When you talk about a business organization, management accounting is vital for its efficient functioning. Unfortunately, small business owners and entrepreneurs fail to recognize the importance due to management accounting’s understated role. It provides valuable performance and financial information to allow managers to devise a strategy and take effective decisions. Although overlooked and ignored, management…
Over the years, I have noticed that there is a lot of confusion in matters on how properties should be purchased between two individuals; should the property be purchased on joint names as ’joint tenants’, or ‘tenants in common’ and what are the tax implications if you decide to let the property out? I have…
The Budget on 3 March was a much-anticipated one as Chancellor Rushi Sunak announced the government’s stand on corporation taxes. While the country is still in a complete lockdown until 21 June, finance experts and business leaders appealed to the Chancellor to favour the country’s businesses. The pandemic led to significant losses for large and…
As an eCommerce business owner, “accounting” will be your least favourite part of the job. Still, there are 41% of small business owners who run and manage their accounts themselves. You see, while your business may be small right now, it will grow, and the accounts will grow with it. Your sales, loan amounts, supplier…
Ecommerce Accounting can be dull and prove a significant pain for many business owners. It can become confusing and turn into a headache very quickly. However, if you want to run a successful eCommerce venture, you must ensure you have a good accounting process to manage your online sales. There are many options available to…
The VAT domestic reverse charge procedure is a new way of accounting for VAT in the construction industry. It is due to come into effect in the UK on 1 March 2021, having previously been delayed from 2019 and then October 2020 by HMRC. If your business is affected here is how you can prepare…
Virtual Bookkeeping and Accounting Services V.S. Online services: What’s the difference? As a small business owner, you have to make several business-related decisions. These include new deals, customer-management, growth opportunities, and work efficiency. But one goal that goes along with every decision is to keep the organisation’s spendings as low as possible. You know what…
Xero: Is it Worth The Money? Xero is a popular cloud-based accounting software. It has been a tough competitor to other accounting software since 2006. Based out of New Zealand, Xero is a powerful accounting tool that comes with a wide range of features, 800+ integrations and provides comprehensive reports. Unlike its primary competitors, Xero…
Personal Taxes vs. Business Taxes Comparing personal taxes to business taxes is like comparing apples to oranges. Although the basic concept of both charges is similar, there are some crucial differences between the two. Let’s find more about personal taxes vs. business taxes in the United Kingdom. What is Corporate Tax? Corporate tax or business…
Everything You Need to Know About Virtual Accounting A lot of businesses outsource essential tasks that don’t fall into the core competencies of their workers, and accounting is no different! Virtual accounting is a new trend that enables qualified accountants to offer their services to businesses of various types remotely. A large number of businesses…
