When it comes to tax, you may be required to file a few different types of returns. Two of the most common are the tax return and the VAT return. Though they may have similar names, some key differences exist between these two types of returns. What is a Tax Return? A tax return is a self-assessment that...
As a small business owner, you must ensure that your business complies with all applicable tax laws. Depending on the structure of your small business, you may be required to pay different types of taxes, including income tax, self-employment tax, and payroll tax. While it can all seem overwhelming, it certainly doesn't have to be. With these essential...
VAT, or Value-Added Tax, is a consumption tax that is placed on a product whenever value is added at each supply chain phase, from production to the point of sale. The end consumer is the one who ultimately pays the tax in the UK. If you are a business owner, it is important to be aware of the...
Paying taxes is a way of contributing to society. Paying taxes helps fund the services we rely on, create jobs, and support the economy. In a country like the UK, taxes help fund critical public services like the NHS, education, and infrastructure. Her Majesty's Revenue and Customs is the government entity responsible for tax collection, and it has...
The Bank of England is predicting that the UK will dip into recession at some point in 2022, driven by multiple factors that are causing the economy to stall and falter. But what are these key economic threats? And how are they likely to affect your business in the coming months? The 5 big economic threats for UK...
Owning a small business is a tough undertaking. As a small business owner, you are in charge of a company's numerous interwoven components. Luckily, some of these concerns can be best handled by professional accountants. Each accountant specialises in a specific field. Accountants for small enterprises come in two varieties. First, there are certified public accountants (CPAs). They...
The increase in digital business systems has opened up forensic ways of understanding your customer base. That's a huge bonus when you're aiming to build better connections, relationships and experiences with your audience. Knowing what your customer wants is a fundamental piece of knowledge for any successful business to get to grips with. And when you're running a...
To take your business to the next level, you need more than just passion. You need a knowledgeable, experienced group of accountants who are just as committed to your business as you are. Many entrepreneurs tend to distance themselves from their accountants, but this results in less control over their finances and restricted access to valuable information. An...
Tax returns are undeniably an essential component of the calendar year for your business. While they are dreadful to accomplish, they have the ability to help your business expand and become more profitable. As such, employing a tax accountant might turn out to be money well spent. When you're managing a small business, it might be challenging to...
To understand the financial position of a business at a specific point of time, look at the balance sheet. The balance sheet may also be called the statement of financial position. Together with the Profit and Loss Statement, and possibly other reports such as the Statement of Cash-flow, these reports provide a complete understanding of the financial position...
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