SMEs
Cash flow vs profits: a guide for small business owners
Aug 29, 2023
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. The distinction between the two can significantly impact your business's financial health ...
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Three things to consider when forecasting your finances as a small business owner
Aug 24, 2023
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. Forecasting allows you to determine how much you will need to ...
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Self-Assessment benefits for small businesses
Aug 22, 2023
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. Beyond its regulatory nature, Self-Assessment can be an invaluable tool for evaluating ...
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Understanding Director’s Loan Account (DLA) and the risks involved
Aug 16, 2023
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. Engaging in loans between the director and the company, ...
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What tax implications can come with depreciation?
Aug 15, 2023
For business owners, understanding depreciation is not just about accounting practices but also about handling their taxes efficiently. Depreciation represents the reduction in the value of an asset over time, primarily due to wear and tear. Businesses use various methods to calculate ...
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Staying up to date with MTD for ITSA
Aug 10, 2023
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. What are the phases? Self-employed ...
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Capital Gains Tax for SMEs – Recent trends and compliance
Aug 08, 2023
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. CGT has always been a significant consideration for small and medium-sized enterprises (SMEs) who should note ...
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How businesses can tackle late payments while preserving business relationships
Jul 18, 2023
There can be nothing more frustrating for business owners than waiting on payments from clients. Unfortunately, these instances happen frequently, and while some payments will come in only a few days late, other payments can take a lot longer and will ...
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Understanding salary and dividend payments for business owners and directors
Jun 29, 2023
As an owner or director, it may be possible for you to pay less tax on your income from your company through dividends. Dividends are a portion of a company’s profits and can be paid out to directors and owners depending ...
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Managing an Overdrawn Director’s Loan Account
Jun 27, 2023
Are you a company director contemplating a loan from your own business? If yes, it's crucial to understand the workings behind the Director's Loan Account (DLA) and the implications of an overdrawn director’s loan account (ODLA). Director’s Loan Account A DLA is ...
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