Personal Service Company

How does HMRC Define a ‘Personal Service Company’?

Sometimes the contractor set a company to provide their services to the clients that are known as PSC (Personal Services Company). This has been observed that agencies and clients prefer personal service companies over sole traders or people who work individually. The reason behind this could be the one that comes in between while you …

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Sole trader advice

A Basic Guide to Become A Successful Sole Trader!

A sole trader is a person who is self-employed and owns a business. According to research, about 60% of UK businesses are sole traders. This business structure is popular because of the simple ways to get into trading as well as the paperwork is minimal. However, sole trader advice by professionals will always be helpful …

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Do I Need to Register My Business

I’ve Started a Business – What Do I Need to Do Now?

Have you just thought about getting into a new business and wondering how you can join a networking group? Getting your business an enchanting logo and looking for unique ways to attract customers can be the pretty fun part of the beginning. However, do you ever think that “do I need to register my business” …

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What is IFRS

What is IFRS (International Financial Reporting Standards)?

To make the financial statement in the UK according to international accounting standards can only be done when they are endorsed. All EU-endorsed IFRs are also included in this. The endorsement status can be checked by the UK endorsement board as well. There is no chance that unendorsed standards are adopted in the UK. If …

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change of name

Tell HMRC When you Change Company Name and Address

Does your company plan to make any changes in the basic information like the company address or change of name in business? It is important for you to know that business-related agencies and business authorities are the ones you need to inform. Primarily the authorities are mentioned below: Companies house HMRC If you fail to …

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potential exempt Transfer

All about Gifts and Exemptions from Inheritance Tax!

It sounds like a great idea to gift your friends and family when you can enjoy the benefit of reduced estate value for inheritance tax purposes. This will immediately be advantageous for your own people as well. However, the potentially exempt transfer is a critical area and most people need professional help in order to …

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What is an Inward investment

Explanation of What is an Inward Investment and its Pros and Cons!

Are you associated with business and wondering what is an inward investment? The simple way to elaborate inward investment is when a foreign entity makes purchases of local products or external investment intends to invest in the local economy. Simply when the foreign money gets involved in the local economy. People also consider it as …

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benefits of being vat registered

What are the Benefits of Being VAT Registered?

When setting up a new business, some people may think that it is necessarily important to register for Value Added Tax (VAT). But, you need to know that it is not mandatory to register, provided that your VAT taxable turnover is over £85,000 (VAT threshold). However, even if your annual turnover is below the threshold, …

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Statutory Sick Pay

What is Statutory Sick Pay? A Simple Guide

In recent years, after the outbreak and spread of Covid-19 in the UK and across the world, the role of statutory sick pay (SSC) has raised than ever to cope with the financial effects of the pandemic.  Even before the outbreak of the virus, it used to be and is an important entitlement for employees …

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Return on Investment

What is Return On Investment (ROI)? Definition, Importance, Formula

If you are looking for a metric to measure the profitability of your investment, Return on Investment (ROI) is the way to find out. It is the ratio that shows the financial benefit you earned against a particular investment. In simple words, it compares the cost of investment and the return you get to evaluate …

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How Much Does an Accountant Cost

How Much Does an Accountant Cost in the UK?

Wondering how much does an accountant cost in the UK? There is no fixed cost, it depends on a lot of factors. A fee of an accountant can differ based on the business’s nature, size, and turnover. It also varies as per the service and its scale. In addition, the charges of an accountant may …

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What is Cash Basis

What is Cash Basis Accounting in the UK?

Wondering what is cash basis accounting? It is an accounting method that you need to know as a small business owner in the UK, as it is well suited for non-complicated business setups. It is a simple way to manage your finances than traditional accounting. If you’re a sole trader or a partnership business, cash …

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How does VAT Work

How Does VAT Work? A Basic Guide

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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Accountant's Certificate of Confirmation

What is Accountant’s Certificate of Confirmation?

An accountant’s certificate of confirmation is a letter issued by a certified accountants/accounting firm. This certificate acts as proof that accounts of a person or business are handled by a professional accountant and are in order. It is used for various purposes like it might be needed whilst opening a bank account, for getting a …

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What is a confirmation statement

What is a Confirmation Statement? A Basic Guide

Onward from June 2016, the UK government replaced the Annual Return (AR01) with a similar document known as the confirmation statement (CS01). This annual statement is a filing requirement that works the same as Companies House form AR01. All the registered companies and LLPs ( limited liability partnerships) in the UK are required to send …

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Find VAT Number

How to Find a Business’s VAT Number?

A unique VAT (value-added tax) number is assigned to each VAT-registered business. If you’re a VAT-registered company, you’ll need the VAT number of other companies (suppliers) in order to reclaim any VAT you’ve paid. Therefore, this blog will let you know what is a VAT registration number, why it is essential and how can you …

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PAYE vs umbrella company

PAYE vs Umbrella Company

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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how to keep your accounts

How to Keep your Accounts Organised?

Financial integrity is the lifeblood of any small or large company. So, organising your accounting and finances should be an achievable goal. By this, you will not only save your time but money as well. However, remember that keeping your accounts organised requires time, effort, and a solid plan. Therefore, we will let you know how …

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what is cash flow

What is Cash flow – A Basic Guide!

It is important for every company to maintain a good cash flow(CF). If you do not have a good cash flow, it would be difficult to purchase materials, pay salaries, and settle bills. So, when running your company, it is the most crucial thing to look into. Therefore, this blog will let you know: what …

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Autumn Budget 2021

Autumn Budget 2021: Key Points at-a-glance

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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