Every October, the National Minimum Wage is set for the following year. This is the minimum wage that employers must pay their employees and failure to do so can result in severe penalties and fines.
Many people who start in business are under the illusion that they can claim any expense they incur as a business expense. Unfortunately, this is not the case as we’ll see in this post on Allowable Business Expenses. Continue reading
I wholeheartedly encourage and praise those persons who have the desire to branch out on their own and start their own business – but it is not for the faint-hearted so here is my “Starting Your Own Business Guide”.
The rewards can be excellent but be under no illusion that you will NOT become a millionaire over night, you will no longer have time for holidays or illness and you will be working 16 hour days!
Over many years, industry and economic experts have agreed on the main 7 reasons why businesses fail and I myself have conducted some research into this area and would like to share this with you. Continue reading
Changing accountant is a simple process – in the 1st instance, I would recommend reading my blog 7 Item Guide To Choosing Your Accountant as there are many things to consider and you don’t want to be changing accountant every 3 months! Once you have read that, continue reading How To Switch Accountants…….
Choosing your accountant should be done before you start trading – they will be able to advise you on the legal status you need for the business, help with business plans and cash flow forecasting and they will also be probably the best business adviser you can expect to have. They have a wealth of information from not only the statutory side of things, but also from many different business sectors.
So here, writing this for you as an Accountant myself, but also having been in your position, is my 7 Item Guide To Choosing Your Accountant. Continue reading
So, you’ve decided to be your own boss, well done and welcome to the world of business. It is important to decide on the best legal and taxation structure for your enterprise. The best format for you will depend on your personal situation, your future plans (both from a business and personal viewpoint) and can have repercussions on the way you’re taxed and your exposure to creditors (lenders either financial or through supplies). So, Sole Trader or Limited Company? Continue reading
This is a simple question you should ask your accountant or prospective accountant. The Data Protection Act is quite clear on who should be registered – anyone who holds personally identifiable information about any individual, howsoever held so Data Protection Act – Does Your Accountant Comply? Continue reading
Getting VAT Wrong
When VAT was introduced into the UK in 1973, it was said to be an “easy tax” to administer. Since then, there have been over 20,000 test cases in Court where people are either Getting VAT Wrong or HM Revenue and Customs are Getting VAT Wrong! So, if this is an easy tax, why are we Getting VAT Wrong?