English Cymraeg Changes to UK company law The Economic Crime and Corporate Transparency Act received royal assent on 26 October 2023. The act gives Companies House the power to play a more significant role in tackling economic crime and supporting economic growth. Over time, the measures will lead to improved transparency and more accurate and trusted information on our registers. There’ll be new responsibilities for: all new and existing company… Read more
HMRC has created a series of messages, information and other communications materials as part of its ‘Tax Avoidance – don’t get caught out’ campaign, designed to help contractors get their tax right. The Revenue’s campaign is designed to help contractors and their agents recognise the signs of tax avoidance and understand how umbrella companies work. It has been developed partly in response to the loan charge, which saw tens of… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. £36 Billion Investment to Reform NHS and Social Care UK Prime Minister Boris Johnson announced plans to increase taxes to fund health care and reforms to the country’s social-care system. From April 2022, the government wants to introduce a new 1.25% health- and social-care levy on earned income across… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Business Confidence at 4-Year High UK business confidence has hit a four-year high, due to the growing optimism about the post-COVID recovery, according to Lloyds Bank. However, there are still some concerns about staff shortages, which could increase pay in the coming months. The vaccine rollout, easing of lockdown… Read more
Many small business owners think they’re saving money by handling their financials themselves. While it’s a real asset to learn bookkeeping basics, cash flow management and your tax obligations, hiring an accountant to oversee your finances has many benefits. Leaving your books to a pro will free up time so you can focus on serving your clients and implementing plans for growth. Here are a few ways an accounting professional… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. UK Orders 35 Million More Pfizer Vaccines The UK has ordered 35 million more doses of the Pfizer/BioNTech vaccine to prepare for booster shots and to counter any new variants, but the head of the WHO has said booster vaccines should be delayed to raise vaccination rates globally. The… Read more
“Outsource your weaknesses.” So says start-up guru, Sujan Patel, when advising small business owners to get outside help for tasks like payroll and bookkeeping. And when you consider that 70% of businesses fail due to poor in-house financial management, Patel’s advice seems spot on. Unfortunately, many small business owners seek to keep costs low by doing everything themselves— unwittingly sabotaging the financial stability of their own company. If numbers aren’t… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. COVID-19 Self-Isolation Rules Ease for the Fully Vaccinated Under new rules implemented from Monday, people in the UK who are fully vaccinated against COVID-19 no longer have to self-isolate for 10 days if they come into contact with someone who has tested positive. However, they are advised to take… Read more
They both work with financial data; they’re both essential for managing a successful business. Yet the roles and duties of a bookkeeper and accountant rarely overlap. If you’re like many business owners, you may not be exactly sure of the differences between a bookkeeper and accountant – and whether you should hire one, or both. An established, growth-focused company will employee the services of both an accountant and bookkeeper. The… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Britain to Relax Some Travel Restrictions for COP26 Britain will relax some travel restrictions to help delegates attend the United Nations climate conference in Scotland later this year. There will also be a shorter quarantine period of five days for those from “red list” countries who have been vaccinated.… Read more
A Canadian bank recently surveyed over 500 small business owners about what they love and hate most about owning their own business. Unsurprisingly, flexibility and feeling in control ranked first in the “love” category. Meanwhile, almost 60% said bookkeeping was hands-down their most hated task. Most business owners understand that effective financial management is key to their success. But lack of knowledge, frustration, and even avoidance can add up to… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. UK Opens Borders to Fully Vaccinated Travelers from the US and the EU The UK eased its travel restrictions and opened borders to fully vaccinated travelers from the US and the European Union on Monday. Fully vaccinated travelers are now allowed to enter the country without self-isolating for up… Read more
If you ask 100 business owners what they like least about running a business, chances are good that bookkeeping will rank high on the list. It’s an annoying and frustrating chore that takes up a lot of time and is easy to put off until tomorrow. Avoiding your bookkeeping is dangerous, however. Not knowing your company’s financial situation can result in a series of missteps that could ultimately cost you… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. UK COVID-19 Cases Have Been Dropping Dramatically The number of COVID-19 cases reported each day in the UK is declining almost quickly as it rose, with cases down to just 25,000 on Monday. According to experts, a likely explanation is a combination of warm weather — which encourages people… Read more
Hiring an accountant is widely considered best practice for small business owners. But delegating financial analysis and reporting doesn’t mean completely checking out of the process each month or quarter. On the contrary, it’s recommended that business owners work closely with their accountants throughout the year to better understand their financial position, and make smart plans for future growth. Want to increase your accounting knowledge so you can have more… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. UK Lifts Remaining COVID-19 Restrictions As you’ll be aware, COVID-19 restrictions were lifted on Monday, even as COVID-19 cases remain high. There are no more limits on indoor gatherings, nightclubs can reopen, the 1-metre social distancing rule has been removed, and masks are largely voluntary. At present, 87.9% of… Read more
If you’re like most small business owners, there are never enough hours in the day to complete every task on your list. Often you’re faced with prioritizing what you need to do right now – deal with a customer, meet a deadline, attend an event – and the things you know you should do for the ongoing growth of your business. Scheduling time to attend to these business activities on… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. England to Lift All Remaining COVID-19 Restrictions on 19 July All remaining lockdown restrictions in England will be lifted by 19 July after delaying it last month, according to the Health Secretary. Britain’s successful vaccine rollout means that nine out of 10 adults in the UK now have antibodies… Read more
So you’ve set up your business and sold some products and services. Now, you have to send an invoice to collect your payment. But what should you include on your invoices in order to get paid faster? Even if you’ve been running your business for a while, you might be missing other information that you should include. So here is a step-by-step guide on what to include on your invoices.… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. PM Outlines End to England’s COVID-19 Restrictions Prime Minister Boris Johnson set out his plans to end social and economic COVID-19 restrictions in England in two weeks, which will test whether the rapid vaccine rollout offers enough protection from the Delta variant. The PM confirmed the government aims to… Read more