Cloud accounting software gives small businesses the opportunity to access cutting edge technology for a very low fee that offers both business efficiency and the ability to stay on top of financial affairs from anywhere and at any time. Furthermore, with the government’s plans to move all tax reporting digitally over time, with the first phase coming into force this year for VAT registered businesses, it is time for small businesses to embrace cloud accounting.
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Ponder this: When you head off on a long journey, would you not first check your car is road worthy and check it along the way if you had any concerns on the running of the car? Perhaps a seasoned traveller would wing it a few times – but is it really worth the risk? Imagine if you found yourself stranded in the middle of nowhere, kids in the back, and no phone signal to call for help, what then?
And so it is the same with your business finances. Without due planning or careful thought on how you will reach your end destination, including how you plan to finance your venture, how do you know you will achieve your goals? And why leave it to chance when you don’t have to?
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The concept of a four day working week is not a new one. Indeed, it has become the norm in Netherlands and piloted earlier this year by New Zealand based Perpetual Guardian, a financial services company, who claim a 20% rise in productivity in their workforce, increased profits and improved staff well being. So with such positive indicators in these early days of trialling, is this something you should be considering in your small business?
A question we hear a lot when meeting small businesses who want to establish a relationship with us, is this: How do we switch accountants? Where do we begin?
Switching accountants may seem like a daunting process, especially if you have been with your accountant for some time or if you have only ever had a relationship with your existing accountant.
The good news is that the process is straightforward and actually requires very little work by you.
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Good business management is essential for small business owners. As a small business owner, there will inevitably be areas of running your business where you will require expert advice or software solutions to help with the business management of your company.
Take the financial side, for instance. Some of your legal obligations when running a business, such as declaring your earnings if a sole trader or completing accounts if a limited company, are perhaps not the top of your agenda as you focus on establishing or growing your business.
While you may realise the importance of keeping an eye on your finances, this is in fact a common problem faced by small business founders. Indeed, while more than 660,000 new businesses are formed in the UK every year, over half will fail within their first five years of launching, one of the main reasons being down to poor cash management.
As a limited company, pension contributions are one of the few remaining tax breaks you can take advantage off as a company director and your employees, if you have any.
Pension contributions are already set in law as compulsory as part of the UK government’s auto-enrolment arrangements, which you can read more of here.
However, as a limited Company Director, you may want to consider contributing more than the minimum statutory amount to reduce your tax bill.
You may remember the major cyber security attack in 2017 ‘WannaCry’, which affected a huge swathe of individuals and organisations, including the NHS, and had a significant financial impact on all those infected. Since then, there has been a growing awareness heightened of cyber security measures and a strategic view by companies of the measures required to operate safely online.
Here are four key takeaways for small businesses to keep safe online and ensure robust cyber security measures are in place.
Every trade business is different. Whatever trade you are in, and whether you are looking to maintain your current lifestyle or if your looking to grow your business, it doesn’t have to cost the earth. Here we set out a few simple techniques that can bring in more business.
If you’re a small business that employs staff you will need to set up a payroll system to make sure you’re fulfilling your legal obligations and making payroll filings with HM Revenue & Customs (HMRC).
You will therefore need a robust, and ideally online, system in place that stands muster. Here’s where to start – setting up payroll and your definitive checklist.
If you are a business owner and are keen to reward your employees with bonuses, but would rather not have tax on bonuses, you do have the option to set up an Employee-Ownership Trust (EOT) which allows founding shareholders or owners of the company to give shares to employees tax efficiently as well as gift employees a tax-free bonus to a certain level per annum which is not subject to income tax (but does incur National Insurance Contributions charges).
