Category: Uncategorized
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Pros and Cons of Voluntary VAT Registration
To Register or Not to Register: Pros and Cons of Voluntary VAT Registration For many small business owners, deciding whether or not to voluntarily register for Value Added Tax (VAT) can be a perplexing decision. In this blog post, we will explore the advantages and disadvantages of voluntary VAT registration, aiming to provide entrepreneurs with…
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Beyond Number Crunching: The Strategic Role of Bookkeeping in Business Growth
Do you often find yourself groaning at the mere mention of bookkeeping? We don’t blame you. It’s easy to view bookkeeping as nothing more than a necessary evil, a tedious process of crunching numbers and filling out never-ending forms. But what if we told you there’s more to it than meets the eye? That bookkeeping,…
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The Significance of VAT: A Deep Dive into Its Implications for Your Business
If you are a small business owner in the UK, navigating the complexities of the Value Added Tax (VAT) system can seem daunting. Yet understanding the implications of VAT for your business is vital, as it affects your pricing, cash flow, and even legal compliance. In this article, we will take a deep dive into…
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Decoding Bookkeeping: The Backbone of Your Business
As a small business owner, you may have heard the term “bookkeeping” tossed around. It may even be a responsibility that’s landed on your desk. But what does bookkeeping really mean? Why is it so important? And most critically, how can it bolster the success of your business? Let’s decode the world of bookkeeping and…
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From Cakes to Pasties: The Deliciously Complex World of VAT
Value-Added Tax (VAT) can be more of an art form than a science, with complexities and nuances that defy simple categories. While the general principles of VAT are well-known, some particular cases highlight the intricacies of the system. In this article, we’ll explore some fascinating cases that include Jaffa Cakes, gingerbread men, and even Greggs’…
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Paying Yourself First: A Smart Financial Strategy for Sole Traders
Being a sole trader is a fantastic way to take charge of your professional life. However, it also means that you’re in charge of every financial aspect of your business. From managing expenses to saving for taxes, the financial responsibilities can be overwhelming. Thankfully, a hybrid approach that combines the principles of disciplined profit allocation…
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Autumn 2022 Budget
There was a lot to digest after todays budget announcement, so here is a recap: Income Tax Threshold – previously, 45p in every £1 earned above £150,000 would be paid in income tax. However, the new budget announcement has seen this threshold drop to £125,140 from April 2023. Income tax, National Insurance and Inheritance tax…
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The Digital Age
The Digital Age – Making Tax Digital (MTD) – What is it? ‘MTD is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. HMRC’s ambition is to become one of the most digitally advanced tax administrations in…
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When to register for VAT
Do I need register with HMRC for VAT? You must register with HMRC for VAT when your sales turnover reaches the VAT threshold of £90,000 (2024-25) in any rolling 12 month period. If you use an accounting software you can easily keep track of this by running a report. If you don’t use a piece…
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Limited Company vs Sole Trader
Should I open a company or stick with being a sole trader? I hear this question come up quite a bit and to be fair with all the tax savings being slowly stripped away from limited companies, it is no wonder business owners are in a bit of a quandary when trying to weigh up…