Cashflow and profit are two of the most important financial metrics for any business. But while they’re both related to the financial performance of a company, they measure different things. Knowing the difference – and how cash and profit contribute to your success story – is a vital skill if you want your business to…
Owning a business can be brilliant, but you might not want to do it forever. Whether you’re ready to retire, want to cash up, or you just need a break, at some point you will probably want to move on from your business. Even before that time comes, you’ll need a plan for stepping back.…
A common question we get asked is which Entertaining costs are allowable expenses for tax? We have detailed the main types of costs which can be incurred below and would recommend setting up a different code in your accounting software for each of them to split out the analysis (And keep your accountant happy! 🙂…
Keeping up-to-date records of your business transactions isn’t the most glamorous part of being an entrepreneur, that’s for sure. But, in reality, having accurate and up-to-date bookkeeping is actually one of the core ways to keep your finances (and your business) under control Digital bookkeeping is the future of your finance The digital age has…
Spring Budget 2023 Chancellor Jeremy Hunt delivered a ‘Budget for Growth’ after the Office for Budget Responsibility forecast a stronger than expected performance from the UK economy this year with inflation continuing to fall. If you have any queries regarding any points noted below, please do not hesitate to contact us. Driving business investment The…
As the tax year draws to a close, it’s important to think about your own personal tax situation and to make sure you’re maximising any potential allowances and reliefs. Various annual allowances and tax bands will expire on 5 April each year. By taking advantage of these different tax brackets, tax-free allowances and concessions –…
Did you know that the UK corporation tax rates are changed from April 2023? From 1 April 2023, the rate of corporation tax changes from 19% to a variable rate between 19% to 25%, depending on the profits made by your business. This could mean a change to what you will owe in tax for the…
Rising business costs are still a worry in 2023. Supply chain costs are high, energy prices are still expensive and labour costs are on the rise. These increasing costs mean higher expenditure and lower margins on your products and/or services. If left unchecked, that could mean a dip in your predicted profits for the year.…
Teignbridge Businesses can apply for Green Business Grant Funding to help fund Green energy saving property improvements such as LED Lighting, low energy heat pumps, double/triple glazed windows and doors or thermal insulations. £165,000 is available for applications as part of £1.6m Government allocation through the UK Shared Prosperity Fund (UKSPF). Full details of the…
Having proper control of your business finances is a big advantage. It helps you make well-informed business decisions and keeps your organisation profitable. With so many digital tools for managing your bookkeeping, accounting and management reporting, it’s never been easier to manage, track and forecast your financial position. But what are the main tools you…