Essential Accounting Guides
At some point in your journey as a small business, you’ll probably come across a common dilemma – you need an accountant.
But what’s the best solution for your business? Should you hire an in-house resource, outsource the work to a third party, or try and manage it all yourself? (more…)
If you’re starting a new business, then the bookkeeping requirements are unlikely to be at the forefront of your mind. At this stage there are more pressing things for you to think about.
However, once your business is taking shape, you will need to start thinking about keeping up-to-date and accurate accounting details of your income and expenses. But what kind of records do you need to keep? (more…)
The table below highlights some of the key dates to look out for when making income tax and NIC payments to HMRC. Chances are, your accountant will be well aware of all tax deadlines, however business owners are ultimately responsible for ensuring that tax liabilities are paid on time.
If you decide to work for yourself and begin trading as a sole trader, (self-employed) you will need to set up your accounts to record your income and expenses.
In order to do this you will need to be aware of tax, national insurance and other factors that will affect the records you need to keep as a sole trader.
To help you understand your duties and to get your book-keeping done painlessly, here’s the low-down on setting up your sole trader accounts. (more…)
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.
Small business accounting software has changed massively in recent years. Thankfully, the advent of cloud computing has consigned the days of buying book-keeping software in a box and installing it on your own computer to history. (more…)
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!
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.
If you’re starting to employ people in your business, mastering payroll is going to become an essential part of your business. Get it wrong and you risk unhappy employees and potential penalties from HMRC.
There’s a lot more to it than simply paying staff money. So we’ve put together this guide to help you get it right and stay in line with what HMRC expects. (more…)
Finding time to devote to accounting and financial matters isn’t always at the top of a startup’s list of priorities. Nonetheless submitting annual accounts is mandatory for any business and being on top of your finances will help your new business succeed so it’s something you want to get done quickly and efficiently. (more…)
Claiming business expenses can help you to cut your tax bill but, knowing what, and how much you can claim for isn’t straightforward. Fortunately, HMRC allow the self employed to use ‘simplified expenses’ to claim certain allowable business expenses without having to make complicated calculations. (more…)
While selecting an accountant can be a vexing process, especially if you are a new business startup, it’s much simpler if you approach it systematically and ask the right questions. So to help you find the ideal accountant for you and your business, here are the 15 questions you should ask before hiring an accountant; (more…)
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).
Are you a self-employed individual? Do you have to travel on business, and does that travel ever entail an overnight stay away from your home?
Do you know exactly which of the travel and accommodation expenses you can legitimately claim back? If you get it wrong, you could pay too much tax, or worse still find yourself in trouble with HMRC for paying too little tax!
Changes are coming to the way benefits in kind are taxed – employers and employees should prepare themselves for the new rules, which come into play from April 2017.
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!
If you choose to set up a limited company when you start your business, you will need to file several pieces of paperwork as part of your role as a director.
One of the many pieces of paperwork you will have to generate on at least an annual basis is a balance sheet.
With a variety of outsourcing options available, from large established payroll providers to smaller competitors, outsourcing your payroll can offer a number of short-term and long-term benefits.
Every limited company must submit their accounts to HMRC and Companies House each financial year. In this article, we look at how you work out the deadline for your first annual accounts.