Landlord Insurance

A Guide to Landlord Insurance – Types, Cost

Find out what is landlord insurance, what are its types, what type of insurance do you need and how much does it cost. In this post, we’re going to cover it all. Let’s dive into it!   What is Landlord Insurance? Landlord insurance is a category of home insurance that is aimed to cover the …

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Stamp Duty On Commercial Property

Is There Stamp Duty On Commercial Property?

Whenever you buy a residential property or land above the SDLT threshold in the UK, you need to pay stamp duty land tax (SDLT) on it. But is Stamp Duty payable on the commercial property too? The answer is yes! Let’s dive into the details.   Worried about Stamp Duty Land Tax (SDLT)? Get in …

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legal obligations of a sole trader

Legal Obligations of a Sole Trader

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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changing from a limited company to a sole trader

Changing from Limited Company to Sole Trader : A Simple Guide

There are many reasons for changing from a limited company to a sole trader. The most common reason – we have seen these days – is the dropping turnover of limited companies due to the impacts of the COVID-19 pandemic. Company owners believe that sole proprietorship is a simple and convenient option to go for. …

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Pros and Cons of Trading as a Limited Company in the UK

The Pros and Cons of Trading as a Limited Company in the UK

Due to numerous tax incentives, many businesses prefer to be limited companies in the UK. In fact, trading as a limited company helps you to manage your tax liabilities more effectively. However, along with a lot of advantages, there are also some downsides that you can’t overlook. So, let’s look at the pros and cons …

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How to Read Company Accounts?

How to Read Company Accounts?

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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working capital formula

Why do you need to know about working capital formula?

Do you want to measure the financial health and success of your business? Though you can get a fair view of your success through your customer base and profit, however, that’s not enough, there are numerous ways beyond. Along with other indicators, the working capital can let you know about your business standing and what …

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cis accounting

Construction Industry Scheme Works – The Beginner’s Guide!

If you intend to work as a main contractor in the industry, you must register your business for CIS. You are required to verify subcontractors directly to HMRC if they work with you. By verifying the subcontractors HMRC means to keep a track of their registration whether it is already done or not. After registration …

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turnover and profit

Turnover and Profit: How do they Differ?

Whether you are struggling to attract new investors, need a loan, plan for the future or intend to sell your business, knowing how well your business is performing in a specific period is imperative for multiple reasons. Turnover and profit are two key indicators to analyze how well your business is performing. Despite having a …

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Cash Flow Forecasting

What is Cash Flow Forecasting? Process, Advantages

Managing the financial affairs of a business can be overwhelming for many business owners. And you don’t need to be an accounting or bookkeeping expert to do it, but you must at least should have the basic knowledge. One of the crucial components of finance is cash flow. So, you need to be well aware …

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Profit and Loss Statement

A Beginner’s Guide to a Profit & Loss Statement

If you want to figure out how well your business is performing, one of the most important tools of your annual financial accounts is the profit and loss statement (P&L).  A profit and loss statement summarises a company’s sales and expenses typically within a financial year. You can easily prepare a profit and loss statement …

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What are Current Assets

What are Current Assets? Definition, Classification, Calculation, and Example

Every business needs assets for carrying out its business operations. Whether you’re a technician, doctor, business owner or a company’s director, you need to be well aware of your current assets to efficiently operate your business for generating more revenue. If you’re a new business owner or a veteran looking to polish your accounting skills, …

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Crowdfunding for Business

The Pros and Cons of Crowdfunding for Business

With increasing popularity, crowdfunding has become one of the most viable ways to raise capital for your business. The emergence of platforms like Kickstarter and Indiegogo has taken its popularity to its peak by raising funds for startups and medium-scale businesses. The process of getting funds via these platforms seems easy, exciting and simple but …

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Limited Company with HMRC

How to set up a Limited Company with HMRC as a non-UK Resident?

Want to find out how to set up a limited company with HMRC as a non-UK resident? Don’t worry, the process is pretty simple, even if you’re a non-UK resident. As application process and legalities are the same for both UK and Non-UK residents. Follow the below steps to set up your Limited Company? Want …

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What is Bank Reconciliation

What is Bank Reconciliation and How to Do it?

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

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

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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Reasons Your Small Business Needs a Good Accountant

3 Reasons Your Small Business Needs a Good Accountant

To properly run a business, you’ll need the steady flow of records, reports, data, and other accurate reports, all reflecting your business’s assets and liabilities, debts, profit, and so much more. Numbers run your business, making accounting an important part of your operations. The numbers extracted from accounting activities support and guide the management of …

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Zero-Based Budgeting: Importance, Steps, Pros and Cons

Zero Based Budgeting is a technique used in budgeting that involves preparing the budget from zero base. This method helps companies to align their spending with the company’s goals. Management prepares a budget from scratch that only includes essential expenses and operations to verify that all the components of the annual budget are cost-effective, relevant, …

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Personal Mortgage

Can I use Company Money to Pay my Personal Mortgage?

People, who’re in the contracting business, often ask us ‘Can I use Company’s money to pay my personal mortgage?’ The answer is no! Read on to find out the reason. Those contractors who work outside IR35 prefer to keep their money in the company’s bank account to pay future tax bills or keep it in …

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