What Is Management Accounting? The 2020 Vision
Management accounting in a nutshell is the process of identifying, analyzing and interpreting everything from business costs to operations, in order to create a strategic plan with goals that will improve company standards. Enclosed is information on your profit and loss accounts, balance sheets and cash flow forecasts. Management accounts can be prepared weekly, monthly or quarterly according to your needs. You as a company, cannot afford to make indispensable decisions without considering the implications and outcomes on your company…
What The Annual Data Protection Fee Means For Your Company
You’ve received a letter or email stating that you need to pay your annual data protection fee. But what exactly is it? The Data Protection Act (2018) controls how everyone’s personal information is being used by businesses and the government. It replaces the previous Data Protection Act (1998). Organisations that process personal data are subject to the General Data Protection Regulation (often abbreviated as GDPR) and the Data Protection Act. Under these Acts, there is an annual data protection fee…
Struck off Companies House? Here’s what’s next.
The Companies House Act (2006) ensures that it is obligatory for Companies House to send you a minimum of two late payment notices before starting the process of striking your company off. If these are not responded to, a public ‘Strike Off Notice’ is entered into the Gazette – an official public journal of record. Once this has been published, the company will be struck off the register within two months, after which point the company will be classed as…
20 ways to save tax in the ‘20s
The start of a new decade is a brilliant time to review ways to save on your tax bill. So, for the ‘20s, here are 20 top tips! Check your tax code – If you’re an employee, your payslip will show how much tax will be deducted from your salary. It’s worth reviewing this regularly to make sure it's still right for your particular circumstances. Maximise your personal savings allowance. In 2019-20, basic-rate taxpayers can earn £1,000 of interest tax-free…
Raising funds for our Charity of the Year
Christmas Jumper Day has become something of a tradition across the UK, with companies getting into the seasonal spirit whilst raising funds for various charities. This year has been marvellous in our endeavour to raise money to support Great Ormond Street Hospital. Our main event, a fantastic quiz, was hosted by the Gallows Corner Sports and Social Club and supported by a ream of local businesses with food, raffle prizes and donations. Many clients and colleagues joined us for that exciting…
Six new year’s resolutions for business owners
We're not only heading into a new year; in a fortnight we'll enter a new decade! There couldn't be a more perfect time to revitalise your business plans. Losing weight, quitting smoking and other popular New Year’s Resolutions are great, but they won’t help your business’ success. Consider making a list of professional goals to take on during 2020 and bring about a positive change that will encourage growth. Here are six suggestions to get you started: 1. Revamp Your Prices…
8 ways to finance your business
At any stage of your business’ life, you’ll need to make sure you have enough money in the bank to move forward. From its initial set-up, through every step of its growth, ensuring that you have access to the finance you’ll need is crucial to its success. Our Corporate Finance team works with clients at various stages throughout their lifespan to ensure they have the most cost-effective and appropriate funding to help them move forwards. Many clients ask the team…
Five types of business tax that you should know about
Tax can be a painful subject and the chances are, you don’t want to pay it. However, in most cases it is essentially just another cost of doing business. What is business tax? If you run a business in the UK, there are various taxes that you are required to pay and they vary depending on whether it’s a limited company or you’re self employed. Many of the questions we’re asked when people come in for a free consultation revolve…
Contractor or employed? How two TV presenters successfully challenged HMRC
Earlier this year we reported how TV’s popular Lorraine Kelly defeated HMRC at an IR35 tax tribunal, successfully appealing a £1.2m tax bill. Now Christa Ackroyd and Helen Fospero are the latest TV presenters to argue against hefty tax bills under IR35 legislation. ITV – contractor ITV’s Helen Fospero has successfully defeated HMRC over her £80,000 tax bill. The Tribunal Judge confirmed that, “In the period in question, Ms Fospero was engaged, through [a personal service company] in a separate business,…
