Cash flow vs profits: a guide for small business owners
As a small business owner, you’ve likely heard the terms “cash flow” and “profits” used interchangeably. However, mixing these financial metrics up can cause severe consequences for your business.
Three things to consider when forecasting your finances as a small business owner
Forecasting is the act of looking at past and present financial data to predict future costs, expenses, and profits. Small businesses do this to tailor their business model more effectively.
Navigating estate planning and Inheritance Tax: what you need to know
HM Revenue & Customs (HMRC) recently announced that Inheritance Tax (IHT) receipts were up by £200 million between April to July 2023, making this a record high.
Self-Assessment benefits for small businesses
As a small business owner, you are probably familiar with the term ‘Self-Assessment’. While many entrepreneurs link Self-Assessment primarily with the yearly tax ritual, it offers a lot more.
The role of cloud accounting in modern businesses
In today’s digital age, the way businesses manage their finances has seen a seismic shift, largely due to the introduction and growing popularity of cloud accounting.
Understanding Director’s Loan Account (DLA) and the risks involved
Directors might opt to either lend money to or borrow from their own company. This type of transaction is called a director’s loans, and they are recorded in the Director’s Loan Account.
What tax implications can come with depreciation?
For business owners, understanding depreciation is not just about accounting practices but also about handling their taxes efficiently.
Staying up to date with MTD for ITSA
In December 2022, the plans for Making Tax Digital for Income Tax Self-Assessment changed again, as the Government announced that instead, MTD ITSA would be introduced in mandatory phases from 6 April 2026, as opposed to 2024.
Understanding tax obligations for charities
Knowing your charity’s obligations to HM Revenue & Customs (HMRC) is important, as you will have different requirements to standard businesses.
Capital Gains Tax for SMEs – Recent trends and compliance
Collections of Capital Gains Tax (CGT) reached a record £16.7 billion in the last tax year, a notable increase from the preceding year’s £14.3 billion.
