Local Connections

A more relaxed piece following on from the Budget article last week. We are all acutely aware of how important tax, VAT, national Insurance and PAYE are to our businesses. From the outset the two focus points for any business are: 1) Can I afford to run my own business: Accounting fees, tax and national insurance contributions, VAT quarters, premises costs, equipment costs, bank fees, employee wages…? 2) How do I get more clients/customers? ABC has always nurtured local connections and much of the success of the business has come from this relentless activity and interaction. We get transfixed with
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Tax data 2014-15

For all your up to date tax data information for the tax year ahead (6th April – 5th April) – Download this pdf. You can either store it on your PC or print it out and fold it into a 3 page leaflet for your convenience. Just click on the link below: tax data FINAL Next week I will be doing a separate blog on pensions to clear up any confusion over what has changed and what we can expect in the coming months/ years. Happy reading!
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What do we think about the 2014 budget then?

Firstly, we had good news in the fact that the economy is recovering at a faster rate than was previously expected. Yes, it is still in recovery but there is room for optimism here it seems. The UK is growing at a faster rate than other economies including Germany, Japan and the US. Hooray! Of course if the economies surrounding the UK, particularly the Eurozone, are recovering at a slower pace then high commodity prices will make the UK’s outlook sensibly cautious at best. Then came the expected announcement that the £1 coin will be replaced in three years’ time
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Pre-budget predictions: Any good news?

With the budget around the corner it is time to take stock of what has been and what will arrive in its place. There are three topical areas where we can state with reasonable certainty what is set to change because of published draft clauses for the 2014 Financial Bill. These are personal tax, capital gains tax and business tax. For personal tax the expectations are: Individuals born after 5 April 1948 will be entitled to a personal tax allowance of £10,000. Employees will be able to increase the maximum value of shares acquired under Share Incentive Plans (SIP) and
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HMRC is adamant that RTI is working – is it?

I have to admit that it was far less of a disaster than we thought it might be. Yes, there were many long phone calls, changing of the goal posts and annoying glitches to be handled but they were handled without any catastrophic meltdowns. Just. HMRC’s phones must have needed replacing by the end of last year the amount they were being used. And you would have thought the holding music could have been a little more engaging given the audience numbers it was getting. That aside though we do seem to have a more effective, more informative and modern
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Managing your cash flow

This is a great article found on the newbusiness.co.uk site that I felt I had to share. Go and check it out online @: http://www.newbusiness.co.uk/articles/banking-finance/managing-your-cash-flow-0  …or carry on reading:  A recent ICAEW survey revealed that 58% of micro businesses (less than 10 employees) and 35% of small and medium businesses (between 10 and 250 employees) had no debt.   Good cashflow management is key A recent ICAEW survey revealed that 58% of micro businesses (less than 10 employees) and 35% of small and medium businesses (between 10 and 250 employees) had no debt. Many businesspeople must wonder how they can
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Happy Birthday Belinda

Well, it might be the case that you do not learn a great deal about accountancy from this blog but hopefully you might just see how the industry has changed over the years. Our boss is one of a kind. She started the business out of a port-a-cabin and has worked her socks off to get where she is today. With a busy office, a team of fifteen dedicated employees and a business on the verge of its second expansion you might say that she has plenty to celebrate. We would certainly like to see her taking a moment to
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What is accounting and bookkeeping? Are you prepared?

They are familiar terms that we vaguely understand but try to avoid at all cost. The moment you gain a little of enthusiasm towards them and open a book, or scan a website to learn more, you retract in horror at what it involves! And yet, if you have a methodical system, maintain some legible records then you can survive that initial terrifying moment of realisation. Bookkeeping and Accounting all boils down to detailing your business income and expenditure. Simple bookkeeping For the most simple set of accounts you need: • a cash book to record money entering and leaving
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