Starting Out  It’s a legal requirement to register with HMRC if your earnings as a self-employed sole trader are more than £1,000 in a tax year.  When you reach that threshold, congratulations! You officially have a business, not a hobby.  HMRC recommends that you let them know as soon as you begin trading so that you […]

Keeping track of money is essential to running a successful business. Yet everything you need to do to be compliant can take time away from doing the actual ‘work’ of your business.   We are very proud to announce that we are now a bronze partner with Xero.    We chose to use the Xero accounting software

New business owners are often told they should have help with the accounts side of their venture. But what do you need – a bookkeeper or an accountant and who does what? Until now you have probably never needed to know, nor had the desire to find out, but we outline the two roles for

Human resources and accounting are both essential departments, yet they often operate independently. Businesses are coming to realise this needs to change. There’s growing recognition of the role that employees play in the success or failure of a company.   Recruiting and retaining employees   Employing the wrong person for the position available can cost your business time and money.  Accounting

1. Peace of mind Being a tax return early bird will mean you won’t be spending the Christmas period working on your business paperwork to be ready to file your tax return on time.    2. Better budgeting/planning  Filing your self-assessment early will give you more notice of what tax is due. This will help you plan your cash flow by adjusting your finances. If you

We are really pleased to welcome two new members to our growing team. As a way of introduction, we asked them about what their job roles are and a little bit about life outside work. As a bit of fun, we asked them three quick-fire questions too.  Amber Kelly  In January 2021, Amber joined the team to support the Kidwells Solicitors team in their Finance Department. She provided

The COVID-19 pandemic has had a damaging effect on the UK’s private business sector, with businesses of all sizes facing significant challenges. And cashflow issues have been chief among these. The result of the pandemic on sales and cashflow is a prime barrier to business growth for 2021/2022.  Life can change rapidly. For businesses to stay afloat, the ability to respond and adapt to the unexpected is essential.  The

Freedom Day due on 21 June has been postponed for four weeks. Rishi Sunak has rejected pleas from businesses to extend the furlough scheme and says it will begin to phase out from 1 July.  The Furlough Scheme  The scheme was Initially designed as short-term protection for jobs and livelihoods and was extended to run until 30 September 2021.  Be aware that if

What is a self-Assessment? Self-Assessment is a method HMRC uses to collect Income usually deducted automatically from wages. People with other income must report it in a tax return. If you are employed, tax is deducted from your wages. As soon as you start earning money above this you are required to report your income

It can be difficult starting your learning journey as an apprentice, as it does feel as if you are bottom of the tree. But as you achieve the different stages, you soon see the bigger picture. There is often more respect in the position you get to as you have had to work hard to