Let’s face it, who would want to be in Rishi Sunak’s shoes right now? Ok, he may have landed one of the most important jobs in the country as chancellor of the exchequer, but having to deliver one of the most important tasks of his job being only one month in? No easy task.
Our predictions for the 2020 Budget which will be delivered by Sunak on the 11 March.
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As a start-up or small business owner, you want to know you are operating legally and following best practice. Here are the main topics you need to know about and understand to some degree to ensure you are operating your business legally and above board.
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This question entirely depends on what is stated in the employment contract you have in place with your employee. Usually, if an employee is unable to make it in to work because of adverse weather conditions, they can take annual or unpaid leave or more frequently nowadays, employers are comfortable with staff working from home.
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As a self employed individual or a director of a limited company, you may be experiencing the best that a modern day accountant has to offer, or at least we hope so!
25 years ago, an accountant’s role was limited to review of numbers on paper, with a view to past performance. The stereotype of a middle aged, balding man in a suit with a calculator in his front pocket existed for a reason! At its core though still, the accountant’s goal was to provide business support via reliable numbers to help determine profitability and pay the right amount of tax.
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According to research released this month by Starling Bank, small businesses spend on average almost 2 hours a week on accounting, equivalent to 20% of a small businesses time. Furthermore, 32% of small business owners cite accounting as the most stressful part of running their business.
According to the same research, 16% of small business owners saw the benefit of integrating their bank account to online accounting software, such as QuickBooks or Xero.
20% of other small business owners saw the benefit of being able to see all their business financial information in one place would make a huge difference to the time spent on finance in their small business.
The importance of small businesses can’t be overstated. They make up the majority of enterprises in the UK, employ almost nine million and generate nearly a trillion pounds in revenue each year.
Southside Accounting are your local cloud accountants in Wimbledon and London. We’re local, like you. And we’re a dynamic small business. Just like you.
We are fully chartered, certified accountants so we’re well qualified to be the trusted advisers you need to help make your company a success.
All our clients are on the cloud and have access and support on cloud accounting software, in both QuickBooks and Xero.
Our fixed fee structure means there are no surprises. And our smart Service Plans are tailored to meet the particular demands of your business.
So whether you’re a sole trader just starting out, a Limited Company, PAYE, or an established business with employees, we can help.
Call us to book a free no-obligation meeting today.
We always offer an initial free face to face meeting with prospective clients, so we can get to know you and your business and understand your unique circumstances and business goals.
Written by Shaima Todd.
Team Southside wish all our clients and contacts a very prosperous year ahead, whatever your business ambitions may be!
This is a fantastic time to take the opportunity to take stock of your business and personal finances and consider if you would do anything differently.
Are you happy with your finances? Are you getting the support you need from your accountant currently, support that will help drive growth or sustain cash flow, so your small business can thrive? If not, get in touch; we may be able to help.
Southside Accounting are a team of chartered accountants in Wimbledon and London, supporting sole traders and limited companies through state of the art cloud accounting software, with transparent and fixed monthly fees.
Our smart Service Plans are tailored to meet the particular demands of your business.
So whether you’re a sole trader just starting out, a Limited Company, PAYE, or an established business with employees, we can help.
Call us to book a free no-obligation meeting today.
We always offer an initial free face to face meeting with prospective clients, so we can get to know you and your business and understand your unique circumstances and business goals.
Written by Shaima Todd.
Below is a comprehensive list of what a small business needs to be remember in the tax year to help keep on the right side of HMRC.
If you work for yourself, you may not have anyone to prompt you to remind you of the important dates you need to remember your obligations.
Some of the dates may change year to year but the deadlines will fall broadly at the same time each year, so these are worth remembering or keeping a note off to keep you on track.
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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.
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If you are self-employed or run a small business, time may well not be on your side and taking time away from your business may feel tricky to justify. Perhaps you are run a small business with only yourself at the helm, or even with a small team in place, you may feel that you need to be around for clients all the time to retain business. Even if you know in theory the many benefits of taking time out for yourself, not least of all to support your business’ productivity, here are five reasons to do something about it.
The way we work has changed significantly and will continue to evolve and change over time. There are now more people than ever going it alone and setting up their own business and entering self-employment.
In the UK there are now 5.5 million small businesses and self-employed in the UK and 60 per cent of private sector employment is now in small businesses.
Stigma around mental health remains a big issue but is changing in larger businesses, where for example, mental health first aiders are being trained internally providing a confidential, on hand, help to employees.
As a small business owner, you are just as susceptible to mental health issues and could be argued even more so, with potentially more financial and time pressures.
There are a few straightforward tasks you can do now to improve your mental health immediately. For example, making time for exercise, whether this is half an hour in the gym or just going for a long walk. Being physically active will help to improve your mood as well as release any stress. Taking short breaks regularly throughout the day is another great way to boost your overall productivity.
Don’t disregard booking holidays or longer periods of time off either. If planned well and in advance, Lastly, if you can, booking holidays or longer periods of time off can really help you relax and recover.
Now that you are regularly taking short periods of time away from your small business, this is also a good time to re-connect and spend quality time with family and friends. You are more likely to get the support, love and time from your loved ones, giving you a boost to your mental health and well being.
A work/life balance can enrich your daily routine and time away to spend on your other passions and hobbies can help give you perspective and potentially spur new ideas on your business.
Taking time out from your small business on your hobbies doesn’t necessarily need to be a daily occur you enjoy doesn’t need to be a daily occurrence. Even once or twice a week could make all the difference to your health and well being.
It’s important to realise that there is more to life than just your business. Although it is of course essential for you to work on your business, from starting it up to growing it, you do also need a healthy mind and a thought process which is not overstressed or overworked.
Ensuring you get good quality sleep is incredibly important to your productivity, concentration and general well being. Despite this, many people don’t set sleep as a priority, and the build of poor quality sleep can have a detrimental effect on health and well being.
Getting a good night’s sleep gives you the energy you need to get through your busy day and cope with inevitable curve balls and gives your body and brain time to rest and recuperate, ultimately making you more productive.
Sleep also alleviates stress further supporting your mental and emotional wellbeing.
Why not set a daily time to clock off work every day and do something relaxing away from your screen and phone to help you unwind and get the quality sleep you need.
A burnout is repetitive, long-term stress on your mental and physical health leading to exhaustion.
Signs that you are heading for a burnout include persistent low moods and motivation and perhaps feelings of disillusionment with your business.
If left unchecked, burnout can impact your health, happiness and job performance, all of which puts your business at risk.
If you recognise any of the signs then take steps to rebalance your work/life balance and seek help if you need it.
The importance of taking good care of yourself for the benefit of your mental health and the success of your business maybe obvious, but can be hard to enact. Why not get organised, outsource work if you need to, put clear procedures in place and plan longer breaks well in advance. Set aside some time each day to switch off, get your work-life balance in check and reap the rewards!
Southside Accounting are your local cloud accountants in Wimbledon and London. We’re local, like you. And we’re a dynamic small business. Just like you.
We are fully chartered, certified accountants so we’re well qualified to be the trusted advisers you need to help make your company a success.
All our clients are on the cloud and have access and support on cloud accounting software, in both QuickBooks and Xero.
Our fixed fee structure means there are no surprises. And our smart Service Plans are tailored to meet the particular demands of your business.
So whether you’re a sole trader just starting out, a Limited Company, PAYE, or an established business with employees, we can help.
Call us to book a free no-obligation meeting today.
We always offer an initial free face to face meeting with prospective clients, so we can get to know you and your business and understand your unique circumstances and business goals.
Written by Shaima Todd.
