What you should be doing financially if you’re self-employed

When you’re self-employed it can be a minefield trying to work your finances out. With so much advice, legislation and rules to follow it can be over-whelming. As a team that works with self-employed workers regularly we’ve gained lots of knowledge and have written an article on it for you. in simple terms, no technical jargon and genuinely useful tips that will help you get your finances in order for you and your business. Carry on reading to find out what we say! Register with HMRC as self-employed As a sole trader it’s your responsibility to pay your own income
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What To Include In Your Limited Company’s Invoices

When you look at the overall picture of all of your business activity, invoices may seem like a tiny fraction of what goes on. However, collecting payments for work you’ve carried out should never be side-lined. HMRC are looking for clear and accurate records of money you’re expecting to receive throughout the year. As well as HMRC, clients need your invoices to be correct in order to pay them. For limited companies there are certain things that need to be included within your invoices. Are you including them? Back to basics Let’s start by stating the obvious. The word ‘invoice’
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Working From Home – What You Need To Know About Tax Relief

These days it’s common to work from home at least some of the week. With busy schedules and a lot of places saying goodbye to the standard 9-5, there’s no wonder really. As well as this, lots of companies give their employees the opportunity to work remotely and are much more flexible with location arrangements.  However, this leads to a lot of our clients wondering whether there’s any tax relief for those than work from home to cover the costs of doing so. It can be hard to get your head around the ins and outs of what you can
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The Real Cost of Christmas For Business Owners

Christmas is all about happiness, joy and often giving to those you appreciate. For employers it can be difficult to decide how generous you really can afford to be over the festive period. There has been research conducted surrounding the ways in which employers make use of the opportunity of Christmas. Research has also been looking into the impact that the tax system has on acts of generosity over Christmas. Generosity, how far should you go? When employers were asked whether they took into consideration the cost if income tax and NICs when crafting Christmas reward schemes, only a tiny
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Top Tips for Recovering From Christmas Debt

Christmas. Full of festive cheer, food and celebrations. It’s an exciting time of year and one to be spend with our loved ones. A happy series of events at the time with a stressful aftershock for most of us. Christmas spending is an issue for a huge proportion of us. We’ve put together some of our best advice for recovering from the annual Christmas spending hangover. 7.9 million of British people fall behind with their finances in January due to the effects of Christmas spending. If you remember wondering just how you spend THAT much last year, this year you
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Top Tips For Recruiting

As a growing business, one of the many steps you’ll take is employing new staff. Doing this for this first time can seem daunting and having a little guidance will go a long way. Here we give you our best tips on how to ensure you’re recruiting right. Decide a wage Take a look at your accounts and work out how much you can realistically afford to pay a member of staff. Ensure it’s not going to leave you struggling or scraping the barrel at the end of the month. If your budget for a wage is smaller, it might
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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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