Contract purchase vs Hire purchase

Explain the Difference between Contract purchase vs Hire purchase?

In the United Kingdom, contract purchase and hire purchase are the two most famous approaches for purchasing a car on finance. Some differences need to be considered when purchasing a vehicle on these types of car financing. So, we will look at the differences between contract purchase vs hire purchase. Many UK drivers take advantage …

Read More
Loaning Money to your own Company

Loaning Money to Your Own Company as a Director – Basic Guide

When you set up your business, there are many initial costs, like accountancy fees, insurance premiums, stationery, and website packages. To pay for all these costs, loaning money to your own company is a good idea while you are waiting for payment from your first client. Through a director’s loan, you can support your business. …

Read More
Turnover vs Revenue

Turnover vs Revenue – Top 8 Differences

In some contexts, “turnover “ and “revenue” are used interchangeably and often mean the same thing. Revenue is generated when assets turn over and bring in income by selling items and services. Contrarily, a turnover such as employee turnover refers to the business activities that do not necessarily generate sales. When a company brings in …

Read More
How to Work out Depreciation

What is Depreciation and How to work out Depreciation in the UK?

The value of the company assets like machinery, computers, and office furniture diminishes with time. Depreciation is an accounting term, which means as an asset moves through its productive life, its value gradually decreases from the original price. This blog will inform you about what is depreciation, how to work out depreciation, and why it …

Read More
High Net Worth Individuals

Financial Planning Tips for High Net Worth Individuals

The financial planning requirements of high net worth individuals are different and more complicated than the regular investors. HNWIs (High net worth individuals) generally depend on the cash flow and persistent flow of revenue to cover future costs. In this blog, you will come to know about the financial planning tips for high net worth …

Read More
Cloud Based Accounting

Cloud Based Accounting – Why it is good for Small Businesses

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 …

Read More
Trading Name vs Company Name

Trading Name vs Company Name UK: Which One should I Use?

Your company’s title is an essential part of your brand and personality. It is shown on signs, printed material and expressed on all of your tax returns and budgetary reports. Limited companies are required to register an official name with the Companies House and also have a choice of operating under another (different) name. But …

Read More
Limited Cost Trader

Limited Cost Trader – Basic Guide for Small Businesses

The VAT FRS ( Flat Rate Scheme) was created to make it easier for companies to account for Value Added Tax and to minimise the service charges of meeting all the VAT laws. It is open for businesses with a turnover not above £150,000 in the following 12 months. To distinguish a business required to …

Read More
Corporation Tax for A Limited Company

Corporation Tax for A Limited Company, How Much Is There To Pay?

If you are running your business as a limited company, you must pay corporation tax. Limited corporation’s tax rules are different from other corporations to some extent. Therefore, in this blog, you will know the corporation tax for a limited company, how much corporation tax needs to be paid, and what expenses you can claim …

Read More
What is an Annual Return

What is an Annual Return? – A Beginner’s Guide

Every year, as a registered company owner in the United Kingdom, you must file your annual return to Companies House. In this article, we’ll go over what is an annual return, what information you’ll need, and what penalties you might face if you submit it late.   Whether you’re just starting or have been in …

Read More
Best Small Business Accounting App

The Best Small Business Accounting Apps – Basic Guide

Many business owners are finding it difficult to choose the right accounting software for their small businesses. They are frustrated and overwhelmed by their workload. The reason for this is that they need an action plan to acquire a successful name in the field of business and a responsive mind full of bright ideas. The …

Read More
How do I File my Company Accounts

How do I File my Company Accounts?

In the UK, limited companies are legally obliged to prepare and file their accounts at the year-end to send them to HMRC and Companies House. These accounts indicate the performance of a business in a certain period (usually a year) and show its financial position at the end of the financial year. Preparing and filings …

Read More
Payroll and Paye

Payroll and PAYE – A Complete Guide For First Time Employers

Payroll could be complicated for numerous foreign managers and companies that need to perform business transactions within the UK. So, in case you’ve got come to the point of setting up a payroll site and the thought of running PAYE fills you with fear, or you feel that you don’t know enough to make things …

Read More
Company Tax Return

Everything You Need to Know About Company Tax Return!

All limited companies in the UK need to file a company tax return at the right time. In today’s blog, we’ll have a look at what is a company tax return, how to file it, when you need to file it, and what are the penalties for late filings. Here’s all you should know as …

Read More
What is Creditor

What is a Creditor and What is a Debtor?

The terms creditor and debtor seem straightforward and are commonly used in the business lexicon. However, the practicalities of these terms can be tricky for one who is new to the business world. If you’re a business owner, investor, or even a learner, you need to have a comprehensive understanding of what is a creditor …

Read More
Advantages and Disadvantages of Spreadsheets in Accounting

Advantages and Disadvantages of Spreadsheets in Accounting

Strategic planning is fundamental in business and requires substantial information in order to make key choices. Therefore, choosing the right tool for creating, retrieving, updating, and deleting data will offer assistance to managers and business proprietors so that they can make the leading choices for their company’s trade. Spreadsheet is a software tool to capture, …

Read More
How Much is VAT in the UK

How Much is VAT in the UK?

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 …

Read More
Joint Property Ownership Tax

Joint Property Ownership Tax Saving Tips – Basic Guide

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 …

Read More
Is Client Entertainment Tax Deductible

Is Client Entertainment Tax Deductible?

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 …

Read More
Auto Enrolment Pension

What is Auto Enrolment Pension? A Basic Guide

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 …

Read More