As a business owner, you probably want to leave a lasting legacy behind when you finally get to the end of the journey and decide to exit the business. One way to achieve this is by disposing of all, or part, of the company to an Employee Ownership Trust (EOT). This EOT structure is available to…
Generally speaking, the business expenses you incur are allowable against your profits. But when it comes to fixed asset purchases (things like machinery, equipment or vehicles), these purchases are treated slightly differently. To reduce your tax bill when purchasing fixed assets, it’s important to know what capital allowances are available and how you can use…
Getting to grips with the basics of accounting, financial management and business strategy can be a challenge. To make things easier, we’ve created a plain-english guide to depreciation and the impact this accounting term can have on your assets, tax, cash-flow and company accounts. What is depreciation? Depreciation is an accounting term that you’ll hear…
Why is cashflow so central to good financial management? Here’s our plain English guide. What is cashflow? Cashflow refers to the movement of money into and out of your business over a specific period. In the most basic terms, cashflow is the process of cash moving out of the business (cash outflows), and cash coming…
Your profit and loss statement (P&L) helps you understand your business performance and profitability over time. It’s sometimes called an Income statement and its main purpose is to list income and expenditure. Whereas a balance sheet is a snapshot in time, the P&L shows transactions over a specific period of time. This can be a…
Having the use of a company car is a great perk. But are you aware of the tax impact of a company car and how having this vehicle may affect your company benefits? Two of the key tax considerations related to company cars are the benefits in kind (BIK) tax charges incurred by the driver,…
Getting to grips with the basics of accounting, financial management and business strategy can be a challenge. To make things easier, we’re starting a new Plain English guide to business. This time, we’ll be looking at Value-Added Tax, or VAT as it’s generally known. What is Value-Added Tax (VAT)? Value-added tax (VAT) is a consumption…
Getting to grips with the basics of accounting, financial management and business strategy can be a challenge. To make things easier, here is our plain english guide to corporation tax, one of the key business taxes you’ll need to understand as a limited company. What is Corporation Tax? Corporation tax (CT) is a direct business…
No-one wants to spend too much time thinking about their own mortality. But the reality is that forward planning removes a lot of the uncertainty for your loved ones in the event of your death. The following guidance may also be useful to help you guide others. Passing on without any clear legal instructions regarding…
Purchasing an existing company is a great way to expand your business empire. You can buy out a close competitor, or dip a toe into a new industry and expand your reach as a business group. But whatever the reason for the acquisition, you need to ensure you’re not buying a lemon! Doing your research…