Guides Archives

What Your Accountant Needs to Know to Complete Your Self-Assessment Tax Return

Jul 31, 2023

Your self-assessment tax return is a complete record of your tax filing for the relevant financial year. This needs to include everything relating to your personal income. Here we explain everything your accountant needs to know, to complete your self-assessment tax return accurately. What Your Accountant Needs to Know to Complete Your Self-Assessment Tax Return Here we identify what your accountant needs to be aware...

How to Write a Contract

May 26, 2023

There are all sorts of practical skills to learn when you start a new business. One crucial capability is how to write a contract. A contract is a legally binding document that protects you and your client, especially if there is a disagreement. A comprehensive contract will usually stop issues arising before they start and ensure that you get paid in full and on time....

What is the Annual Tax on Enveloped Dwellings (ATED)?

Feb 27, 2023

Annual Tax on Enveloped Dwellings (ATED) is an annual tax payable mainly by companies that own UK residential property valued at over £500,000, to ensure property owners are paying stamp duty land tax (SDLT). What is the Annual Tax on Enveloped Dwellings? A dwelling is the classification of property if all or part of it is used, or could be used, as a residence. A...

When and How to Change Accountants

Dec 10, 2022

If you employ the services of an accountant, have you considered whether you are getting the best value for money? Not every accountant offers the same quality of service, for every type of business. Here we explore how you know you are getting the best services from your accountant, plus when and how to change accountants. What does your Accountant do? Every business needs accounting...

How to Recession Proof Your Business

Nov 15, 2022

A recession occurs when gross domestic product (GDP) shrinks during two consecutive quarters. Official figures report that GDP shrank by 0.2%. A second consecutive quarter of negative growth, will technically place the UK in a period of recession. Fortunately there are steps you can take to recession proof your business. How to Recession Proof Your Business Beyond these figures, UK businesses are already feeling pressure...

How Does Gift Aid Work?

Jul 15, 2022

If you have ever given a donation to charity, you’ve probably been asked if you want to add Gift Aid to it. But it’s not always clear at the point of sale what this means, who is eligible and how exactly does this type of giving work? There are a few available ways to claim tax relief which we cover here. In this article we...

What is a Profit and Loss Statement?

Jun 27, 2022

A profit and loss statement is a precise document that outlines the income and expenditure of your business over a set period. Often produced quarterly and at the end of the financial year, your profit and loss is a clear statement of the financial health of your business. It can be used to analyse the performance of your business activities. What is a Profit and...

Day-to-Day Guide to Managing Accountancy

Jun 7, 2022

If you have been inspired to start your own business, it’s because you have found your superpower and you want to focus all your energy on doing what you do best. The reality is that running a business demands a whole lot more of your time to run the business, which can draw your attention away from developing the dream products or services you have...

How to Hire an Accountant

Apr 29, 2022

Starting a new business can be daunting. Beyond your great ideas there is paperwork, legal responsibilities, marketing, operations and hiring staff and you want to get it all just right. Striking this balance can be a challenge, especially in the early days. It might surprise you to know that one of the most supportive partners you can have on your team will be your accountant,...

Understanding Tax Residency in Spain

Mar 22, 2022

UK traders living and working in Spain are liable to pay tax on income and assets there. Make sure that you don’t mistakenly become liable for taxation in both countries, by understanding tax residency in Spain. 90 Day Rule for Visitors to Spain Spain remains a popular destination for many UK traders to live and work. Brexit has made little difference for most people visiting...

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