The UK’s IR35 has bothered the business community and tax experts since the year it was passed. Her Majesty’s Revenue and Customs introduced IR35 in 2000 with a reform implementation in 2017 and again this year in April. The new reform aims to bring the private sector in line with the public sector. What is…
The SEIS Scheme for Startup investment is a scheme that offers substantial tax benefits to investors. The Seed Enterprise Investment Scheme (SEIS) is intended to help the financial growth in the UK by promoting enterprise and small-scale businesses. Suppose you have started a business and working towards improving it by seeking feedback from early users.…
An organisation or company is termed an umbrella company that contractors choose to work through as an alternative in setting up their own limited company business. The umbrella company acts as their employers and is the intermediary between a contractor and their recruitment agency. It handles all their administrative tasks, such as managing their payments.…
During this pandemic, the UK government has been spending an enormous amount on COVID-19 management. These spendings include support for health services, relief funds for those without income and keeping the local business alive. According to the International Monetary Fund, governments of better economies should spend more to keep their economies afloat during the pandemic…
Are you thinking of investing in a payroll service for your small business? Every company that has a hiring process requires a payroll process to pay its staff. With times changing, companies today prefer a payroll service for its process simplification and convenience over processing it themselves or outsourcing the job. Let’s try to understand…
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…
