of your business’s overall performance for the year; however, you…

Both small businesses and large corporations utilise three fundamental financial statements: the income statement, balance sheet, and statement of cash flows. Balance sheets are useful at giving a snapshot of your business’ financial situation at a certain point in time. A balance sheet can help you to assess how successful you have been for the…

Virtual interviews are becoming more common, particularly since they were a must during the national lockdowns of 2020 and early 2021.  Although we are still big believers in the importance of meeting a candidate in person, we understand that for busy business owners this may not always be possible (particularly in the early stages of…

Whether you have a business idea that you’re thinking of developing into an official plan, you’re ready to start your own business, or you are looking to grow your business further, sound advice from someone in the know is like gold dust.  If only you could hear directly from a bunch of successful businesses direct? …

‘Doing the books’ is often a task dreaded by business owners. The creative, risk taking traits that entrepreneurs are known for (and excel at) do not always bode well with the meticulous task of organising finances. For some, it is just an overwhelming task, especially if a business owner has little experience with managing books.…

The latest tax incentive offered by the Chancellor to help get the economy back on track following the Coronavirus pandemic, seems one of the most generous yet.  The new first-year capital allowance for qualifying plant and machine assets (which has also been nicknamed the super-deduction allowance or the 130% allowance) allows for any investments a…

Looking to raise funds for your business? Not sure of the best route to take? Join our expert panel on this free webinar. Jo will cover the importance of cashflow forecasts, business pans, and knowing your numbers when it comes to raising funding. Gillian will assist you to navigate lending in the current climate and…

Furlough Scheme This has been extended till the end of September 2021, whereby the Government will pay 80% of wages up to £2,500pm.  Employers must pay 10% of these wages in July and 20% in August and September SEISS This has been extended till the end of September 2021 VAT The VAT cut to 5%…

Whatever happens in the coming months, it is unlikely that it will involve using the internet less. The Coronavirus lockdowns have seen online shopping, social media usage and the general demand for online services soar. If you already run an online business you will know that one of the hardest parts is to drive traffic…

Domestic reverse charge VAT legislation is about to change the way CIS registered construction businesses handle and pay VAT.  From 1 March 2021, many contractors in the construction industry will stop paying VAT to their subcontractors.  Instead, the contractor will pay the VAT directly to HM Revenue & Customs. This “domestic reverse charge” (DRC) will…

With so many schemes and deadlines floating around, we thought it might be useful to share this helpful summary of the main grants and schemes currently available to small businesses and the self-employed affected by the pandemic (mostly taken from the FSB website. Remember, hardship grants and funding are also available at local authority level…

At the beginning of 2020, more than three years after voting to leave the EU (and David Cameron’s famous resignation on the steps of Downing Street), the UK formally departed as a member state.  Up until Christmas Eve 2020 when a long-awaited trade deal was finally struck, the UK found itself in a state of…

Well, we think it’s safe to say that this has not been a year that any of us will look back on with undiluted pleasure.   Alongside so many of our small business clients we’ve witnessed the best and the worst of what this incredulous year has brought upon us…and it’s not over yet.  Our busy…

If you’re a business owner, you will be super aware that bookkeeping and accounting are essential functions of a business, particularly one that wants to succeed long term.  Without a solid accounting system, you will never know whether your business is profitable and if you can afford to purchase new assets or expand.  If you…

Furlough This is now to be extended until the end of March, with employees to receive 80% of the current salary for hours not worked Employees on the payroll on 23rd September 2020 who were made redundant or stopped working after that date can be re-employed and claimed for. This can also apply to employees…

Nurturing wealth is not just a Richard Branson dilemma.  More and more people, particularly those with small businesses, need advice about their financial planning – pensions, investments, retirement planning and business protection to name but a few, and a good financial adviser can prove crucial to protecting your legacy. What is wealth management? Wealth management…

Like so many SME’s in the UK, the majority of our small business clients have found recent months tough going.  We always try to coach our customers on the importance of managing the cash flow of their business, and post coronavirus, this will now become more vital than ever before. One of the best places…

Following Rishi Sunak’s briefing on 24 September, below is a summary of the key points.  Job Support Scheme The Government will subsidise the pay of employees who are working fewer than normal hours It applies to employees who can work at minimum of 33% of their normal hours Employers will pay staff for the hours…

If you have used your time in lockdown to re-evaluate some of your goals and ambitions, you may have decided that now is the right time to take the plunge and launch your own business.  If you have recently started-up a new venture or you are in the research phase, here are our tips to…

Summer Budget 2020 and includes the following with a suitable image: Please see below a summary of the Summer Budget 2020. If you have any queries on any of the below and how it impacts on you please let us know. The chancellor confirmed that the furlough scheme will end in October 2020. A new…

As humans, we tend to be creatures of habit which often makes it difficult for us to cope with change.  For some, change can be a very unsettling experience, and lately we have all been privy to change on a very large scale.  For some however, the recent pause in ‘normal’ business will have sparked…

In recent years we have seen the opportunity to work from home grow in popularity.  More employers are recognising the benefits that flexible and home working can have on the productivity of their employees (thanks to a reduced commute, better work/life balance, and the flexibility around family commitments that working at home allows).  In recent…

For small businesses, acquiring the IT necessary to allow your team to work as productively as possible can present a major financial burden. When companies want to invest in business technology they generally have two options for financing these expenses. They can either purchase their machines and software outright, either by using existing capital or…

If you are a small business struggling due to the coronavirus, you are now able to apply for a new 100% government-backed loan worth up to £50,000, with no interest charged or repayments needed in the first 12 months.  Let’s take a closer look… What are bounce back loans? The Bounce Back Loan Scheme (BBLS)…

“It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change”.  Charles Darwin Never have Darwin’s famous words depicting the survival of the fittest rang truer than in recent weeks.  We’ve witnessed many of our small business clients having to…

With so many of our small business customers, colleagues, friends and family being affected by the current health situation, we are trying to give advice where we can, when we can.  We have recently seen this advice given by Google and thought we would share with you… If your business has a Google My Business…

As you may know, here at Bells Accountants we are avid supporters of business networking and the benefits it can bring you and your business.  A large part of getting the most out of networking opportunities (particularly unplanned ones) is how you pitch your business to the many interesting people in the room that you may…

Last month we touched on how stories are on a fast path to dominating our news feeds as the primary way people share things with their friends on social media.  So, this month we thought we’d take a look at the difference between Facebook Posts and Stories, what to think about when creating them, and…

A new year and a new decade will undoubtedly mean new goals for your business.  We are sure you have set plenty of business objectives for 2020 and if you want to be in with a shot of accomplishing them it is important to keep up with the latest trends and customer expectations across all…

What is considered the most wonderful time of year can often be difficult for those who run or work for a small business.  Businesses will be affected in different ways depending on their niche, for example those in retail will often experience their highest sales, but other businesses may see a decrease in production and…

When it comes to owning or working in a small business, being organised is pretty much a prerequisite.  There are lots of different tools on the market nowadays to help you automate certain areas of your business, streamline processes and ensure you are as efficient as you can be.  If you are considering a CRM…

Establishing great relationships with other like-minded business people can provide a lifeline of support and business generation for a start-up or small business at any stage.   Networking is a great way to share your successes and mistakes with others and will play an important part in growing a sustainable business.  Inevitably, the main purpose of…

At the beginning of September, additional new VAT rules for 2019 were brought in, following the introduction of Making Tax Digital (MTD) in April. These new changes were made in order to tighten up existing VAT regulations and ensure businesses cannot gain unfair tax advantages – Her Majesty’s Revenue and Customs (HMRC) claims there is…

You do not need an accountant for a small business, legally speaking – small business owners can take care of their finances themselves. However, it is very beneficial for many small businesses to work with an accountant; time is money for entrepreneurs. When an accountant takes care of bookkeeping, taxes, VAT etc., owners have more…

Starting a small business from home is a dream for many people seeking freedom from the nine-to-five routine. It can offer a great deal of flexibility, financial independence and the opportunity to shape your own empire – without needing too many resources. As accountants working primarily with small to medium sized enterprises (SMEs) and start…

Entertainment expenses are not usually tax deductible for businesses in the UK. This means that you cannot claim tax relief for these expenses to reduce your tax bill, and you cannot claim the VAT back on expenditure either. However, there are circumstances that are not quite so clear cut. Taxation and VAT are complex systems…

“Should I find a local bookkeeper?” Many people want to know what to look for in a bookkeeper, and where to find them. When you are searching for a good bookkeeper and accountant, our advice would always be to keep it local. You bookkeeper and accountant will be an essential part of your business, keeping…

Read all about our founder and director, Joanne Bell, who recently won Kent Business Woman of the Year 2019.

If you are a VAT-registered UK business, you will be all too aware that Making Tax Digital came into play for VAT periods that began on the 1st April 2019. This is intended to be an overhaul of the tax and VAT system, making administration more effective, more efficient and easier for taxpayers. And it definitely…

Making Tax Digital (MTD) is a new initiative from HM Revenue & Customs (HMRC), intended to make it easier for individuals and businesses to keep on top of their taxes and submit information. It is part of HMRC’s plans to become more digitally advanced – “one of the most digitally advanced tax administrations in the…

We are delighted that our Managing Director, Joanne Bell, has been announced as a finalist at the Kent Women in Business Awards 2019. Jo has been entered into the Leadership and Management category, a great achievement that we are all proud of here at Bells Accountants. This is the sixth year that the Kent Women…

Now that the holidays are well and truly over it is time to turn our thoughts to more practical matters. You have probably put it off for as long as possible but now the tax return deadline really is looming. Fear not, we are here to help! Read on for a summary of what the…

You know you need to get some professional accountancy advice, but you have no idea where to start. Believe it or not, you are not alone. Accounting, bookkeeping, and financial planning can be complex areas, but with the right team in place you can rest easy that things are in hand and managed well. After…

There are few headlines that pop up consistently in the media, almost on a daily basis. Brexit is one topic, while the other is the Budget and this one saw quite a bit of build-up again this year. The time finally arrived, earlier than usual and rather notably on a Monday no less, when the…

Did we really say paper? Does anyone use that anymore? You would actually be surprised! We come across a still staggering number of companies which use paper for many of their processes, increasing their risk of something going wrong. This is why we are focusing on securing your systems this month, aiming to get more…

It is coming up to that time of year when you need to start thinking about your self-assessment tax return for the tax year 6 April 2017 to 5 April 2018. There are a few options available to you if you file a self-assessment with the HMRC, whether you do it yourself or have your…

The national minimum wage, and the living wage, have been important components of ensuring that staff receive reasonable compensation for the work that they do. The national minimum wage first came into force in April 1999 with the National Minimum Wage Act of 1998. The national living wage was introduced in 2016, in response to…

VAT or Value Added Tax. An often mind-boggling area of tax for most organisations whether you are self-employed, run a business, or manage a charity. In this month’s article we break it down and simplify it with the headlines that every business owner and manager needs to know. Who does VAT apply to? VAT applies…

Have you been toying with the idea of going it alone? Leaving your job and becoming your own boss? It is not as wild an idea as you may think. An increasing number of professionals are going down this route and it is easier than ever to do it, whichever way you choose to operate.…

April saw the introduction of a change in tax law with regard to termination payments. Part of Her Majesty’s Revenue & Customs (HRMC) aim to simplify tax and remove the ways in which the system can be manipulated, this is now in force as of the 6th of April. It affects both employees and employers…

April is the time of change. Spring is finally in the air and the new financial year kicks in. We thought it would also be a good time to do a quick recap of what you can expect for the forthcoming financial year – are you likely to be better or worse off? There are…

It is that time again when the old financial year is nearly at an end and the new one is about to begin. This is also the time when a number of other government changes are implemented, and one of these is the annual change to the Minimum and Living Wages. We take the opportunity…

It’s that time of year when you have just completed and filed your tax return and paid up on what you owe. Unfortunately, that means that it is also the time when there is an increase in phishing scams via email and social media, some of which can look genuine. We have had a few…

The Autumn Budget was the Chancellor’s opportunity to set out the Government’s view of the state of the economy and to set the targets and goals for the near- and medium-term future. Presented at the end of November last year, many of the changes come into effect from April this year – although some were…

Your business has been going from strength to strength and it’s time to hire staff to help take on some of the work to help you meet your clients’ needs and fulfil the orders you have coming in. It’s an exciting time as it means that you are ready to grow the business. It can…

Bookkeeping probably sounds like something out of another business era. It conjures up images of a business owner or accountant in a back room somewhere trying to organise their receipts and invoices, surrounded by mountains of paperwork and pulling their hair out.

Whether you are a limited company or sole trader, being at the front-end of your business is what you do best. You know your market, your product or service, and your clients. You know how to keep your clients happy and how to find new ones. You’ve probably taken advice on marketing and sales at…

Setting up your own business was a huge step and you are rightly very proud of having taken the leap to do it! The next steps are to focus on building up that business, getting new clients, and delivering on your promises to them. Hard work, no doubt, but fairly straightforward in theory. More and…

The management of generating invoices has revolutionised over the past decade. More and more businesses are switching to cloud platforms to manage their online accounting process, and are reaping the rewards. As a business owner, you might be a great entrepreneur, but the chances of you being a good accountant too are very rare. So,…

When it comes to your business your accountant can do a lot more than just calculate your tax bill for you. We can also help and guide you on all the following: Analysing trends and financial information within your business to help you ensure you are making maximum profits. Advising on all the ways you…

Your home – when you sell your main residence this is usually exempt from any capital gains tax. If you have two homes you have two years from the date you buy it to make an election that states it should be regarded as your main residence for capital gains tax exemption. Once you make…

In spring 2017 the way the government funds apprenticeships in England is changing. Some employers will be required to contribute to a new apprenticeship levy, and there will be changes to the funding for apprenticeship training for all employers. We are introducing the apprenticeship levy on 6 April 2017. The levy requires all employers operating…

Here at Bells we have had a number of clients contact us to ask if an email they have received, seemingly from HMRC, is genuine. The email often has HMRC’s logo on it and appears quite official, usually stating that the taxpayer is due a refund and asking them to follow a link to claim…

If you own shares in a company you may well pay yourself via a dividend. Previously, if you were a basic rate tax payer you were not required to pay any additional tax on dividends. As of 6 April 2016, you won’t pay tax on the first £5,000 of dividends that you get in the…

A zero hours contract is generally understood to be a contact between employer and a worker where: The employer is not obliged to provide any minimum working hours and, The employee is not obliged to accept any work offered As of 2015 regulations removed The Exclusivity Terms, which used to prevent workers on zero hours contracts…

HMRC are proposing to introduce a new category of trade to the flat rate scheme called a ‘limited cost trader’, this new category will use a flat rate percentage of 16.5%. The flat rate scheme was initially introduced as a simplified way of dealing with VAT, however many businesses make extra profit by being on…

As of 1st April 2018, employers will be required to pay their workers aged 25 and over a new minimum pay rate of £7.83 per hour, called the National Living Wage (NLW). The national minimum wage is still in place for people under the age of 25.

There can be many positives to buying a business, rather than building one from scratch. It can save a lot of time and effort on your part if you are taking over systems, processes and even a customer base that is already established and working. Buying a business can be very risky though, and here…

  Age Group Apr-17 Apr-18 Increase National Living Wage (25+) £7.50 p.h. £7.83 p.h. 33p/4.4% NMW(21-24) £7.05 p.h. £7.38 p.h. 33p/4.7% NMW(18-20) £5.60 p.h. £5.90 p.h. 30p/5.4% NMW(16-17) £4.05 p.h. £4.20 p.h. 15p/3.7% Apprentice NMW £3.50 p.h. £3.70 p.h. 20p/5.7% Accommodation Offset* £6.40 per day £7.00 per day 60p/9.3%

As of April 2016 apprentices under 25 years of age were no longer required to pay (employer) NIC or secondary class 1 contributions on earnings up to the Upper Earnings Limit (UEL) – which is £43K per annum, or otherwise known as (AUST) Apprentice Upper Secondary Threshold. This is a significant benefit and the objective…

Childcare vouchers are a government initiative aimed at helping working parents. Parents can receive up to £243 per month of childcare vouchers from their employer, free of tax and national insurance. Most childcare vouchers are provided through salary sacrifice, which means the employee’s gross salary is reduced by the amount of the childcare voucher, before…

There are two different types of sick pay one is Statutory Sick Pay (SSP) and the criteria for this is: Earnings have to be at least £112 per week before tax Employee has to be sick for at least 4 days in a row, and SSP is only payable from the 4th day of sickness…

Paying employees cash is not illegal, you can pay your employees via various methods via online banking, cheque or cash. However, you must be aware of the tax and NIC implications of how much you are paying an employee and all amounts still need to be reported to the HMRC via Real Time Information. For…

Under the Pensions Act 2008, every employer in the UK must put their staff into a pension scheme and contribute towards it. This is called ‘automatic enrolment’. Auto-enrolment of workplace pensions has actually been in existence in the UK since 2012, initially targeting the big employers. Now it is the turn of small and micro…

The Chartered Institute of Payroll Professionals has indicated that they are not yet aware of any direct changes to payroll regulations caused by the UK’s decision to leave the EU. The truth is that we do not yet know what impact this will have on payroll regulations. The payroll industry is continually bombarded with changes…

Your business name – When registering a limited company you are not allowed to use a name that is in use by someone else. Your registered office – This is the address that your company is registered at with Companies House. This means the address will be available on public record. If you currently work…

How do things work now? You can pay yourself from your limited company in two ways, via salary or dividends. Most directors pay themselves a small salary topped up with dividends. Dividends are paid after Corporation tax has been charged, they are paid out of money that has already been taxed once. Currently there is…

Bells Accountants have received the title of Runner Up in the Kent Women in Business Awards 2016 for the Customer Service Category. This huge event brings together some of the most influential and successful professional females in Kent. It is an honour for us to be given this accreditation. This is an amazing acknowledgment to our company and…

Bells Accountants can proudly announce that we have been nominated as finalist in the best Customer Service Category of the Kent Women in Business Awards 2016.   We’d just like to say a huge thank you to everyone who nominated us and good luck to all the other inspirational business women who were nominated.  Winners…

We are delighted to announce the launch of a brand new website for our Payroll division, Bells Payroll Services.   You can see it here – www.BellsPayrollServices.co.uk With Bells Payroll Services you can be sure of extremely competitive prices and an incredible amount of experience in payroll processing. Our client base is diverse ranging from…

If the answer to most of these questions is “yes” then your worker is probably an employee: Does the worker only work for you? Do they work regular hours set by you? Do they receive holiday or sick pay from you? Do you provide them with the materials and tools they need to do their…