Category Archives: Business

How Can Businesses Prepare For A No Deal Brexit Scenario?

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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No Deal Brexit Scenario ImageWhilst a deal has been agreed between EU and UK negotiators said the deal is currently likely to lack enough support in parliament to be accepted, with some MPs now resigning and casting votes of no confidence in the current leadership.

As a no-deal scenario becomes more and more of a possibility, businesses should ensure they are prepared for any outcome. Recently, the Government released detailed guidelines for businesses in the event of the UK leaving the EU without a deal.

Find out more about the guidelines and how you can ensure your business accounting is prepared in our latest blog post.

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Income Tax in Wales Is Changing – What You Need to Know

Megan

Megan

As well as having Payroll experience, Meg is our main point of contact for auto-enrolment setup. Now a qualified member of AAT, Meg is building her portfolio of accounting clients in a variety of sectors.
Megan

Welsh Flag and blue sky imageFrom April 2019, people living in Wales will begin paying some of their income tax directly to the Welsh Government. Under the current system, 100% of the funds collected go to the UK Government.

The change, which is similar to how the Scottish rate of income tax (SRIT) works, will allow the Welsh Government to play a role in the collection of tax, as well as enabling them to vary the rate of Income Tax paid by Welsh taxpayers to fund various public services.

Find out more about what’s changing, how it will impact Welsh taxpayers and employers, and what the current rates of Income Tax in the UK are in our latest blog post.

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Luxury Car Dealer Banned From Running Companies for 13 Years

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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A luxury car dealer has been banned from running companies for 13 years after failing to maintain adequate accounting records.

After being placed into Creditor’s Voluntary Liquidation in 2015, the director of the company was unable to deliver accounting records to the insolvency practitioner, which then led to an in-depth investigation.

Find out more about the case and the real cost of failing to maintain adequate accounting records regardless of the size of your business.

This report was first published by the Insolvency Service on the GOV.UK website and can be read in full here.

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VAT For Businesses Explained

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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What rate of VAT do businesses need to payVAT (Value Added Tax) is a tax added to almost everything we buy. If a business has an annual taxable turnover exceeding £85,000, they must become VAT registered. Once registered, the business is responsible for charging the correct rate of VAT on their products and services as well as recording the VAT paid by the business.

Find out more about VAT for your business; do you need to be registered? What are the different VAT rates and schemes available for businesses?

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Accountancy For Business – Outsource or In-House?

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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should you outsource your accounting or keep it in house?

For many businesses, a question they will face at some point as their business grows and becomes more complex is whether to keep their accountancy in-house or to outsource to an external accountant.

On one hand, an in-house accountant is likely to cost more but allows for better communication and quicker answers. On the other hand, outsourcing your accountancy gives you access to a team of experts and knowledge that an in-house accountant may not possess,  but it may slow down communications.

With so many different factors to consider, let’s take a look at the main benefits and pitfalls of both outsourced and in-house accountancy.

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Choosing The Right Legal Structure For Your New Business 

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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choosing the right structure from your businessSo you’ve had your big idea, then after researching your business idea, determining your target market and sizing up your competition, you are ready to set up your business. But there is st
ill a long road ahead of you before you can consider your new business a success.

 In this blog post, we’ll cover a number of topics you need to consider before starting your business and things to be aware of when you begin trading.
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