The Low Pay Commission (LPC) functions as an independent public body providing counsel to the Government on National Minimum Wage (NMW) rates, including the National Living Wage (NLW). Comprising nine Commissioners representing employers, workers, and independent experts, the LPC has consistently offered unanimous recommendations to the Government since 1998. National Living Wage (NLW) and National […]
NMW and NLW changes – April 2024 Read More »
An accountant is often perceived as someone immersed in number crunching, but the role extends beyond mere calculations. What truly defines an accountant’s responsibilities and skills required? Analytical Skills In the past, accountants engaged in manual data entry and spreadsheet tasks, interpreting figures afterwards. Nowadays, automation handles repetitive tasks, generating analytical data for accountants to
Skills Needed for a Successful Accounting Career Read More »
In the challenging landscape of business, cost-cutting measures are often necessary to ensure survival and foster long-term sustainability. Implementing strategic changes can make a significant impact on a cash-strapped business, allowing it to weather financial storms and thrive in the future. Here are ten ways to cut costs and save your struggling enterprise. 1. Evaluate
10 Ways to Save Your Cash-Strapped Business Read More »
To control its operations, a business must generate sufficient cash to cover daily operational expenses and avoid accumulating debt. The absence of adequate cash can impede the effective functioning of a business, jeopardising routine activities such as vendor payments, rent or mortgage, utility bills, and employee salaries. Enhancing cash management involves focusing on three key
Why is Managing Cash Flow crucial to a business? Read More »
Submitting your Self-Assessment Tax Return accurately and punctually is crucial to avoid penalties. Here are some key points to consider: Selecting the Correct Accounting Method: HMRC offers two simplified tax schemes for smaller businesses (sole traders or partnerships): ‘Cash Basis’ and ‘Simplified Expenses.’ Cash Basis: Record income and expenses based on actual cash transactions or
Self Assessment – Mistakes to Avoid Read More »
Freelancing offers the freedom and flexibility that many individuals crave, but it also comes with financial challenges that demand careful money management. Balancing irregular income, covering expenses, and planning requires strategic thinking. Here are top money-saving tips to help freelancers navigate the financial roller coaster and secure their financial well-being. Create a Budget Establish a
Top Money-Saving Tips for Freelancers Read More »
Selecting the appropriate accountant entails more than just finding someone compatible on a personal level. It’s essential to have confidence that your chosen professional will exhibit proactivity and dependability, becoming an asset to your business. A proficient accountant furnishes you with reliable financial insights necessary for informed decision-making, fostering your business’s advancement. Know how much help you are going to need Understanding
How to choose the right accountant Read More »
Efficient debt management is crucial to maintaining the financial well-being of any business. Business owners must be aware of their debt to formulate a strategy going forward. This practice can lead to cost reduction, enhancement of cash flow, and preservation of a favourable credit rating. Create a Comprehensive Debt Management Strategy Once you’ve gained a
Tips on effective business debt management Read More »
Business fraud refers to illicit activities carried out by individuals or companies with the intention of deceiving or misrepresenting themselves. It involves unethical and dishonest practices aimed at benefiting the perpetrators. Regardless of their size, any business can fall victim to fraud, especially with the current cost of living crisis and other contributing factors adding
How to avoid becoming a victim of business financial fraud Read More »
During the pandemic, online shopping increased as high street stores were forced to close. E-commerce can have a high volume of everyday transactions which are kept on the selling channel, rather than in the bank account making it difficult to keep track of. Here are a few pointers which should help Hire an Accountant Keep accurate financial records Understand tax
8 accounting practices to use for an online business Read More »
