Cloud Accounting and Bookkeeping
Overview There is now the opportunity to have you cloud accounting software which means you no longer need to have this installed on your desktop you can access this via an internet connection from anywhere. This will avoid the upgrades like with Sage as you will always have the latest version of the software. Moving…
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Bookeeping Software
Every business has the responsibility of keeping accurate accounting records to judge the performance and profitability of their business. The first of this is called bookkeeping so the prime records, sales invoices and purchase invoices will be entered in the software. You will then be able to allocate payments and receipts to a bank accounts…
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Trading as a Limited Company
Trading As a Limited Company If you decide that forming a private limited company is the best way to then you will first need to think of a name and this must a name that is not already being used you can check this out at Companies House https://www.gov.uk/set-up-limited-company. If the name is available, then…
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Reviewing your Software
Software As we move more into the digital age, we are more reliant on software and the efficiencies that this has to help us to grow and even scale a business. When to review this It is important to review this on at least an annual basis to make sure that the software itself is…
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Rent a Room
As hundreds of homeowners rent out their rooms and houses during the sporting events such as Wimbledon tennis championships, for up to £15,000 a week, it is important to pay the right tax to avoid penalties. This year’s tournament is seeing a very buoyant market with houses renting at up to £15,000 a week, four-to-five-bedroom…
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Registering for Self-employment
Registering for Self-employment Once you have made the step of deciding to go self-employed once of the first things you need to do is to register with HM Revenue & Customs. Registering for tax is an essential step in becoming a sole trader. It ensures that you are compliant with the law and can accurately…
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Partnerships
Partnerships A partnership is defined a one or more people joining together in business with a view to make a profit and each partner receiving a share of the profit according to their share ratio for example 3 partners each holding 33 shares each. Partnership Tax Partnerships do not pay tax, but all partners pay…
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Summer Tax Brief
Cash basis by default From 6 April 2024 the cash basis has replaced accruals as the default method for preparing sole trader and partnership accounts for tax purposes. Previously, only unincorporated businesses with total receipts below £150,000 were entitled to opt out of accruals and file their accounts with HMRC using the cash basis. That…
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