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retained earnings formula

How to Calculate Retained Earnings (Formula and Examples)

21/06/2022Accounting

Retained earnings are crucial to understand the business performance and health over a period. For this, every business requires the calculation of these earnings using the retained earning formula. These earnings are considered the important part of a shareholder’s equity section. The value of retained earnings helps the organisation if they should increase the dividends …

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what do accountants do

Worth Cost of An Accountant – A Guide for Small Business Owners!

17/06/2022Accountants , Accountants for Contractors , Accounting

Accounting is known to be an essential tool when we talk about maintaining track of a business’s finances. In the case of the owners who carry out small businesses, they do not have the required skills, time, and knowledge to deal with the finances well. Your business should outsource your accounting requirements when your business finally …

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what is Business Interruption Insurance

A Basic Guide on Business Interruption Insurance!

11/05/2022Business , Insurance

According to recent research, the most misunderstood and overlooked business insurance policy is Business Interruption Insurance. The reason for this misunderstanding is that most businessmen do not have a clear idea as to what is Business Interruption Insurance.  Businessmen tend to think that the insurance policies will cover all the interruptions that include food, fire, …

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Reclaim VAT on A New Build Project

Learn to Reclaim VAT on A New Build Project

09/05/2022Finance , Landlord , VAT

It has been observed that self-builders are often confused about reclaiming VAT on a newly built project. This tends to overlook the right that they can actually reclaim VAT on a new build. All they need to know before the process is navigated is what kind of projects are eligible. Self-builders are often found occupied …

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What is an S Corporation

Step By Step Guide to Set Up An S Corporation

09/05/2022Finance

When a businessman aims to initiate a business. This can come with a lot of excitement as well as complexity. You feel productive and receptive when an entrepreneurial idea hits your mind. However, what type of business structure will suit your idea is a head-scratching process. The idea of an S corporation is flexible enough …

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How to Calculate Profit Margin

How to calculate profit margin?

27/04/2022Accounting , Finance

Are you going to analyze the financial health and financial performance of your business and you are advised to calculate the profit margin for this analysis? However, are you struggling to know how to calculate profit margin at the same time? Don’t worry!!! As we are going to discuss how to calculate profit margin in …

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Bereavement Allowances

All you Need to Know About Bereavement Support Payment

25/04/2022Business , Business Growth Ideas , Dividend Allowance , Finance , Pension , Personal Tax

Are you struggling with the loss of your spouse or civil partner after their demise? In case you are residing somewhere in the UK, here is something with the discussion of Bereavement Allowance that can help. To bring ease to your financial worries that you might struggle without a partner, a bereavement support payment is …

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closing a limited company

Closing a Limited Company: A Simple Guide

26/01/2022Business , Limited Company

Depending on your circumstances, closing a limited company can sometimes be an easy process but sometimes it can turn out to be a gruelling task that needs expert assistance. Whether you want to liquidate/dissolve a company, or you want it to strike off, you need to understand what is the best route to close a …

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How to Make A Company Dormant

How to Make A Company Dormant?

12/01/2022Business , Finance , Limited Company

Whether you need a break for a while, you’ve got a permanent job offer that you can’t refuse or want to retire, in such cases you may decide to make your company dormant. Whatever your reasons, you can stop running your business for some time by making it dormant. But many of you might not …

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difference between revenue and income

What is the Difference Between Revenue and Income?

11/01/2022Accounting , Business , Finance

Wondering what is the difference between revenue and income? Even as a business owner, you may find these accounting terms confusing. Revenue and income can’t be used interchangeably. You need to know both for a better understanding of the company’s expenses and overall financial health. Learning these accounting terms will help you to keep your …

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reclaiming vat on expenses

Reclaiming VAT On Expenses – A Beginner’s Guide

06/01/2022Taxation , VAT

VAT registered businesses need to charge VAT on their sales and can reclaim the VAT they pay for business expenses. However, claiming back VAT on expenses is not that simple as it seems, there are a lot of complex rules. With these complexities, reclaiming VAT on expenses can be trouble. In this quick guide, you’ll …

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Reverse Charge

Reverse Charge on EU VAT

20/12/2021Taxation , VAT

When an individual has experience with suppliers to avail their products or services in the EU countries, due to reverse charge the responsibility of recording VAT transactions moves from the supplier to the buyer to avail the products or services. This makes the supplier free from the responsibility of recording VAT registration in the very …

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How does VAT Work

How Does VAT Work? A Basic Guide

05/11/2021Personal Tax , Taxation , VAT

VAT can be complicated, especially for the one who has just started out. Newcomers face a lot of difficulties to understand financial technicalities and jargon. Among those complex terms, the VAT is the one. Many business owners come across this term a lot while purchasing goods and services as private individuals from businesses. But only …

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PAYE vs umbrella company

PAYE vs Umbrella Company

29/10/2021Business , Finance , Payroll & PAYE

As a contractor, you have two significant options of payroll: PAYE or umbrella company. So, it is essential to make the right decision, whether you are a new or an experienced contractor. That’s why we will focus on PAYE vs umbrella company in this blog. We will provide all the necessary details to you so …

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Autumn Budget 2021

Autumn Budget 2021: Key Points at-a-glance

27/10/2021Budgets & Other

Welcome to this special newswire. In this edition we focus on the Chancellor’s Autumn Budget. Please contact us if you wish to discuss any matters in this newsletter in more detail.   Budget and Spending Review On 27 October 2021, the Chancellor delivered his third Budget in conjunction with the Public Spending Review. Many of …

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how overdrafts work

How Overdraft Works? Types, Limit, Cost

11/10/2021Business , Finance

In case you need to pay the unexpected expenses, an overdraft may be a thoughtful way of borrowing money from your bank in the short term. However, before using an overdraft, you should be aware of everything associated with it. Understanding the advantages and disadvantages of an overdraft can assist you in minimising, and even …

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What Is HMO? A Basic Guide for Beginners

04/10/2021Finance , Landlord , Property

The landlords can have more occupants and earn more rental revenue by letting an HMO (House in Multiple Occupations). However, there are many rules and responsibilities like minimising size requirements, overcrowding, and licensing to HMO landlords. To know more about HMOs’ responsibilities, read this blog till the end.   Talk to one of our chartered accountants …

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Allotment of Shares

What is the Allotment of Shares & What are the Reasons for Issuing Shares?

04/10/2021Business , Business Growth Ideas , Limited Company

You may want to change your company’s share structure by adding a new shareholder, or changing the current percentage of shares between the shareholders; this is where the allotment of shares comes into play. In the allotment of shares, the company issues and allots shares to new or existing shareholders. The shares can be allotted …

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financial accounting and managerial accounting

What is the Difference Between Financial Accounting and Managerial Accounting?

27/09/2021Accountants , Accounting , Business

Accounting data is collected in financial accounting to generate financial statements. Managerial accounting, on the other hand, is an internal accounting method that is utilised to account for all company transactions. This is the key distinction between financial accounting and managerial accounting. This blog will let you know about the differences between these two types …

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Cloud Based Accounting

Cloud Based Accounting – Why it is good for Small Businesses

08/09/2021Accounting , accounting software , Business

Many businesses and accountants are shifting towards cloud-based accounting. They are requesting cloud based solutions, and the trend of using this technological innovation is increasing at a rapid pace. The cloud is making your data and information all times available, and you can access it anytime, anywhere from any smart device. However, there are still …

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How Much is VAT in the UK

How Much is VAT in the UK?

26/08/2021Tax Issues , VAT

After 31st December 2020 – the end of the British transition period – there have been few changes in the VAT system of the UK. In this blog, we’ll have a look at how much is VAT in the UK 2021-22, what are VAT changes, and how to calculate what you need to pay. Let’s …

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Joint Property Ownership Tax

Joint Property Ownership Tax Saving Tips – Basic Guide

26/08/2021Tax Saving Tips

The property that two or more parties claim is known as Joint Property Ownership. In joint property ownership, each proprietor has equal rights to the total of the property. On the off chance that one of the proprietors passes on, part possessed by the expired proprietor consequently passes to the surviving proprietor. For joint ownership …

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Is Client Entertainment Tax Deductible

Is Client Entertainment Tax Deductible?

24/08/2021Personal Tax , Tax Issues , VAT

One of the most important marketing tactics that many businesses use is business entertainment, especially for retaining new clients and customers. Spending cost on business entertainment matters a lot when you want to build a network and attract new clients. So, if you’ve decided to allocate a marketing budget for entertaining clients and customers, you …

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Auto Enrolment Pension

What is Auto Enrolment Pension? A Basic Guide

23/08/2021Pension

Wondering what is auto-enrolment pension? It is the government initiative aimed to boost your retirement savings where the employer and government also put money into your pension pot. All employers in the UK need to offer this workplace pension by automatically enrolling their eligible employees. It is meant to encourage people to save money for …

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Ways an accountant can save you money

5 Ways an Accountant Can Save You Money – Basic Guide

20/08/2021Accountants , Accounting

Many small businesses are responsible for the management of their finances and administration. However, there are several advantages of employing an accountant to manage all of your business finances. Accountants are prepared experts who regularly see companies developing from new companies to built up businesses. With their understanding and abilities, you’ll be well on your …

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How to Avoid Inheritance Tax

How to Avoid Inheritance Tax?

09/08/2021Personal Tax , Tax Issues

When a person dies, inheritance tax is levied on the estate that is transferred to the heirs of the deceased by the government. If you’re planning to transfer the ownership of your estate to your children and loved ones without any deductions to get the optimal benefit from your estate, you might be wondering how …

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Reclaiming vat on fuel

Reclaiming VAT on Fuel & Petrol: How It Works

04/08/2021VAT

This is one of the most frequently asked questions that we hear time and time again: what is the process of reclaiming VAT on the fuel? Many of our customers are looking for answers regarding VAT on mileage claims. Though reclaiming VAT on fuel is a burdensome process, as you need proper evidence to prove …

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Pensions Lifetime Allowance

Pensions Lifetime Allowance Explained

03/08/2021Pension , Personal Tax , Tax Issues

Knowing how much is your pension lifetime allowance is important, as if you exceed this threshold it’d have hefty tax implications. So, let’s explore what pension lifetime allowance is, how to calculate and protect it. Let’s find out.   Overcome your financial worries with CruseBurke!   What is Pension Lifetime Allowance? This allowance is a …

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legal obligations of a sole trader

Legal Obligations of a Sole Trader

19/07/2021Sole Trader , VAT

Want to start your own business? Whether you want to be your own boss, pursue your dream job or want to work with the people you like, there’s no other option than to be a sole trader. With a lot of benefits, there are some legal obligations of a sole trader that you must keep …

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How to Read Company Accounts?

How to Read Company Accounts?

13/07/2021Limited Company , Tax Issues

Whether you want to establish a company, want to do research, or just trying to understand the financial terminologies of the accounts. Reading and understanding those accounts can be daunting if you lack a financial background. For this reason, we’re here to explore how to read company accounts as a beginner. The details and terminologies …

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What is Bank Reconciliation

What is Bank Reconciliation and How to Do it?

07/06/2021Accounting Issues

In this digital banking system, many people overlook the importance of bank reconciliation. However, you need to remember that banks can also make mistakes. To find those mistakes, bank reconciliation is needed. So let’s explore what is bank reconciliation and how to do it? Bank reconciliation means to match the balances of your bank statement …

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Furlough vs Layoff

Furlough vs Layoff: Explaining the Difference

03/06/2021Covid -19 , Payroll & PAYE

Coronavirus pandemic has adversely affected the business industry by reducing the resources of the business owners. Consequently, business owners are contemplating for employees’ furlough or lay off. Let’s kick off with the difference between Furlough vs Layoff.   Furlough vs Layoff- Differences   Due to a great downfall of the world’s economy whilst the Covid-19 …

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Workplace Pension Contributions

Run a limited company? Here’s What You Need to Know About Workplace Pension Contributions

01/06/2021Pension

If you’re a limited company owner looking for a tax advantage, workplace pension contributions are worth considering. These contributions are taken as an allowable business expense and offset against the corporation tax bill of your company. Besides, as a limited company owner, you have the choice to make personal contributions or through the limited company. …

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Value Added tax Rate

The UK Value Added tax Rate (VAT) Explained

12/05/2021VAT

Value-added tax (VAT) is levied on goods and services in the UK. It is a type of consumption tax, as it is levied on the items and services that people use in their daily lives. It is an indirect tax that government collects by businesses. In this blog, we’re going to discuss the UK value …

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Early Payment Discount

What is an Early Payment Discount?

07/05/2021Budgets & Other

Early payment discount is also known as prompt payment discount. It is the early settlement discount buyers receive in exchange for paying invoices early. You can calculate it as a percentage of the value of the goods and services purchased. An early payment discount is a process to improve cash flow for suppliers by fast …

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What is Money Laundering

What is Money Laundering? Process and Effects

21/04/2021Budgets & Other

Money laundering can adversely affect businesses, countries, and economies. It is a three-sided offense where money is generated illegally, concealed, and turned white. In this blog, we’d discuss what is money laundering, what’s the process of money laundering and we’d briefly talk about the adverse effects of money laundering. What is Money Laundering? It is …

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how do dividends work

How do dividends work in the UK

01/04/2021Dividend Allowance

Are you looking forward to buying shares of a profitable company in the UK? Are you still wondering if this is a good time to start out? If you’ve already started out. Great job. The amount you’ll earn as a profit is known as a dividend.  If you are looking for an accountant to reduce …

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how to set smart goals

How to Define Smart Goals for your Brand?

17/03/2021Accountants , Accountants for Contractors , Accounting Issues , Budgets & Other , Business Growth Ideas , Making Tax Digital , Marketing Tips , Tax Issues

You’re just starting out your own company, and need a helping hand to determine the SMART goals for your brand. We’re addressing small businesses because it’s good to have SMART goals for your brand the moment you’re starting out on your venture. Gives you clarity on what you’re trying to achieve.    We’ve seen different …

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What are Chargeable Gains?

What are Chargeable Gains?

10/03/2021Tax Issues

What are Chargeable Gains? The gain in your asset’s value from the time it is purchased till the time it is sold is known as chargeable gains. This process is also called capital gains. A capital gains tax is levied on the chargeable assets. Chargeable loss is the opposite of chargeable gains. If you are …

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Technology Cost or an Asset

Is Technology Cost or an Asset?

08/03/2021Misc

Just take a second to think about the present world without technology. So, it’d be right to say that we can’t survive without technology in this modern world. From schools, offices to grocery stores everywhere there is technology. In the last two decades, technology has taken hold of the whole world, and even beyond that. …

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Adjudicator’s Office

The role of the Adjudicator’s Office

02/03/2021Accounting Issues , Tax Issues

The Adjudicator’s Office (AO) was created in 1993 as an independent tier of complaint handling about the Inland Revenue (now HMRC) and the Valuation Office Agency (VOA) other governmental departments joined later including The Insolvency Service in 2003. Under their role as an independent adjudicator, it is currently reviewing the Home Office (HO) decisions on …

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dividend allowance 2020/21

How Can a Self Employed Personnel Benefit From £2,000 Dividend Allowance 2020/2021

01/02/2021Limited Company , Tax Issues , Tax Saving Tips

  All taxpayers can claim their tax-free dividend allowance. Dividend Allowance 2020/21  is set at £2,000. This is a golden opportunity for all the self-employed personnel to registered for self-employed. If you’re thinking of making the switch, you need to do it right now.    Let’s Discuss the Nature of Allowance If you own a …

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accountants for self employed personnel

The Benefits Of Hiring An Accountant When You’re Self-Employed

26/01/2021Accountants , Accounting Issues , self-employed accountant

Considering that you are self-employed, there are many reasons as to why you would be questioning the need for an accountant for self-employed. You might believe that having an accountant would only mean that you are only increasing your annual costs; however, the benefits could only speak for themselves! Having an accountant would mean that …

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Plan your long-term financial security with the right financial advisor

19/01/2021Accountants , Accounting Issues , Business Growth Ideas

Getting your financial goals with financial advisors may sound strange for some of you. You may consider them a luxury. But in simple terms, these individuals help you achieve your financial goals by telling you where and how to spend your money. Talk about long term financial security.  Getting a professional hand involved in your …

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How to Avoid Tax Investigation

Tax inspections and how to avoid them

22/12/2020Personal Tax , Tax Issues

HMRC conducts random compliance checks against businesses and individuals. They usually smell irregularities through suspicious activities and tax inspections to find any substance. This is a routine process to encourage businesses and other taxpayers to follow the laws and regulations. If you ever notice that you are under the tax investigation of HMRC, don’t think …

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grants and loans

Environmental grants and loans: How can you secure them?

24/11/2020Budgets & Other , Uncategorised

With the efforts of world leaders towards an environmentally friendly economy, business owners are aiming for environmental grants and loans to reduce their carbon footprint. If you make your business environmentally friendly, the government helps you with several grants and loans. The importance of energy-efficient solutions will increase. The effects of global lockdowns on the …

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tax on ebay sales uk

How to Pay Taxes on eBay Sales UK

23/11/2020Tax Issues

Just like any other traditional business, eBay sellers also have to pay a due amount for tax on eBay sales UK. In case you forget your deadline, you’ll have to pay a designated amount to HMRC as a penalty or fine. The UK laws oblige you to pay taxes whether you’re operating any big business …

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Finance for business growth

Finance that Helps your Business Grow

13/11/2020Business Growth Ideas

Every business needs finance for its growth. The right way of financing a business is crucial. Looking for new markets and the development of new products demand a lot of capital. Sometimes it seems that you don’t have any other option. You’d rather rely solely on banks. The idea might be a little too convenient.  …

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How to claim self-employment support

How to claim self-employment support

06/05/2020Covid -19

The Chancellor, Rishi Sunak, announced a new scheme at the end of March to support self-employed people impacted by a coronavirus. It’s about to launch ahead of schedule and we’re writing to you because you might be eligible to make a claim under the scheme. How to claim self-employment support The Self-Employment Income Support Scheme …

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Arab Accountants in Bromley

Work from Home Expenses

06/05/2020Accounting Issues , Misc

Computing business expenses has always been a hazy prospect, especially if you’re working from home or are self-employed—the concept of work and home has already been blurred, after all.  You’re very much entitled to receive certain amounts of expenses, but what are you specifically entitled to. List of Work from Home Expenses that can be …

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Government launches new small business micro-loan scheme

28/04/2020Misc

28 April 2020: the chancellor has announced a new Bounce Back loan scheme, allowing small businesses hit by the impact of coronavirus measures to apply for up £50,000, with the government guaranteeing 100% of the advance. Billed by chancellor Rishi Sunak as a “simple, quick, easy solution for those in need of a micro loan,” …

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Ways to keep your business running

4 Ways to keep your business running

23/04/2020Misc

The coronavirus disease (COVID-19) outbreak is putting local and international businesses at financial risk. In a bid to decrease the risk of transmission of the disease, this health crisis forced stores and companies to work remotely and use digital platforms to serve their customers continuously, even while observing physical distancing. While remotely working can be …

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How to Apply for Tax-Free Childcare

How to apply for tax-free childcare

06/08/2019Misc , Tax Issues , Tax Saving Tips

Government childcare scheme – tax-free top-up Working parents can receive a tax-free top-up from the Government to help with their childcare costs. The top-up is worth £500 every three months (£2,000 a year). A higher top-up of £4,000 a year (£1,000 every three months) is available where the child is disabled. To receive the top-up, …

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Tax Saving Tips At the Year End

Tax Saving Tips at the year End

06/08/2019Tax Saving Tips

Before you know it, the time for year-end tax will be right around the corner. It can get stressful to try and get everything in order, but there is good news for you! You don’t have to lose your mind trying to end on a high! Head to your accountant right away and talk about …

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