It goes without saying (but I’ll say it anyway) that a basic principle of doing good business is being profitable. At a very simplistic level for an agency this comes down to ensuring that projects are priced in a way that delivers an appropriate profit margin and then delivered on budget.
We all know that saving for our pensions is important and when the Workplace Pension requirements came in a few years ago, it was a step forward for employees all over the country. However as an employer, it may also have felt like one more thing to understand, fund and juggle with business as usual (hopefully you had the help of a friendly accountant to take some of the pain away!).
We know price is an important factor when choosing an Accountant so we've written this article to explain how we calculate our fees and ensure they are clear and transparent.
Employees of a business (including directors and owners) must keep records of business mileage, claiming HMRC's Approved Mileage Allowance Payments (AMAP's). Supporting evidence must be maintained to support any payment in respect of AMAP's. Trip Catcher captures business journeys as you make them and as it integrates seamlessly with both Xero and Receiptbank gives you comfort that your business mileage claims are correct.
If you are undertaking a project, that is bespoke within your industry, there is a chance that you don’t even know that your expenditure may qualify for Corporation Tax relief! Qualifying Research & Development expenditure as defined by HM Revenue & Customs as “Work that qualifies for R&D relief must be part of a specific project to make an advance in science or technology. It can’t be an advance within a social science like economics or a theoretical field like pure math.”
If you’ve not set a budget for your agency before, or if you have but you want to check that it’s realistic and is actually going to help your agency successfully grow, then this post is aimed at you. Hopefully, as you’re reading this post, you’re already aware of the benefits of having a budget but if not, take a look at our blog ‘Why every business needs a budget’. Building a budget is like building a three-dimensional Sudoku puzzle, there are so many moving parts that all need to fit together to make sense. In this blog, we have focused on building a profit and loss budget but it is also important to budget for your balance sheet and cash flow. We’ll look at those in one of the next in our series of budget articles.
The Chancellor's 2019 Spring Statement gave the government the opportunity to consider the longer-term fiscal challenges ahead of Brexit, and initiate consultations on how these can be addressed. Following this, we have put together a PDF which provides an overview of the updated forecasts for the UK economy and public finances, which we trust you will find useful.
Xerocon is an exciting annual conference run by Xero for its accounting partners and the Xero app community. It is an inspiring event where we get the chance to learn not only what is in the pipeline for Xero, but we also get to hear from some amazing people about the landscape for small businesses and what we can and should be doing to support you.
The Chancellor's 2018 Autumn Budget contained some important announcements and confirmed a number of changes planned for the new tax year. Following this, we have put together a PDF which contains the latest tax and financial information, which we trust you will find useful. For more information on how the changes may affect you, please contact us.
Here’s my top 10 tax-free benefits that all small business owners should know about. No PAYE or NI liability for the employee or employer – what’s not to like?