How to set up and run a small business

You are here: Home » Tax / Accounts » Accounting

Accounting

Few people start a new business so they can do paperwork. Spending time adding up receipts or pushing invoices around a desk is nobody’s idea of fun – unless you’re starting up as a book-keeper or accountant!

Unfortunately it’s a necessary evil and something you need to stay on top of in your new business. Being disorganised and putting off paperwork just isn’t an option.

Her Majesty’s Revenue & Customs (HMRC) will fine you if you’re late getting essential information to them. And the longer you leave it, the worse the problem gets. So here’s what every small business owner needs to know about book keeping.
Continue…

{ 0 comments }

In this article, we look at the role accountants play, and how to ensure you choose the right firm for your business.
Continue…

{ 0 comments }

If you choose to set up a limited company when you start your business, there’s a lot more paperwork involved.

It’s one the downsides of going limited (the biggest upside of course being that you limit your liability should the business go under).

One of the many pieces of paperwork you will have to generate on at least an annual basis is a balance sheet.
Continue…

{ 0 comments }

Accurate bookkeeping is a necessary evil when you run your own business.

There are three reasons you need to be on top of the money coming in and going out. HMRC will need information from you at some point (whether you are a sole trader or run a limited company); you need to know if you have enough cash to get you through the month (cash flow); and finally it’s good to know whether or not you are actually making a profit!
Continue…

{ 0 comments }

Are you a self-employed individual? Do you regularly travel on business, and does that travel ever entail an overnight stay away from your home? Do you know exactly which of the associated expenses you can legitimately claim back?
Continue…

{ 0 comments }

Here are some essential tips for the self employed, and limited company owners, on how to keep your accounting records safe, and how long you are required to keep them for.
Continue…

{ 0 comments }

There are lots of financial incentives out there for businesses in the high-tech sector at the moment, but many businesses are not claiming all they are entitled to because they simply aren’t aware that they can.
Continue…

{ 0 comments }

It’s okay to have a hangover on New Year’s Day but don’t let the suffering continue into the year. January 31st has always been a key date in the small business calendar – it marks the deadline for submitting online tax returns.
Continue…

{ 0 comments }

Are you tempted to duck under the bedclothes on the night of October 31st and try and shut out the “Ghosties and ghoulies and lang-legged beasties and things that go bump in the night”?

Is your business bookkeeping also something you try and hide away at the back of your mind and forget about?

Emily Coltman, ACA, Chief Accountant at online accounting provider, FreeAgent, gives her five top tips to help you lose your fear of bookkeeping.
Continue…

{ 0 comments }

In this guide, we take a look at the differences between financial and management accounts, and how each type of accounts can benefit your business.
Continue…

{ 0 comments }

When you’re trying to work out how well your business is doing, one of the most powerful tools in your financial arsenal is your profit and loss account (P&L).

This is a simple set of figures that will give you a summary of what your business has spent and sold, normally in the previous 12 months.

By deducting what you’ve spent from what you’ve sold, you’ll discover what profit or loss your business has made. It really is that simple.
Continue…

{ 0 comments }

Most small business owners say that their accountant is their most valuable advisor – a good accountant will keep your books in order, help with tax planning, and will ensure that you meet all your tax deadlines. Here are some tips from the Bytestart team to help you choose the best accountant:
Continue…

{ 0 comments }

Every limited company must submit their accounts to Companies House each financial year. In this article, we look at how you work out the deadline for your first annual accounts.If you are a limited company director, one of your legal obligations is to ensure that your company’s annual accounts are submitted to Companies House accurately and on time.
Continue…

{ 0 comments }