You will be hearing more and more Making Tax Digital (MTD) over the next 6 weeks. MTD is, according to HMRC, “a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs” MTD for VAT means a [...]
In this example, we have received a rental invoice in November, but it relates to the months December – February 2019. Why spread the cost at all? For an accurate Profit and Loss, we need this cost spreading across the months it relates to otherwise November’s rent will be too high, and Dec-Feb [...]
If you hold stock or work in progress in your business, then the value of this stock has a huge impact on your profit. Imagine a scenario where you buy £10,000 of goods and sell £2,500 worth of them for £5,000. Your loss, when not accounting for stock, would be £5,000. Sales less [...]
It's that time of year again when we break out the decorations and the mince pies and enjoy the festive fun. We are having our Christmas Lunch on Wednesday 19th so will be closed from 1 pm on that day and then our last day is Friday 21st at 4:30 pm If we [...]
We are pleased to announce that Carly Williamson and James Hartley are celebrating their exam success. Carly with level 2 AAT and James with Level 3. We are proud of their achievements in the AAT – Association of Accounting Technicians exams and we are committed to helping them become fully qualified accountants. To [...]
We are offering a FREE Business Review to all of our clients using a system developed by our sister company The Organised Business. You have a growing business and want to ensure that it is growing in the right way. We have the skills and knowledge to assess your current business and offer [...]
Another budget has gone by and yet again it seems to miss out most of the items that were speculated about in the weeks leading up to it. As far as budgets go this is a fairly low impact one for small businesses in our opinion. That said the Budget is a large [...]
When you run a business, you should be concentrating on how profitable you are – profit will ultimately turn into cash and the business will continue to grow. The first mission when getting to grips with your finances is to make sure you get decent monthly P&L’s. Once you have achieved this then [...]
When companies like Patisserie Valerie, who are regularly audited, report a £20m hole in their finances, nearly crippling the company and threatening the jobs of nearly 3000 people, what hope do you, as a small business, have of ensuring that you are not a victim of internal fraud. When you empower staff to do [...]
Running a business without a good grasp on the financials is like driving a car at night without the lights on. Eventually, you will crash and when you do it's going to be expensive. Getting a good grasp of the financials is essential if you want to steer your business in the right [...]
