Whether you are looking for a small amount of money for a new laptop, or a larger amount for expansion of your business, and you have nothing available to you personally, you should take care to approach the right providers of finance, and make sure you are fully prepared. 3 main providers of Finance The [...]
VAT for small businesses
August 21, 2010 by 1 Comment
It’s important to monitor your turnover when you are a small business and check whether you have exceeded the VAT threshold or not. You have to look back at the last 12 calendar months to do this, not your accounting year. When you look back at the last 12 calendar months, if your turnover, ie sales [...]
What to do when profits come rolling in…
August 12, 2010 by 2 Comments
It would be nice, wouldn’t it! It can happen, and does happen, and you should be prepared for the steps to take when your profits start to take off. 1. Review your business structure. If you started off as a sole trader, it may be worth thinking about incorporating, that is, forming a limited company. [...]
Calculating your profit correctly
August 10, 2010 by Leave a Comment
Calculating your profit correctly depends on a multitude of factors, such as making sure your records of income and expense are complete, making sure you don’t forget to include items you’ve bought out of your own personal funds, etc. Another key area to consider when preparing your accounts, and your taxable profit, is the accruals [...]
When profits go a bit wobbly
July 17, 2010 by Leave a Comment
Cashflow forecasts
July 10, 2010 by Leave a Comment
Cashflow forecasting is essential to any business to make sure you have the funds when you need them, work out when you might require temporary finance, and sort out how much you can take out of the business. Follow my steps below to work out how you can accurately forecast your businesses finances to give you [...]
Bank accounts and reconciliations
May 8, 2010 by Leave a Comment
Although not mandatory for sole traders, it is certainly advisable to have a separate bank account for your business transactions as this allows you much greater control over your finances. By maintaining a separate bank account, you will be able to introduce financial controls, such as bank reconciliations, and be better able to monitor your [...]
Record-keeping – a quick guide to what you should retain for HMRC
April 24, 2010 by Leave a Comment
My clients often ask what records they need to keep as support for the items they are putting through their accounts and tax return. Examples of the types of records you need to keep to prove your income are items such as sales invoices, till rolls and paying-in slips. For expenditure, you should retain records [...]
