What is in the Spring Budget 2023 for small business owners? The Spring Budget 2023 was announced last week, 15th March 2023, Jeremy Hunt had previously said it would be a light budget and he wasn’t wrong. There wasn’t a great deal for Small Business Owners and whilst Jeremy Hunt commented is was focusing on …
What to consider before the end of the tax year – Pre Year-End Tax Planning The current tax year is 2022/23 and this finishes on 5 April 2023. As the end of the tax year approaches, as a small business owner you should really be thinking about your financials for the year and any last …
Managing Your Taxes Maybe you find dealing with the UK tax system daunting or gives you anxiety or maybe you just have no idea where to start. With only a few weeks until the new tax year on 6 April 2023 here’s some top tips to help you manage your taxes; 1) Be organised Make …
Z is for Zeal, Zest & Zing I didn’t want to Zap the life advising on Zero rated VAT, Or reduce you to zombies on calculating your z-score Or for you to zone out listening to zero-based budgeting. The three Z’s important attributes to get a business up and on the path to zillions are: …
Y is for Year End There can often be confusion with when your business financial year end is. Sole traders, partnerships and individuals have to report to the UK’s tax year which runs from the 6th of April to the 5th of April the following year. This is called the basis period. It is most …
X is for Xero As small business owners we have to wear so many different hats. Marketing, sales, admin, the list goes on, but one is the finance function! Dealing with your accounting processes can be hard work, stressful and time consuming. I understand. That is why it makes sense to invest in great accounting …
P is for Personal Tax – A to Z Accountancy Top Tips We are now in the new tax year for personal tax. From 6th April 2022 we are in the tax year commonly called 22/23. It also means that you are able to complete the tax return for the previous tax year. This is …
O is for Operating Profit What does that mean? Operating profit is the money left after paying all the business costs but before paying tax. This is also known as EBIT (earnings before interest and taxes). Formula; GROSS PROFIT – OPERATING EXPENSES = OPERARTING PROFIT A positive operating profit shows that your business makes more …
N is for national insurance – A to Z Accountancy Top Tips There are different classes of national insurance that you may pay depending on your source of income. If you are self-employed you may pay Class 2 and Class 4 national insurance. Class 2 is a flat rate for self employed which used to …
M is for Mileage – A to Z Accountancy Top Tips There are various rules for claiming the cost of business journeys. These are trips that are for business reasons e.g. seeing clients or suppliers, other meetings or doing deliveries. You can’t claim for going between home and your main place of work. If you …