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…
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…
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…
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…
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…
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…