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Guide to profit & loss statementWhen 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 a 12 month period.

Crucially, a P&L statement will tell you how much profit or loss your business has made so it’s useful to have a good grasp of it.

Here’s an overview of Profit & Loss Accounts for a small business owner.
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Corporation tax explained

When you set up a limited company, your annual profits will be subject to Corporation Tax.

Dealing with your corporation tax issues is one of your accountant’s key tasks. However, it is ultimately the directors of a limited who are responsible for ensuring that a company’s tax affairs are in order.

As a director of a limited company, you therefore need to make sure that your company’s corporation tax liability is accurate, your corporation tax return (form CT600) is filed with HMRC on time, and that you pay the corporation tax to HMRC when it falls due.

If you are setting up a limited company for the first time, here is a handy overview of how to comply with the corporation tax rules for UK companies.
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The area of tax for small businesses is not straightforward, in fact it can be a real minefield for the unwary. However, if you take a little time, and work with your accountant, it’s usually possible to find ways to save some tax.

To help you think about ways you and your business could pay less tax, we’ve asked Simon Cox of Forbes Watson Accountants to share 10 of the best ways small business owners can look to pay less tax. They are designed to make you stop and think. Are you doing everything you can do to save tax? Is your advisor helping you to do so?
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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:
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In this article, we look at the role accountants play, and how to ensure you choose the right firm for your business.
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When you start up your own business, one thing’s for sure – money isn’t going to be in abundance to begin with. It goes without saying that it will go a lot further the more self-sufficient you are in the early days. But if there is one area where it’s worth shelling out for professional help, it’s with your accountant.
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