The Budget and VAT

by Will | Apr 10, 2024 | Bookkeeping, Business, Personal Tax, Strategy, TAX, VAT

From 1 April 2024, the VAT registration threshold and deregistration thresholds each increased by £5,000 to £90,000 and £88,000 respectively.   The thresholds had previously been frozen at £85,000 and £83,000 since 1 April 2017. According to the government, this...

Cash basis of accounting – is it right for you?

by Will | Mar 14, 2024 | Accounting, Bookkeeping, Strategy, TAX

HMRC are removing many of the restrictions on the use of the cash basis, reducing the complexity of tax returns and making tax simpler for small businesses (apparently!). The cash basis is a method that businesses can use to calculate trading profits for income tax...

Becoming a trusted advisor

by Will | Mar 12, 2024 | Accounting, Bookkeeping, Business, Customer Service, Exporting, Management, Marketing, Planning, Sales, Strategy

Becoming a trusted advisor to your clients involves building relationships and taking the time to understand their world. Becoming a trusted advisor instead of “just another supplier” takes time and necessitates providing value to your clients by focusing on helping...

Are you claiming VAT at the appropriate rate on expenses?

by Will | Feb 12, 2024 | Accounting, Automation, Bookkeeping, TAX, Technology, VAT

Many software packages have a “default VAT rate” which can be set for each expense code. This can speed up the processing of invoices and payments considerably. If the default rate is 20%, any payment coded to that account will extract VAT – e.g. post £120 and £100...

Cash flow is essential – make it easy for customers to pay

by Will | Feb 5, 2024 | Accounting, Automation, Bookkeeping, Business, Management, Sales, Technology

Cash flow is vital for business success and most people are aware of the phrase – Cash is King. Your business both wants and needs to be paid promptly for work you have done, services or goods provided. There are several steps you can take to improve cash flow in the...

Data Management

by Will | Jun 27, 2023 | Accounting, Bookkeeping, BREXIT, Business, Customer Service, Exporting, HR/Personnel, Importing, Inheritance, Leadership, Management, Marketing, MTD(Making Tax digital), Planning, Property, Sales, Security, Strategy, TAX, Technology, VAT, Well-Being

How to implement an effective data management strategy. Small and medium-sized businesses (SMBs) must adopt an effective data management strategy to remain competitive in today’s data-driven world. However, limited resources and expertise often pose significant...