Companies House has launched a voluntary identity verification service for company directors and people with significant control. The move marks the first phase of a wider initiative to tackle corporate fraud and misuse of the companies register. Individuals can now digitally verify their identity either directly through Companies House using the GOV.UK login or through […]
Earlier this year the Government launched a short consultation to gauge how e-invoicing can and should be adopted for business-to-business (B2B) and business-to-government (B2G) transactions. Some of the topics under review include whether e-invoicing should be compulsory or voluntary, and the practicality of real-time digital reporting. Understanding e-invoicing While many UK businesses currently send invoices […]
HMRC has announced that it will be closing its free online service for filing corporation tax returns and company accounts. From next year businesses will now have to pay to file these statutory items. So why the change to these important tax compliance services? Earlier this month, HMRC announced that its online service for filing […]
Xero is a cloud-based accounting software, popular with many SMEs. We began working with Xero in 2022 and recommend it to clients who are keen to use a powerful, affordable software package to help them better manage their financial accounting. Here are a few of the benefits which Xero may be able to offer your […]
Running a business can be a challenging task, especially if you don’t have all the information you need to hand. Management accounts can be a helpful tool, enabling you to properly understand how your business is performing and inform any decisions you need to make. What are management accounts? Management accounts are financial reports prepared […]
Effective cash flow management is crucial for SMEs to ensure business stability, growth and resilience against unexpected financial challenges. So with a new year ahead here are some useful steps to consider when considering cash flow: 1. Create a cash flow forecast Creating a detailed forecast allows cash inflows and outflows to be predicted over […]
The start of a year is always good time to look ahead at what tax and financial changes will take effect over the coming months. For SMEs there are a number of changes in 2025 which could have an impact on operations and which it makes sense to plan for. Increase in National Minimum Wage […]
Managing a SME can be very challenging, but new research has shown that using an accountant can help small firms enjoy higher revenues. The survey, which asked 4,000 small businesses about their use of professional accountancy services, concluded that those with expert help are achieving 11.5% more in revenue than those who don’t. Almost three-quarters […]
Having an emergency cash pot for your business could help you negotiate cash flow issues and tricky times. But how much should you hold available? Financial advisers often suggest that having an easy to access pot of emergency cash is critical in our personal lives. Yet the same rules should apply for your business, particularly […]
11,000 SMEs across the UK could enjoy a boost to their growth through a new small business loan scheme. Securing finance can be a struggle for new or existing small businesses, so opportunities to access additional funding are always welcome. More details have now been shared about the new Growth Guarantee Scheme, which will replace […]
With the new Labour government taking office earlier this month, and after a rather turbulent few years for the Conservatives, there’s a feeling that some certainly is now in the mix. This should help stabilise the economy and the landscape for business. But what should we expect from the new order? It’s fair to say […]
The current VAT system has long been criticised as being too complicated. But with an election looming should this be a focus for Government in the coming years, especially in the light of other overly complex tax regimes such as Inheritance Tax which appear to have been sidelined? VAT, or Value Added Tax, is levied […]