Author Archive: Alice

Tax return form with an alarm clock sitting on top and a post-it note reading 'Tax time!'

10 Tips to Wrap Up your Self Assessment Tax Return On Time

Posted on by

Is there a better Christmas gift than the peace of mind that comes with the knowledge you’ve taken care of your tax for another year?

Well, maybe. But you can’t deny that it’s a great feeling. Getting it out of the way with sooner rather than later means that you can spend more time growing your business, working with your clients, and enjoying a stress-free winter break – unlike the 4,757 people who submitted their returns on Christmas Day last year!

To help you achieve this, we’ve put together our top 10 tips for getting your Self Assessment tax return in order before the deadline of 31 January.

Continue reading →

Ten hands in a circle holding a wooden jigsaw piece each in the middle

How to Become a Ltd Company

Posted on by

When you started your business, you’ll likely have registered as a sole trader. But if you’ve been trading for some time now, you might be thinking about setting up a Limited Company.

Incorporating has significant implications, but if it’s the right move for your business then you’ll reap the rewards. It doesn’t have to be difficult if you know what to expect – so here’s what you should do if you’re thinking about becoming a Limited Company:

Summary

Prepare

  • Understand the advantages
  • Make sure it’s the right move for your business

Register

  • Choose a name and address
  • Register with Companies House
  • Notify HMRC

Transition

  • Transfer contracts
  • Transfer assets

Comply

  • Manage compliance and filings
  • Review insurance needs
  • Understand your obligations

Continue reading →

Close-up of dictionary page with definition of the word 'business'

16 Accounting Terms and Definitions to Know as a Business Owner

Posted on by

The world of accounting is known for being a little heavy on the jargon and technical terms. According to Go Remotely’s Accounting Statistics, 60% of small business owners don’t think of themselves as being knowledgeable about finances and accounting.

Sound like you?

While you won’t need to know everything when it comes to accounting terminology, there are a few key terms that will help you out – a little knowledge of good accounting practices can make all the difference for your business.

So, here’s our list of the 16 most useful accounting terms to know as a business owner, in alphabetical order.

Continue reading →

Pair of binoculars resting on top of case on table

How to Choose the Right Accountant: A 5-Step Guide

Posted on by

Choosing accountants to work with is no easy task.

Perhaps you’ve just started your business and the accounting demands have begun to take up too much of your time. Or maybe you’ve had somebody taking care of your tax needs for years and you just need a change. Either way, it’s important to find an accountant who can meet your needs.

The truth is, the decision depends on you and your business circumstances.

So, while we’re not going to tell you that we’re the perfect accountants for you (although there’s a good chance that we might be – discover who we work with to find out!), we are going to talk you through the steps you should take to make an informed decision, so that you can find the perfect accountant for you.

Continue reading →

Businessman leafing through wad of cash at desk

Salaries and Dividends: How to Pay Yourself as a Business Owner

Posted on by

Owning a business isn’t easy: you’re in charge of finding customers, building your brand, looking after your employees, managing funds… and that’s before you consider the fact that you have to sort out your own income too!

It’s fairly straightforward for sole traders and partnerships who can simply withdraw cash from their business.

However, things are a bit more complicated if you’re the director of a limited company as you’re technically an employee of the firm. This means that you can pay yourself a salary as well as dividends – but they’re not one in the same, as they’re subject to different types and rates of tax.

In short, the best way to pay yourself is by taking a modest director’s salary and supplementing your earnings with regular dividend payments. But what’s the most tax-efficient way to go about this so that you can maximise your earnings? Keep reading and we’ll talk you through it.Continue reading →

Person using a smartphone at desk in front of an open laptop

Making the Transition to Making Tax Digital (MTD)

Posted on by

Making Tax Digital has been a hot topic for some time, but it can be confusing to figure out how MTD applies to your business and understand what you need to do to become MTD-compliant. In this guide, we’ll break down what Making Tax Digital is, explain who it applies to, and outline the steps you need to take in order to make the digital transition.

Continue reading →