Clear House Accountants
Business Accountants at Clear House Accountants
Clear House are Accountants in London, that provide services to startups, sole traders and SME's
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Clear House Accountants
Business Accountants at Clear House Accountants
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XRecently A new law was passed by Germany which makes marketplaces liable for any kind of VAT fraud, register for both a German Tax & VAT ID. Read More!
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Clear House Accountants
Business Accountants at Clear House Accountants
posted
XSetting up as a contractor & ways to claim expenses can be confusing therefore we have outlined 10 Costs contractors should be claiming.
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Clear House Accountants
Business Accountants at Clear House Accountants
posted
XA debtor is a party that owes money to another party and creditor is the party who has loaned the money to the debtor. As with many financial terms it's important to clearly understand the difference.
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Clear House Accountants
Business Accountants at Clear House Accountants
posted
XUnder Simple Assessment, HMRC automatically calculates tax liabilities using a Simple Assessment Calculation ‘SAC’ for some taxpayers. This removes them from self-assessment system. The procedure will start by concentrating on new state pensioners and PAYE clients. In the new Simple Assessment procedure HMRC is going to use the data they received from other sources to decrease the number of individuals that must submit a Tax Return: State pensioners who are new with income beyond the personal allowance threshold will have been taken off the Self-Assessment system from September 2017. PAYE taxpayers that have paid less tax than required which cannot be collected using their PAYE tax code will also be taken off from the Self-Assessment system. State pensioners who provide a tax return because their state pension is higher than their personal allowance will be taken off from Self-Assessment in 2018/19 tax year. HMRC will analyze the data that they hold to automatically compute any tax owed: HMRC would have started writing to taxpayers using a P800 or PA302 with the tax calculations from 2017 onwards. Taxpayers should check and make sure that the data is correct and pay the required tax to HMRC. A good accountant can be used if you think the calculation looks incorrect and any tax must be paid. A taxpayer will have 60 days to communicate with HMRC if they believe some of the data is incorrect. If HMRC fails to correct the information, the taxpayer has 30 days to make an appeal. Simple Assessment will presently be used only in the simplest of situations but will be released for more complex cases together with the planned improvements to the personal tax account.
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Clear House Accountants
Business Accountants at Clear House Accountants
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XIf you are a parent and claim child benefits HMRC has confirmed that you could be losing out on part of your future state pension. HMRC has recently written to the treasury and pointed out that if child benefits are being claimed by high earners, the partner who is earning a smaller amount in the household could be missing out on national insurance credits which would mean that they are reducing their statement pension entitlement. It was confirmed that the government was warned a number of times already that within families where one individual is an earner and the other a non-earner if the earner claims child benefit, the non-earner loses their national insurance credit which in turn means access to their full future state pension. Parents who are unsure about their position regarding this should speak to an accountant in London or a good tax specialist. The identification of this will mean no nasty surprises in the future. Clear House are specialist Accountants in London who create smart accounting and tax solutions for businesses, sole-traders and partners. If you have any queries of a specialist or a generalist nature, do not hesitate to contact us.
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Recently A new law was passed by Germany which makes marketplaces liable for any kind of VAT fraud, register for both a German Tax & VAT ID. Read More!
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Setting up as a contractor & ways to claim expenses can be confusing therefore we have outlined 10 Costs contractors should be claiming.
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A debtor is a party that owes money to another party and creditor is the party who has loaned the money to the debtor. As with many financial terms it's important to clearly understand the difference.
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Under Simple Assessment, HMRC automatically calculates tax liabilities using a Simple Assessment Calculation ‘SAC’ for some taxpayers. This removes them from self-assessment system. The procedure will start by concentrating on new state pensioners and PAYE clients.
In the new Simple Assessment procedure HMRC is going to use the data they received from other sources to decrease the number of individuals that must submit a Tax Return:
State pensioners who are new with income beyond the personal allowance threshold will have been taken off the Self-Assessment system from September 2017.
PAYE taxpayers that have paid less tax than required which cannot be collected using their PAYE tax code will also be taken off from the Self-Assessment system.
State pensioners who provide a tax return because their state pension is higher than their personal allowance will be taken off from Self-Assessment in 2018/19 tax year.
HMRC will analyze the data that they hold to automatically compute any tax owed:
HMRC would have started writing to taxpayers using a P800 or PA302 with the tax calculations from 2017 onwards.
Taxpayers should check and make sure that the data is correct and pay the required tax to HMRC. A good accountant can be used if you think the calculation looks incorrect and any tax must be paid. A taxpayer will have 60 days to communicate with HMRC if they believe some of the data is incorrect.
If HMRC fails to correct the information, the taxpayer has 30 days to make an appeal.
Simple Assessment will presently be used only in the simplest of situations but will be released for more complex cases together with the planned improvements to the personal tax account.-
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If you are a parent and claim child benefits HMRC has confirmed that you could be losing out on part of your future state pension.
HMRC has recently written to the treasury and pointed out that if child benefits are being claimed by high earners, the partner who is earning a smaller amount in the household could be missing out on national insurance credits which would mean that they are reducing their statement pension entitlement.
It was confirmed that the government was warned a number of times already that within families where one individual is an earner and the other a non-earner if the earner claims child benefit, the non-earner loses their national insurance credit which in turn means access to their full future state pension.
Parents who are unsure about their position regarding this should speak to an accountant in London or a good tax specialist. The identification of this will mean no nasty surprises in the future.
Clear House are specialist Accountants in London who create smart accounting and tax solutions for businesses, sole-traders and partners. If you have any queries of a specialist or a generalist nature, do not hesitate to contact us.-
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The Loan charge 2019 is a pain to many taxpayers who are affected by the Disguised Remuneration loan charge which takes effect on the 5th April 2019. The loan charge will apply to all disguised remuneration loans which are outstanding as at that date.
If you are affected by this charge and have not already settled with HMRC by reaching a settlement agreement, HMRC will be applying the loan charge on you.
HMRC has also flagged a few facts and figures about the taxpayers who will be impacted by this scheme, the facts are:
Individuals who used loan schemes had double the income of an average taxpayer
70% of scheme users, used these for 2 years or more
On average a scheme user avoided at least 20,000 pounds in tax and national insurance
If you have used a loan scheme at any point and have not settled with HMRC yet, there is still time to settle with HMRC, with added flexible payment options if you are unable to make the tax liability payments due to upfront.
Clear House are specialist London Accountants and Tax planners who can help you if the above applies. The loan charge scheme can be costly and time intensive if not handled properly and can lead to many other issues and investigations from being initiated.
Contact us if you have any concerns about the Loan charge 2019 or if you are stuck with a tax investigation so that we can help you to come up with smart tax solutions to your problems.-
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When you own your business, it is tempting to do all the tasks yourself both to save money and to give yourself the sense that you have oversight over everything. However, this can be a big mistake and can leave you swimming in inaccurate bookkeeping and restrict you from getting the most out of your business. That’s why an accountant is an essential necessity for any business. This blog will take you through why investing in a UK accountant is a sound business choice and how the best Accountants in London can take your business to the next level of success.
“Behind every good business is a great accountant”
How an Accountant can be the key ingredient for your Business Success?
First off, to give you an idea of how an accountant can help save you time and give your business a boost let’s look at what an accountant does. Depending on what your business does you can use an accountant in different ways, however, the key job of an accountant is to manage money and to ensure this is done in the best possible way.
Various UK accountants, Accountants in London and London accountancy firms will have different specialisms, so you can select this according to your need. It is even possible to have a virtual online accountant if your work is remote and getting into the city is tricky.
In general, accountants specialise in the following areas:
Tax: Tax can be complicated. Fortunately, there are numerous UK accountants and Accountants in London that specialise in sorting out your tax forms for you. Give your brain a rest and let the best accountants in London take your tax worries away.
Forecasting: Specialist management accountants can work on projections, budgets, and forecasting to ensure that your business can undertake effective planning for the future and come up with achievable goals.
Financial management: Keeping accurate records, preparing statements for shareholders, and analysing progress to provide appropriate financial actions for your business are all tasks that an accountant can assist your business with.
How an accountant can save you time
Looking after the books yourself can be incredibly time-consuming and can lead to working hours that are well over the normal working week. What’s more, it’s unlikely that you have the expertise to do it properly so the potential for mistakes and miscalculations is high. Doing your accounts, yourself can be complex and there can be hurdles that you come up against that you do not have the financial expertise to handle. With an accountant on board, you can not only give yourself a break, but it can also help to prevent time-consuming mistakes that need to be rectified. (Financial Times confirms how 2018 saw a record rise in bad debt at Listed Companies)
With so much on your plate, it is easy to enter data incorrectly and you can easily fall behind with chasing payments and invoices from clients. An accountant can do all of this for you, ensuring that your documentation is up to date, useful and works in a way that benefits your business. With so many experienced accountants in London, you will be able to find one that can bring your business into the 21st century and get you set up with online software that can record and monitor payments, invoices, and expenses.
How an accountant can save you money
One of the biggest nightmares of any company is the tax. With a complicated tax system, it can be easy to miss deadlines, miscalculate your tax bill and fill out your tax documentation incorrectly. All the above can incur heavy fines and many businesses fall down this trap, losing much-needed money. This could all be avoided with a personal tax accountant on board.
Having your own personal tax accountant for your business will go a long way to save you both time and potentially money. They can keep your books in order, sort out your tax bill and help you to identify tax relief opportunities. Many businesses miss out on costs which can be claimed as expenses against your tax bill, a personal tax accountant can help you to identify these and potentially reduce that dreaded tax bill releasing money for other business opportunities.
Personal tax accountants aren’t the sole reserve of business owners, if you are self-employed or have a complicated tax arrangement it can be a wise choice to take on a personal tax accountant to look after your affairs. A personal tax accountant is responsible for helping you fill out your tax return, ensuring you are making the most of any tax relief and to get all of this done to meet HMRC deadlines. With a personal tax accountant on board, you can rest assured that your tax return is filled in correctly and you can avoid any fines for late or incorrect submissions.
Another innovative way an Accountant in London can help your business is by making sure that your invoicing system is efficient and effective. Many businesses struggle with cash-flow issues as invoices aren’t paid on time, or they don’t have the capacity to chase unpaid bills. Experienced and tech-savvy accountants in London can help set up an invoicing system which automates the process, so the monitoring is done for you and payments can be received in a variety of ways.
How an accountant can improve your growth
Financial planning is the backbone of any successful business, and we’re sure you’ve all heard the stats about the number of businesses that fail in their first year, due to failure to draw up accurate projections, poor business plans and a lack of record keeping. Don’t let this be you by taking all the important step of finding and communicating with the best London accountancy firms and getting experienced accountants in London on your team.
In the UK, accountants not only help businesses with bookkeeping and tax bills, but they can also be a core player in developing your business. Whether it be an online accountant or a face to face meeting with accountants in London, a UK accountant brings financial expertise to your business planning. Let’s explore how an experienced online accountant or accountants in London can improve your growth in more detail.
360-degree financial view of your business
With a team of accountants in London on board, you will have someone with complete oversight of the finances of your business. As an individual business owner, this can be a hard thing to do, and it can be easy to get lost in the numbers. With a 360-degree view of your finances, and with up to date financial information, an accountant will be able to give well-informed advice on financial decisions, planning and opportunities for growth.
Your cash flow will be in good shape
Healthy cash flow can be overlooked in business, and when it falls short it can be disastrous. Proactive accountants in London can provide excellent cash flow solutions for your business and put steps in place to ensure you don’t run into cash flow problems. From having an overhaul of your expenses to sorting out your credit control system, an accountant can get your processes into good shape and make those cash flow issues a thing of the past.
KPIs can be put in place
Business Intelligence savvy firm of accountants in London will be able to identify what is working in your business, and what brings in the most profits. In this way, an accountant can be pivotal in developing key performance indicators (KPIs) for your business to enable you to make realistic and smart decisions for the future of the company.
Identify funding opportunities
Being linked with a team of accountants in London can open a world of opportunity for your business. They will know about potential investment decisions that could be of interest to you or have knowledge about short-term business loans and funding grants that could be available to your business. With expert financial advice from an accountant, you can be confident that potential funding opportunities will be identified that could lead to the future growth of your business.
Contribute to business planning
Investing in an accountant can have some excellent positive effects on your business planning and development. With their financial expertise, they can identify growth solutions such as identifying new markets for your business, benchmarking against competitors and helping you to effectively budget and forecast for the future. Skilled accountants in London can bring a breadth of knowledge to your company, as well as a fresh vision to stagnant business plans.
Gives you more time
Inevitably, with the bookkeeping and accounts are taken care of and effective systems put in place for managing your finances, selecting a skilled firm of accountants in London will free up your time. As a business owner the workload can sometimes be overwhelming, and by just keeping things afloat you can often miss out on identifying areas for growth and developing your business. With time on your side, you can take the time to reflect on what’s working and what’s not in your business, as well as being able to put your skills to best use in developing your business ideas.
Support through business changes
If you are planning any changes in your business, such as a restructuring of the company, a merger or potential expansion, having the expertise of a team of accountants in London on your side is essential to ensure that these decisions are financially viable. An accountant can also support with advising on any changes in financial structures that go along with a potential change in the running of your business.
Top 10 reasons you need an accountant for your business
To summarise, here are the top 10 reasons why investing in an accountant is a sound business decision:
Tax relief – tax saving opportunities will be identified, and it is highly likely your tax bill will be reduced.
Taxes filed correctly – an accountant will be able to work out your taxes accurately so no need to worry about incorrect calculations that could result in a fine.
Tax deadlines will be met – fear of missing the tax deadline can become a thing of the past – an accountant will have that all underhand, so you don’t incur any unnecessary fines.
Books in order – your books will be in order, data correctly entered, and documentation filed where it needs to be, no need to waste time on mistakes made from negligence or lack of capacity.
Effective systems in place – an accountant can make sure systems for invoicing and expenses are efficient and easy to manage to save you time and ensuring payments both in and out are effectively monitored.
Healthy cash flow – with a financial expert on board steps will be put in place to make sure your cash flow is kept in a healthy state, ensuring your business avoids difficult monetary situations.
Financial expertise – an accountant doesn’t just keep the books in order and sort out the taxes, they can also bring sound financial advice to the table and input this into business planning and decisions.
Identify areas for growth – by having a complete view of the business and how it is doing financially your accountant can identify areas that are working well and could be developed further.
Identify funding opportunities – with contacts and experience an accountant can help identify potential funding opportunities for your business.
Gives you more time – perhaps most importantly, with an accountant on board you are free to do what you do best and make sure your skills are put to optimum use in supporting and developing your business.-
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Personal tax is the tax that you pay on your income. This tax is largely related to your employment, however, there are other types of earnings that can also be taxed and for which you may owe money to the well-known creditor HMRC. In this article, we run through everything you need to know about personal tax including tax thresholds, the types of incomes that are taxable, tax relief, tax credit, and that all important tax return.
What can I be taxed on?
Before getting your head around the amount of tax you owe to the creditor HMRC, you need to get to grips with what income you can be taxed on as not all types of income are taxable, such as certain welfare benefits and specific types of savings and investments. If you have a mirage of different incomes it is a good idea to get a Tax accountant on board to ensure that you get your tax bill right and avoid becoming a debtor to HMRC.
Personal income tax needs to be paid on the following:
Employment – if you are employed by someone you should pay your tax automatically and will see the amount deducted on your payslip
Profits you make when you are self-employed
Money received from rental income
Pensions
Benefits received from your job such as a company car
Some welfare benefits
Interest from savings or a trust
Income from dividends
The amount of tax you pay depends on the amount of income you have earned. The majority of people will have a personal allowance which is the amount you can earn before paying tax, and if you earn below a certain amount you will not be required to pay tax.
How do you pay income tax?
Working out your personal tax might seem daunting but for most of us, it is all sorted through the Pay As You Earn (PAYE) system. On your pay-slip, you will see your tax contributions as well as your National Insurance payment which are both taken out automatically. The amount you pay is determined by your tax code which informs your employer how much to deduct from your earnings each month.
If you fall into the slightly trickier category – either your finances are a little more complicated (as you are on a high income or have multiple income streams) or you are self-employed you will need to complete your annual self-assessment tax return.
How do I complete the self-assessment tax return?
Working out your personal tax and completing the self-assessment tax return can be a real headache, and the last thing you want is to become a debtor to HMRC. Getting a tax accountant on board to help complete the tax return for you can save you lots of time and effort, as well as helping to prevent receiving unnecessary fines if you complete it wrong or late.
Employing an accountant to help with your self-assessment tax return will not only make sorting out your personal tax much easier, but it can even help save you money in the long run as they can advise you on potential tax relief opportunities. You can also claim the cost of the accountant’s fees as a tax reduction. So, you’ve got nothing to lose.
How do I get tax relief?
Tax relief can be claimed for certain expenses that are incurred as part of your employment. These could be related to costs related to running your business such as utility bills (e.g. internet and electricity bills), staff costs, equipment and travel expenses.
While tax reliefs are there to reduce your tax liability, it can be incredibly complicated to work out your entitlements and many who are self-employed don’t make the most of these benefits. Your personal tax accountant can help you to manoeuvre the tax system and make sure that it works to your advantage.
What are tax credits?
If you are on a low income, then you may be entitled to working tax credits. This is money, provided by the government, that is there to assist working people who are on small incomes. Your eligibility depends on the number of hours you work per week, and the amount that you earn. The basic amount of working tax credit is around £1,960 a year but the amount you receive depends on individual circumstances. Claiming working tax credit can be done via a claim form on the www.gov.uk website.
What to do if you can’t pay your bill to HMRC
Getting a bill in the post from the creditor HMRC can be a scary thing if you can’t pay it. It is important to not get into the position of a debtor and suffer in silence, there are things that can be done. Make sure you get in touch with HMRC immediately and explain your situation, this can be done through your tax accountant or you can contact them directly. HMRC may give you more time to pay your bill or offer the option of paying in installments to spread out the financial burden.
If you ignore the problem, HMRC may take the money directly from your account, there is also the option that they may take you to court and it is possible that you will incur further charges through fines.
Tax doesn’t have to be taxing
As the well-known saying goes, tax doesn’t have to be taxing. Often, your personal tax contribution will be sorted out by your employer so it is very little you need to do (except for making sure you are on the right tax code). If your situation is a little more complicated (if you are on a high income or are self-employed) it is a good idea to get a personal tax accountant on board so that your self-assessment tax return is filled out accurately and on time. An accountant in London can also make sure that you pay the right amount of tax and that you make the most of any tax relief you are entitled to.-
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It doesn’t matter if your business is large or small, sourcing new funding streams is a constant challenge. Whether you’re seeking funding for start-up costs, expansion capital, or simply as a bridging loan to solve cash flow problems, you’ll need to think creatively when financing is involved so it’s well worth finding the best accountants in London for your needs. Here we outline sources of funds, from the tried and tested to the innovative and creative, that will make small business funding a breeze.
Three Tried and Tested Solutions for Small Business Funding
With these tried and tested solutions and the help of good accountants in London most businesses can use these different sources of funding:
1. Bootstrap
If you’re passionate about your idea, then a great way to get small business funding is through something known as ‘bootstrapping’. Unfortunately, ‘bootstrapping’ is code for self-funding, but there are loads of ways this can be achieved:
slow growth through the use of your business’s internal cash flow
personal savings accounts
careful use of zero interest credit cards
leveraging personal assets to free up capital
taking out a business loan
Get the help of good accountants in London to design a suitable business plan with well thought out forecasts to reduce the level of risk.
2. Source a Business Grant
These schemes are usually publicly funded and can be anywhere between hundreds to hundreds of thousands of pounds. The great thing about these cash award schemes is that you may well not be required to pay the money back and often won’t be required to pay interest or give up equity either, depending on the scheme.
With small businesses traditionally driving economic recovery, these schemes are a great source of small business funding. The best accountants in London will help you find the right grant solution for your business needs.
3. Find yourself an Angel Investor
Going on Dragon’s Den might seem a bit far-fetched but they are not the only so-called ‘angel investors’ out there. In fact, investment from angels (high net worth individuals who invest their own capital for an equity stake in your business) is the most significant source of small business funding, with an estimated £1.5-billion invested in this way annually in the UK alone.
Unlike publicly funded business grants you’ll be expected to offer a return to the investor, usually within 3-8 years. With the help of the right accountants in London, you’ll be able to get connected with potential angels and receive expert advice you need to be investible.
Three Innovative and Creative Solutions for Small Business Funding
If the tried and tested methods above sound too risky, or you’ve already tried them all without success, below are three more inventive solutions. Whatever option you choose it’s worth looking around to find the best accountants in London that can assist you to find solutions for funding your start-ups:
1.Crowdfund
With plenty of platforms offering crowdfunding connections, it’s well worth looking into whether financing your idea could be funded by the people you hope to sell to in the future. In this sense, it’s a great way to get your idea validated. Moreover, it can be a low-cost marketing strategy that organically builds a community of people with a shared desire to see your idea succeed.
The great benefits of this funding stream are the low financial risk involved as, if successful, this route means you won’t need to get a loan or front up the cash yourself nor give up any equity share in your business. It’s still worth chatting with good accountants in London to ensure you have a detailed business plan on how to best use the crowdfunded money if successful.
2. Get a Peer-to-Peer Loan
Peer-to-peer loans are usually obtained via websites which link individual borrowers or businesses with savers seeking good returns on longer-term investments. Sometimes known as crowd-lending, these schemes cut out the banking middleman meaning borrowers can get lower rates of borrowing, whilst investors also get a higher rate themselves.
There is a small fee to the website and you’ll need to pass credit checks and a risk assessment to be accepted on to these sites. This means it’s well worth spending the time to find the best accountant in London with experience in this sort of loan.
3. Invest in the Best Accountants in London
If you’re looking for creative solutions to your struggles with business financing, then the best accountants in London will be able to provide you with a whole range of creative solutions. Good accountants in London will be well connected with individuals and organisations seeking to invest in viable business opportunities and help you show your business is investible.-
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If you are a high rate tax-payer you might be looking for a new way your accountant can reduce your income tax bill. One way of doing this is through investing in a business, and there are many tax-relief schemes out there to make this activity attractive. Here we explain the different investment relief schemes available so you can decide which one is the best for you to access with the help of your tax saving accountants who should also be qualified accountants.
If you are based in London, finding the right accountant in London can add a huge amount of value to the decisions you make.
Following are the different investment relief schemes available:
Entrepreneur’s Relief (ER)
Entrepreneur’s Relief (ER) gives entrepreneurs a low CGT rate of 10% on the sale of their business, as long as the business has been in their ownership for a year and they own at least 5% of the shares and voting rights. Qualification is not solely for owners/directors but also for employees as well. With ER it’s only necessary to have held the shares for a minimum of 1 year and there is a £10 million lifetime limit for this type of investment relief, as your accountant will advise you.
A tax saving accountant or a good accountant in London will be qualified to advise you on how to take advantage of the ER if you think this is the most appropriate tax-relief option for your situation.
Investor’s Relief (IR)
The aim of Investor’s Relief (IR) is to attract investors to put their money into unlisted trading companies, it is also known as becoming a ‘business angel’. In this role, as your tax saving accountant will tell you, investors cannot be an employee of the company and need to be an independent actor.
The benefits of IR are that you will be given the 10% CGT rate when you sell any shares in the company (as long as you have held them for three years) and this is restricted to a £10 million lifetime limit. It is likely that your accountant will recommend this form of tax-relief to you if you have already used up your £10 million ER allowance, or you don’t want to go down the ER route.
It’s important that you get the advice of an experienced accountant in London to make sure that this is the correct investment relief route for you. A personal tax accountant can also make sure they look at your personal situation to advise you of the best possible scheme applicable to you.
Enterprise Investment Scheme (EIS)
If you are interested in giving small companies a healthy boost of cash, a tax saving accountant may advise you to take advantage of the Enterprise Investment Scheme (EIS). This offers investors’ income-tax relief in return for taking a chance on higher-risk companies that are in the earlier stages of development and provides relief from CGT on selling shares that have been owned for three years.
There are some rules to adhere to with EIS, which your tax saving accountant or a good accountant in London will advise you on, these include the conditions that the investor must not be ‘connected’ with the company – so must not already be a shareholder, a paid employee or an unpaid director (i.e. a business angel).
For this form of investment relief you will need the assistance of your accountant, or specifically, tax saving accountants who will be able to get the necessary approval from HMRC that the company you wish to invest in meets the EIS criteria. There will be plenty of experienced accountants in London who can advise on EIS.
Seed Enterprise Investment Scheme (SEIS)
Your tax saving accountant may have mentioned the Seed Enterprise Investment Scheme (SEIS). This aims to attract investors to small businesses and start-ups that are in their early stages and need some equity to get them off their feet. The attraction comes in the form of a generous 50% income-tax relief. Investments can’t exceed £100,000 and, like with EIS, you can’t have a previous connection or special interest in the company you are investing in (speak to your accountant in London for the fine print).
Another bonus is that any gains you make on selling shares from the company (as long as you have held them for three years) are CGT free. If the SEIS sounds appealing, get your hands on a good accountant in London to put the wheels in motion.-
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Starting out in business is never easy and we’re sure you have heard of the statistic that 30% of businesses fail in their first year. An effective way of making sure this isn’t you, is through enlisting the help of growth accountants who can help you put growth solutions in place. Here we outline 10 strategies to grow your Business.
Invest in a Good Growth Accountant
Start-ups Accountants are the unsung heroes of the small business world. It can be tempting to skimp on accountancy fees and attempt to manage your own finances. However, to ensure your business is able to grow we recommend investing in a skilled growth accountant.
Budget and Forecast
With a growth accountant on board, you’ll be assisted to set up budget and forecast reporting. With this in place, you can see how the seasons, market conditions and other factors are affecting your growth, so you can implement informed growth solutions.
Benchmark
Accountants for start-ups can help with financial benchmarking, helping you to compare how your business is doing in comparison to business competitors. This will help you to identify growth solutions.
Improve your Market Position
Good growth accountants can identify potential new markets for your business and help you gain a greater share of the market you’re in. With their expertise, they can offer growth solutions, such as price adjustments or marketing options.
Managing your Cash Flow
Whether taking care of your tax, helping with expenses, or offering advice on funding options accountants for growth and start-up accountants can really help with managing cash flow. By making sure your cash flow is in a good position your business will have the funds to grow.
Franchise your business
This is one of the most effective growth solutions and one that good growth accountants can help you with. For rapid growth of your business, consider a franchise model.
Set up a Partnership
Growth accountants can help you to identify and set-up potential strategic partnerships that will help your business to grow. This could be through setting up an agreements to refer clients to each other with a business that compliments yours.
Identify new ideas
Accountants for start-ups are likely to have a breadth of experience in helping small businesses prosper, so make sure you take advantage of your accountant’s experience and get some new ideas for improving your business.
Network
A key bit of advice many accountants for start-ups give is to invest time building your networks. One of the cheapest and effective marketing strategies is word of mouth, by making connections with the right people you can grow your business fast.
Create an Advisory Board
Business advisory boards can be critical to business success. Good growth accountants are likely well connected with top professionals with diverse expertise that could be brought in as cost-effective advisors to help grow your business.-
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Whilst running a business is often hugely gratifying, it is always hugely challenging. With multiple demands on owners and urgent tasks inevitably taking precedence, it is not always easy to think about the bigger picture and to find the time to put a proper financial plan in place. However, if you want to put the right building blocks in place to create a successful business, then it is financial management that is the cornerstone to building a business with expansive horizons.
This guide outlines 10 reasons financial management is vital for your business, and how to ensure your business is in the financial position to maximise its potential whether opportunities or challenges arise. Financial management is key to every business Accountancy Age believes that automating this function can be the first step to proper controls.
1. Without it, your business is more likely to fail
A deficient, or non-existent, financial plan is one of the most common reasons businesses fail as they are caught off-guard by overestimating revenue or with a lack of cash flow. The planning process will itself highlight opportunities and risks, reveal necessary choices to be made, help you understand your market better, and bring into focus changing strengths and weaknesses.
2. Is easiest with expert help
In order to get your books in order and get the best taxes arranged in the most beneficial manner then it is a lot easier getting an accountant in London that will be an expert in the field as the capital draws some of the world’s best brains to it. If you’re looking for a business advisor, London is also where you’ll find the most innovative advisors that will soon turn your financial plans into a thriving business reality.
3. It will improve your access to finance
If you want to invest in growing your business or want to be protected in the event of a downturn, you will need to be able to access new sources of finance. Without a financial plan in place, lenders are unlikely to view your business as viable for financial assistance or a loan. A good plan will highlight current requirements and forecast future stresses or opportunities.
4. It can reduce your business costs
Control of your finances means you can stay on top of overall expenditure against sales targets, avoid bank charges and invest surpluses wisely. The best tax strategies are only visible with a clear understanding of your finances. Getting yourself a good accountant in London and a business advisor, London is the place and quickest way to bring your accounts up to speed and find out areas where savings can be made.
5. It can help you measure your success
If you don’t know where you have come from, then how will you know how far you have come? This is particularly important as outperforming your forecasts and key performance indicators can open up cheaper financing options as well as new investment areas for growth.
6. It can lead to business improvements
Through good financial management, you will be able to identify areas which are underperforming and put steps in place for improvement.
7. It can improve your market understanding
A good understanding of where your business is making money, or worse haemorrhaging it, will help you to spot new market trends. It will also highlight areas where a marketing strategy has been effective and suggest others where new strategies may be required. Getting the assistance of an accountant in London will get you on top of costs whilst a business advisor London can help with strategizing.
8. It can highlight areas for growth
With detailed and accurate data about your business, it is much easier to make informed investment decisions. Through this data, you will be able to see which areas of your business are doing particularly well and where further growth could be had with some more investment and thought put into it.
9. It can help you build staff capacity
By outlining what your everyday costs are you can see how much budget can be freed up for employee enhancement. Keeping your employees happy with training opportunities will help you to keep ahead of competitors and possibly open up new avenues for business growth.
10. It can help you react to a financial downturn
Staying on top of your finances and checking actual results vs forecasted results can help you spot potential areas of risk such as changes in the market or financial downturns. You’ll then be able to quickly take steps to alleviate these risks or even fight them off.
It is clear that financial management is vital throughout the life of your business and should be at the heart of any decisions you make. You’ll be able to get the most out of a financial plan with the assistance of an accountant and business advisor. Companies House guide to Financial Management can help anyone looking for more details.-
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A good Accountant in London can ease the process of forming a company in the UK by abiding the compliance requirements of a limited company structure.
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When running a business, ensuring your finances are in order is essential, especially when you have to deal with paying your employees and sending out invoices. Thankfully, technology makes everything easy, as you can use accounting software to do all the heavy lifting. With MTC around the corner finding the right tool is even more important now.
For businesses in London, choosing the right software becomes challenging, due to the myriad of options. Here are the top 10 cloud accounting software’s, which your business can use to handle your finances, we have used these softwares and mention below how each software can add value to your business and how it can enable your accountants to be more proactive towards your business.
AccountEdge Pro
You and your Accountants will love AccountEdge Pro because it is one of the most customizable tools available in the market. It can handle complex functions such as reports, time billing, and inventory. Another reason why it is popular among business is due to its extensive double-entry tools. This is not a cloud software but we like mentioning this one due to the vast amount of features it offers its users.
Clearbooks
A top-notch software for businesses and their accountants in London, Clearbooks is the perfect tool for small and medium-sized businesses. When it comes to simple accounting, nothing can match the simplicity of this tool. It comes with an organizational dashboard, which integrates with numerous operations of your company. Creating and issuing invoices, tracking and submitting VAT, easily managing CIS while having unlimited access to free email and phone support.
FreshBooks
One of the most popular online software for small businesses and their accountants, FreshBooks comes with countless features. Whether you want it to handle business reports, time tracking, expense tracking, or invoicing, you can do it all from its simple user-interface. Also, you can integrate it with third-party services such as Zendesk, MailChimp, WordPress, and PayPay.
Kashoo
If you are an accountant who wants a tool which specializes in usability, expense and income management, Kashoo is a great solution. It comes with support for multi-currency, an important feature when your business is global. Thanks to its exceptional customer support, you can solve your problems via social media, phone, live chat, and email.
KashFlow
KashFlow is great because you can import data from popular software such as Excel, Sage, and QuickBooks. With its easy-to-use interface, it will take no time in getting used to its features. It allows you to create estimates, automate and record purchases, and import bank transactions.
QuickBooks
No list is complete without mentioning QuickBooks, as it is one of the best in the industry. Estimating income taxes for the quarter, automated mileage tracking, and tracking income and expenses are some areas where QuickBooks performs exceptionally.
Reach
Every small and medium-sized business owner love Reach, because of its comprehensive features. It has modules for CRM, POS, and accounting, along with the ability to track every operation of your company from a single software.
Sage Business Cloud Accounting
A veteran in the world of cloud accountants, Sage Business Cloud Accounting provides great value for its services. Cash flow forecasting, project tracking, invoices, managing VAT, and quotes are some of the many modules available to accountants. Also, it has in-depth guides, to solve any problems you face while using its tools.
Xero
Accountants in London can never get enough of Xero, because of its affordable subscription plans. With Xero, you can track inventory, create online reports, make smart lists, and customize reports. At the same time, its excellent online support, you can resolve problems in record time.
Zoho Books
Zoho Books is a reliable software for businesses and accountants because of the features it provides are second to none. When it comes to creating transaction forms and records, you get granular control. Some of its other key features are multiple gateways for payment, simple user interface, and time/project tracking.
Choosing any software out of this 10-cloud accounting software will make it easy to handle every finance-related operation in your business.-
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Formularize a Business Idea
A good business idea is a key factor between the success and failure for a self-employed individual. Try starting with a business plan and a basic financial forecast to give you direction.
Register for Self-Assessment
As a self-employed individual you are required to register with HMRC for Self-Assessment. Once registered, you will need to complete and submit a Self-Assessment to HMRC. You will also need to create an online Gov account in order to complete and submit your tax return. You can view the Self-employed resource hub here in order to understand in detail the kind of responsibilities you will have as a self-employed individual.
Keep Records
You should keep records of your business income and expenses, as HMRC can investigate your records at any point for 6 years. Therefore, keeping your records, like invoices, receipts and bank statements, in good order is highly recommended to avoid any issues from HMRC.
Register for key Compliance such as VAT and Payroll, if applicable
If at any point you decide to hire employees you need to be prepared. Key things to look into are employer insurance and registering for Payroll. If your turnover goes above a certain limit you also need to register for VAT and submit VAT returns.
Utilize all Tax Reliefs and Credits
As a self-employed individual you have the facility of using various Reliefs and Allowances, such as Marriage Allowance or various tax sheltering schemes such as EIS/SEIS/SITR/VCT. Having a good accountant in London at your disposal could prove worthwhile in reducing your tax as much as possible.
Make sure you are Protected
Self-employment means you and your business are one entity. Therefore, any liabilities that arise for the business are considered as liabilities for you personally as well. Having a good protection insurance in place can make sure the risk is minimized.
Also, certain industries require you to have certain licenses and insurances, be sure to research and get the relevant insurances to be covered.-
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