The Basics of Bookkeeping and Accounting

The new tax year is well underway so now is a good time to check your approach to your record keeping and make sure you are making the right decisions for you and your business. It is not always easy to know what those decisions are and sometimes your self-belief will dip a little. Don’t let the natural peaks and trough of business pull you dramatically in either direction – learn to keep a even path and keep tethering yourself back to it. For that to be possible you need a sound financial core at the heart of your business.
Read More

IR35 Personal Service Companies: The Facts

HMRC are using their powers to crack down on those who break IR35 rules. The problem we are seeing with many clients is that those rules can be incredibly complex to unravel. So here is your walk-through of the legislation in place, who it applies to and what HMRC are trying to crack down on. What is it? HMRC have special IR35 rules which are designed to prevent the avoidance of tax and national insurance contributions through the use of personal service companies and partnerships. Note, individuals can still operate through either their own personal companies or a partnership, but
Read More

Why you might need to change accountants

February is a great month to review your accountants and decide whether they have your best interests at heart. You have just gone through the self-assessment process so you can ask yourself some basic questions: did you understand everything they explained to you was the invoice what you expected/were told to expect did you find them approachable did they respond to communications quickly/efficiently do you get the feeling they are making every decision based on what is best for you and your business If you answered yes to most of them then you probably have an accountant you ought to
Read More

50 Top Business and Accounting Tips

We are celebrating our ten year anniversary here at ABC Accounting Services. That means we have ten years worth of accounting and business experience to share with the world. Not just that, it also means that we have seen thousands of businesses both fail and succeed in their sectors. The culmination of this knowledge is a list of 50 top tips for keeping your business afloat based around what we have seen businesses benefit from and what we know is sound accounting advice. They wont all be Earth shattering insights, because a lot of business involves common sense, but there
Read More

Is your Accounting ready for Christmas?

If you are a retailer then you know exactly what I am talking about. September is in many ways the last month before the seasonal storm begins and that is for retailers and accountants alike. Accountants are hoping to get as many tax returns done as possible before the Christmas break and the January mania that follows it. Retailer are preparing for heavy footfall, massive online traffic and hoping their stock levels have been gauged perfectly. Autumn long nights represent the perfect opportunity for you to get your books ready for the seasonal peaks. There are many challenges placed on
Read More

Resources for start-up businesses

If you are just starting your own business or expanding/taking on employees there is a lot you need to know and keep up to date with. Visit our handy downloads page to stay up to date with all the latest tax information and guidance on how to approach VAT, payroll, National Insurance contributions, self-assessment and bookkeeping. Use the links below to find out more of what you need to know: New starter checklist for Payroll https://www.abc-accounting-services.co.uk/perch/resources/basic-payroll-information.pdf  The basics of bookkeeping https://www.abc-accounting-services.co.uk/perch/resources/bookkeeping.pdf Self-Assessment explained https://www.abc-accounting-services.co.uk/perch/resources/1395927146selfassessment.pdf The basics of VAT – 2014 https://www.abc-accounting-services.co.uk/perch/resources/vat.pdf National Insurance Contributions – rates and allowances https://www.abc-accounting-services.co.uk/downloads.php 2014/15
Read More

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
Read More

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 manage without
Read More