Christmas is just over 3 weeks away and the start of the busy social season with clients and staff is upon us. Your guide to claiming entertainment tax efficiently through your business – the do’s and don’ts and everything in between.… Continue Reading
With the UK in full election mode and the main political parties putting environmental issues front and centre of their campaigns, issues which would otherwise be the focus for fringe parties, and this week the Queen boycotting fur, how can small business do its part to help save the planet?
As the inspirational climate activist Greta Thunberg says, ” no-one is too small to make a difference”. As a small business owner you have the power to make a difference and do your part to help save the planet. Here are 5 processes that we employ ourselves at Southside Accounting which you can incorporate into your small business straight away, if you are not doing so already.… Continue Reading
“I use a cloud based bookkeeping software and it has been a revelation for my business efficiency, but how do I know if I am using it correctly?“
The advent of cloud accounting 5 or so years ago revolutionised the way small businesses now work. The business efficiencies cloud accounting brings to day to day business activities, whilst allowing for real time view of your cash flow, any place, any time. As a result, the path to success and growth for small businesses is becoming a reality rather than a pipe dream.
With low cost subscriptions and several well evolved cloud accounting software packages now available on the market and geared to start-ups and small business, such as QuickBooks and Xero, small businesses can now go out there in the trading world and feel more in control of their finances, especially important in those first few years of growth where cash is king.… Continue Reading
The number of self-employed individuals in the last year was recorded as 4.97 million in the UK, as reported by the Office of National Statistics (ONS), a continued rapid rise year-on-year.
The ONS also reported that the number of female entrepreneurs is steadily increasing with the number of women registering for self-employment soaring to 51,000.… Continue Reading
Have you made the positive move to partner with an accountant who better suits your needs?
If so, you may be thinking, what next? How quickly will the move of accountants take and how long will it take for my new accountant to get up-to-speed with my financial affairs?
Switching accountants may seem like a daunting and long-winded process, especially if you have been with your existing accountant for a long time. The good news is that the process of switching accountants is very easy and requires very little work by you. Read on to learn how to take that all important next step.… Continue Reading
Starting a small business is a lot like raising a child. You nurture it, spend sleepless nights taking care of it and giving your all with all the energy and love you can physically and mentally muster. Slowly but surely, you start to reap the benefits of all your hard work and begin to get something back.… Continue Reading
A recent survey by Hampshire Trust Bank (HSB) shows that small business owners have increased their cash holding by 78 percent in their business current accounts in the past two years, in anticipation of another credit crunch brought on by Brexit.
UK manufacturing businesses, both large and small, have already been stockpiling raw materials ahead of the original Brexit deadline back in March this year and have started doing so again, with the new Brexit deadline coming up fast at the end of October.
The need for surplus cash to buy supplies for stockpiling was the main contribution for the increase in current account balances, according to the HSB research.… Continue Reading
The UK government is preparing for a no-deal Brexit on 31 October. What does this mean for your small business and how can you best prepare? Here we share survival strategies for small businesses in the increasingly likely scenario of a no-deal Brexit.
If you are trading between the UK and the EU you could be bracing yourself for disruption in October and perhaps with little idea of what to expect when Brexit finally takes hold.… Continue Reading
Draft legislation has been published for 21 new tax measures to be implemented for the new Finance Act 2020 (FA 2020) to come into force in the tax year 6th April 2020. Most of the new tax law is due to take effect then but the final details and confirmed dates of commencement could be changed following a consultation, closing on 5 September 2019. It is also worth remembering that all of this could in theory change with the appointment of the new Chancellor of the Exchequer, Sajid Javid, who may have some fresh ideas on the proposals. We have highlighted the most important of these planned tax changes that could affect you and your small business, below.… Continue Reading
The importance of budgeting in your small business cannot be underestimated. Not only does budgeting provide a benchmark against your peers, it also allows for variance analysis and performance assessment, leading to improved sales. Are you actively budgeting in your small business? Read on to learn more on budgeting processes that can help your small business.… Continue Reading