small_business_expenditure

Average small business expenditure totals £1m per year

New research from American Express has found that UK small business expenditure has risen to an average of over £1m per year. Overview of small business expenditure research findings Small business expenditure includes all outgoings related to asset purchasing, recruitment and operational costs. These are the key findings from the study – conducted in partnership…

4 common accounting errors small businesses should avoid

Starting out as a small business owner is hard enough without the worry of rectifying accounting errors. That’s why we’ve prepared this handy list of four common accounting errors to avoid: 1. Confusing cash-flow and profit Mixing these up can jeopardise the development of your business by leaving you unexpectedly short of cash. Cash-flow covers both your incomings and outgoings (overheads, supplier…

How to spring clean your business finances

With Self Assessment tax returns out of the way and summer right around the corner, spring is an ideal time to take a closer look at your business finances. Whether you’re a freelancer, contractor, small business owner or landlord, it can be all too easy to take your eye off your finances when you’re focusing…

Peers urge delay to Making Tax Digital

Members of the House of Lords (HoL) have urged the Government to delay implementation of the new Making Tax Digital scheme. Peers have asked that the initiative be delayed until 2020, following the conclusion of a comprehensive pilot scheme. What concerns do peers have about Making Tax Digital? HoL representatives have described the Government’s predicted “tax…

Is plummeting business confidence good news for freelancers and contractors?

Business confidence determines whether businesses will be willing to invest in new full-time staff to augment their current system or branch out through new, untested initiatives. Unfortunately, the signs aren’t looking all that good for business confidence in the UK right now. But, could this present a handy opportunity for freelancers and contractors? Read on…

Is political pressure the reason HMRC still focuses on the little guy?

One accusation that’s frequently been levelled at HMRC is that they spend too much time and money chasing up honest tax indiscretions among sole traders and small businesses, and not enough on the activities of multi-national companies. But is this because of political pressure placed on the organisation? In the year end 31st March 2014…

Finance Bill 2016

How will the Finance Bill 2016 impact on your tax arrangements?

The annual publication of the Draft Finance Bill is amongst the most important dates on a tax analyst’s calendar. With a whole raft of proposed changes ready to be signed off in April, the implications for small business owners, freelancers and landlords could be significant. Here’s what we know so far: Dividends taxation The new…