Start of the Year Checklist for Business Owners

As we approach the end of this year, it’s the perfect time to sit and reflect upon your business finances. Whether you’ve struggled or exceeded your expectations, it’s time to start making your next steps to improve next year. What was successful and brought in lots of profit? What didn’t go as well and requires further thought? Thinking about these things allows you to carefully consider your future goals and create realistic targets for your business. Reflection can only get you so far though and there are other steps you can take to ensure success next year. Get your taxes
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Company Owners: How to Pay Yourself a Salary

Setting up a company is both stressful and exciting, you’re the owner of your very own business. Something you’ve built and something you have autonomy over. You can hire who you want, you can operate your way and the money is yours. However, what a lot of people underestimate is how important it is to pay yourself a salary from said money. There are many benefits to paying yourself a salary, most importantly it makes it easier for you to track your company finances and allows you to  budget in your personal life too. As well as this, paying yourself
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How To Prepare For Christmas Sales

No matter what your feelings on Christmas are, Christmas stock is appearing in the shops earlier each year. As soon as Halloween stock is out of the stores, you can guarantee to see the Christmas products. Thinking from a consumers’ point of view, you’re probably thinking it’s too soon. As a small business owner however, it’s not too early. If Christmas hasn’t crossed your mind yet, you need to think about it – and quickly. Take full advantage of the most lucrative time of year for the majority of businesses. Supply what your customers are demanding Personally, you may loathe
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CEO Pay Ratios to be Publicised

We’ve all seen the coverage surrounding the reporting of the gender pay gap. It’s now been announced that large listed companies will soon be required to publish the ratio of CEO’s pay to that of the workforce. This is due to new legislation taking effect as of January 1st, 2019. Here we discuss the implications that could occur for payroll workers. We’ve had a years’ worth of gender pay gap reporting to do, now we’re faced with another load of data calculations to prepare and publish. These will come in the form of CEO pay ratios. For many years, the
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Do I Need To Pay Tax On My Hobby/Side Business

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

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.  
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What Is A Registered Office?

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?

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!

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

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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