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...
Tax is a sensitive issue that many of us are afraid to deal with. Our hesitation is understandable because errors in this field can be pretty expensive. Doing your tax return at home is possible, but it is risky because of the complicated rules and regulations. If you want to save money, the best way to do your...
Accounting plays a crucial role in a business, and it's definitely not something you'd want to cut corners in. However, not every business can afford to hire an in-house accounting department. But that does not mean you should leave your accounting up to chance. You don't always have to hire an in-house team to get your accounting done....
Consumers are driving the trend towards sustainable business practices, voting with their pounds to support greener companies. The Global Sustainability Study 2021 found that: 63% of consumers have shifted their spending toward being more sustainable in the past five years, particularly younger consumers.Half of consumers rank sustainability as a top 5 value driver.34% of consumers are willing to pay more...
If you are the owner or director of a small business, you can use dividends to pay yourself a salary. You don’t need to pay taxes on the money you earn through dividends. This article focuses on how you can take dividends as a salary without incurring a tax bill. It also looks at the side effects and...
With all the things going on in your business, it can be easy to forget about paying your taxes. But this is definitely not a mistake you want to make. If you want to avoid paying tax penalties, you have to have a full understanding of your tax obligations as a small business owner. What Taxes Do Small...
Sending invoices promptly is key to good cash flow management. As soon as you deliver a product or service, send an invoice to the customer. This will help you develop a habit of sending invoices for payment quickly. Getting your invoices paid on time is essential to maintaining a healthy cash flow. Here are five rules to help...
Many first-time business owners, and even some experienced ones, believe that all accountants are bookkeepers and all bookkeepers are accountants. That’s simply not true. In the UK, accountants and bookkeepers perform different duties and serve different purposes. If you’re unfamiliar with these different roles, this guide can help you understand bookkeeping and accounting practices so that you can...
Every business needs finance to get the initial enterprise off the ground. You may well have entered into finance arrangements to fund the initial stages of the business, taking out loans to purchase equipment, lease premises or take on staff. But when was the last time you reviewed the arrangements or looked at the options for accessing other...
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