Guest Blog by John T Hughes
For many business owners, year end accounting requirements can be extremely time consuming and often confusing. Being a successful businessperson does not automatically mean that you are a tax and accounting expert.
Unfortunately this does not make your year end accounts any less important. At the end of each financial year, companies registered with Companies House are legally required to submit their year end accounts. These address your profits and losses for the year and show you how much that your company is worth. In addition to this, your year end report will form the basis of your tax returns.
Because of its importance, it is key that the accounts are prepared accurately, in the correct format and delivered to the Companies House on time. Heavy penalties can be incurred for year end accounts which fail to meet the Companies House’s deadlines or requirements.
Avoid the last minute rush
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Guest Blog by John T Hughes
Be it returns, plans or self-assessments; managing tax affairs can often seem complex and daunting. Yet with millions of people unsure if they are paying too much tax, it is important that we are well-acquainted with the facts.
As the familiar buzz of payday excitement arrives at the end of the month, we are all looking forward to our bank accounts refilling. But how many of us have endured that heart-sinking feeling as we scan through our payslip to see how much has been eaten away by tax?
Obviously, we cannot deny the benefits that we receive by paying tax but with as many as 10 million people due a tax rebate, it is important that we ascertain whether you are paying the correct amount.
Underpayments and overpayments
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Guest Blog by John T Hughes
Putting money aside and budgeting to spend less than you earn can help build up what might be an invaluable fund should things go wrong, but how can you help you cash earn some interest while you have it stashed away?
Apart from the traditional easy access savings accounts that have seen relatively low rates of return lately, there are a number of other options that you may like to consider.
Improve your capital earning potential:
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Guest Blog by John T Hughes
It’s a tough market for job-seekers, and continuing reports of a lack of employment opportunities coupled with rising redundancies can make the future look bleak.
Working as a contractor or a temporary worker is one way to help beat the recession blues, by taking your employment prospects into your own hands. However, there is no denying that it can be daunting, especially when it comes to sorting your finances and paperwork. An Umbrella Company can provide you with payroll and employment services, acting as a contractor accountant and taking over some of the administration obligations that you would otherwise be responsible as a sole trader or self-employed individual.
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Guest Blog by John T Hughes
It’s time to start thinking of the term ‘umbrella’ as something other than an item that can protect you from our lousy British weather. In today’s society, the umbrella company is a concept which is increasingly thrown around, yet unless you are considering becoming self employed or a freelance worker you are probably unaware of what the term means or what these companies do.
An umbrella company simply brings together different contractors (individuals who are not employed permanently by a company) such as builders or IT engineers underneath one body or ‘umbrella’. Contractors chose join an umbrella company for different reasons.
Why do people choose to contract, go freelance or become self employed?
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When I sign up a new client, I always ask them what has prompted them to move. Very often the trigger to move is something very small, but has been preceded by a catalogue of normally poor client service, mistakes and rising fees.
In our view, every client deserves a high quality service from their accountant – and that’s what we strive to do on a daily basis. Here are some 6 reasons why our recent new clients have decided to change their accountant:
1. Never heard from their accountant
Many of our new clients have complained that the only times they heard from their accountant was at year-end and when they sent them an invoice! We believe that clients deserve better than this, and will agree with you at the start of our relationship what level of contact and communication you want from us.
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From what our new clients are telling us, most clients will put up with significant levels of abuse, poor client service and mistakes before they will even consider moving accountant. Now this makes us angry, as we believe that every client deserves a high quality and responsive service from their accountant. So, we started asking our new clients, exactly what stopped them from changing their accountants.
1. They thought the process of moving would be long and laborious
It needn’t be this way. All you need to do is find yourself a new accountant and tell your existing accountant that their services are no longer required. We even have a standard letter, which you can use to do that – or we can send on your behalf. Your new accountant will then write to your accountant and start the handover process.
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Guest Blog by John T Hughes
When considering starting up a business, there are a number of factors to think about. One of the most fundamental is deciding on the type of entity to run your business under. Typically, the most common business entities are sole traderships, limited companies and partnerships.
From Richard and Maurice McDonald, co-founders of McDonald’s to Bill Hewlett and Michael Packard and Steve Jobs and Steve Wozniak, some of the world’s leading and most pioneering companies were based on successful business partnership roots.
Unfortunately setting up a partnership requires more than just a good idea – it involves meeting certain criterion and adhering to a number of legal requirements and obligations. If you are considering starting up a business with a partner, you should ensure that you have all the necessary knowledge before making any decisions.
What is a partnership?
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Guest Blog by John T Hughes
If you have set up a business in the United Kingdom then you’ll have heard about Companies House, however many people are often confused about their purpose.This article covers the who, the what and the why.
Who they are?
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If you are starting a new business or are a business struggling with the financial side of things you might want to consider who can help you.
There are a multitude of people out there offering their services to you as an accountant. Not all are what they seem.
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