siteadmin, Author at ABC Accounting Services

Do I Need To Pay Tax On My Hobby/Side Business

October 25, 2018 | No Comments

Is there something that you love doing? Something that you’re good at and enjoy? Chances are your thoughts have turned to making money from it. Why not? Some seriously successful businesses have been born from a simple idea that starts at home. What many people don’t understand is, doing it for the pure fact that you love it is very different to when it becomes a business. There’s lots to consider, from profits, expenses and tax to marketing and admin. If you’re sure that it’s what you want to do, we’ve got some helpful advice for you in this blog
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The Pros and Cons of Cloud Accounting

October 18, 2018 | No Comments

In a society that is being quickly powered by technology and the increasingly quick advances of it, there’s no surprise that accounting as been swept up by technology and software development. The most obvious example of this is cloud accounting. Cloud accounting means that data is accessible anytime, anywhere and from any device. With data being so freely accessible, there’s opportunity to be as flexible as you like and develop collaborations that were before almost impossible. With cloud-based systems, all transactions are immediately processed – this does have both pros and cons and here we tell you about them. Advantages
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What Is A Registered Office?

October 4, 2018 | No Comments

If you’re a limited company, a registered office is the official address listed for your company. Your registered office address is shown on the public register and is available to everybody. So, think carefully about your chosen address. The reason for this is so that there is a greater level of company transparency. However, it does leave this address open to marketing products – this is why a lot of companies choose an alternative address to their company’s actual address. This is the address that Companies House and HMRC will send all your letters, reminders and notices. This however, doesn’t
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When Should My Business Go VAT Registered?

September 26, 2018 | No Comments

As a company it can be a struggle to keep on top of rules and regulations. However, when you go VAT registered isn’t something that you can afford to be out of the loop on. There’s requirements you must meet as a company, and this being correct is one of them. Here we’ll tell you when to go VAT registered to ensure your business is fully compliant. When should I register? It’s essential that you register when you go over the threshold, or when you know that you’re about to. Your VAT taxable turnover determines this threshold. This is
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How Technology Benefits Accountants, and Their Clients!

September 20, 2018 | No Comments

Here at ABC, we’re constantly looking for ways to help our clients and make their lives easier. We also consider ways to make our workload more efficient so that we can give time to tasks that require our expert knowledge and experience. One way that we achieve both of these goals is by using technology that frees up our time from mundane, yet necessary tasks. Automation apps and apps that allow our clients to send us documents, expenses etc digitally are becoming much more popular with many of our clients. There’s no doubt that it makes our and their lives
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Financial Mistakes All Small Business Owners Should Avoid

September 13, 2018 | No Comments

We’re passionate about helping businesses of all kinds, but we know how tough it can be for those who run small businesses. We’ve teamed up and created a post full of financial mistakes to avoid that we believe will help small business owners with their finances. Not planning larger cash reserves A fatal mistake for small businesses is to underestimate the volume of your cash reserves when planning. There’ll be things that you’ve planned for and inevitably things that you haven’t. It’s always best to have a larger cash reserve. This allows for those unexpected costs and reduces your stress
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Pros and Cons of Becoming a Ltd Company

September 6, 2018 | No Comments

Making your business ‘Ltd’ can be a decision that a lot of people don’t find easy. With changes to tax, legal responsibility and increased admin it can be hard to weigh up whether it’s the right thing to do for you and your business. We understand the trials and tribulations of running a business, here we’ve put together a blog post to make the decision of going ‘Ltd’ easier to make. Pros People often prefer working with limited companies As a limited company you’ll likely find that people will have more confidence in working with you as well as contracts
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10 Tips to Simple Self-Assessment

August 30, 2018 | No Comments

At ABC Accounting Services, we know that self-assessment can be daunting, confusing and frustrating. We get endless calls and emails seeking advice on self-assessment and the many issues it can cause people. It’s one of life’s more mundane tasks, but it can’t be ignored. Do it incorrectly or late and you’ll incur charges and penalties from HRMC. We’ve put together a list of 10 tips that if you stick to, you’ll nail it first time every time. 1) Make sure that you’ve registered for self-assessment with HMRC – you need a unique code to complete your tax return and send
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Making Tax Digital – What You Need To Know

August 23, 2018 | No Comments

There’s plenty of articles on the internet about MTD, most of them contain a lot of information that isn’t relevant to the majority of people. We’ve created this article to compile the relevant, useful information that most of us need to know about Making Tax Digital. Making Tax Digital will be active from April 2019. In basic terms, it is a government scheme that means everybody will have to file tax and payment online as well as keeping records digitally. You’ll have your own account which will give you an overall picture of your tax. ALL business tax will
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Financial Tips For Freelancers

August 16, 2018 | No Comments

With 50% of the workforce set to be made up of freelancers by 2020, we’ve compiled a list of our top financial tips for freelancers. We understand the highs and lows of working for yourself, one of the lows can be managing your financial affairs and preparing for the future. From budgets to saving it can be hard to know where to start and how to prioritise costs. These tips should help you to get off on the right foot and give you the freedom you set out to achieve when you began freelancing. 1) Build an emergency fund.
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