Work "ON" not "IN" Your Business
> Minimise your administration time by using good systems and being organised
> Maximise your time spent on marketing, networking, research and business development....as these activities will move your business forward
Thursday 22 April 2010
Tuesday 20 April 2010
Top Tips for Start-Up Businesses...Tip 9!!
Get an Accountant!!
> A good one helps you grow successful business and helps you avoid problems!
> "Chemistry" is important
> Get a fixed fee quote from 2 or 3 different accountants
> Pay your accountant for tax AND business advice
> A good one helps you grow successful business and helps you avoid problems!
> "Chemistry" is important
> Get a fixed fee quote from 2 or 3 different accountants
> Pay your accountant for tax AND business advice
Monday 19 April 2010
Top Tips for Start-Up Businesses...TIP 8!!
Dont Try to Beat the System
> If your sole aim is to pay as little tax as possible-then why are you bothering?
> HMRC are spending £1 billion this year on making sure people dont't break tax laws
> Aim to make Profits and utilise the tax allowences that are available
> If your sole aim is to pay as little tax as possible-then why are you bothering?
> HMRC are spending £1 billion this year on making sure people dont't break tax laws
> Aim to make Profits and utilise the tax allowences that are available
Friday 16 April 2010
Top Tips for Start-Up Businesses- TIP 7
Claim Back Personal Expenditure!
> Most start-ups are funded from owners pockets
> Keep a record of money you have spent-even before you start your business (travel, stationery, research) as it reduces your tax bill!!
> Remember to keep receipts
> Most start-ups are funded from owners pockets
> Keep a record of money you have spent-even before you start your business (travel, stationery, research) as it reduces your tax bill!!
> Remember to keep receipts
Thursday 15 April 2010
Top Tips for Start-Up Businesses...TIP 6!
Don't Undersell Youself!
> Calculate a profitable price for your goods or services and STICK TO IT!
> Being the cheapest is a no win strategy
> Services: Hourly rate x 3. Get a time management system.
> Goods: Aim for Cost Price x 2 or 3
> Calculate a profitable price for your goods or services and STICK TO IT!
> Being the cheapest is a no win strategy
> Services: Hourly rate x 3. Get a time management system.
> Goods: Aim for Cost Price x 2 or 3
Wednesday 14 April 2010
Top Tips for Start-Up Businesses..TIP 5!
Invest in Good Accounting Software
> Go for user Freindly over complexity
> Good records = lower accounting fees
> Go online
Using user friendly good accounting software will allow you to do your own book-keeping and produce your own records. It will help you answer the question 'Am I making any profit'.
There are now numerous online accounting services such as FreeAgent Central which offer an even simpler way to produce your own records, it also allows your accountant to directly access your data. It will save you time and money! You can find out more about FreeAgent here.
> Go for user Freindly over complexity
> Good records = lower accounting fees
> Go online
Using user friendly good accounting software will allow you to do your own book-keeping and produce your own records. It will help you answer the question 'Am I making any profit'.
There are now numerous online accounting services such as FreeAgent Central which offer an even simpler way to produce your own records, it also allows your accountant to directly access your data. It will save you time and money! You can find out more about FreeAgent here.
Tuesday 13 April 2010
Top Tips for Start Up Businesses...TIP 4!!
Keep Your Records Neat and Tidy
Make sure you have separate files for:
> Sales (money in)
> Purchases (money out)
> Tax Stuff
> Bank Statements
Make sure you have separate files for:
> Sales (money in)
> Purchases (money out)
> Tax Stuff
> Bank Statements
Monday 12 April 2010
Top Tips for Start Up Businesses...Tip 3!
Put Money Aside for the Tax Man!
> Get a second bank account and link it to your main account
> Transfer money each month to the second account
> Remember you may not need to pay tax for 18 months to 2 years
> Know what you tax liabilities are!
Its vital you know what your tax liabilities are when you start your business as this allows you to plan ahead! You can find out what your liabilities are from your accountant or HMRC.
> Get a second bank account and link it to your main account
> Transfer money each month to the second account
> Remember you may not need to pay tax for 18 months to 2 years
> Know what you tax liabilities are!
Its vital you know what your tax liabilities are when you start your business as this allows you to plan ahead! You can find out what your liabilities are from your accountant or HMRC.
Friday 9 April 2010
10 Top Tips for Start Up Businesses...TIP 2!
Get Paid By Your Customer
This made sound simple but many people stuggle to recieve payment for the work they complete for their customers! So remember to:
> Be clear about your prices and payment terms
> Ask bigger companies for a purchase order number
> Put your bank details on your invoices
> Send out monthly statements
This made sound simple but many people stuggle to recieve payment for the work they complete for their customers! So remember to:
> Be clear about your prices and payment terms
> Ask bigger companies for a purchase order number
> Put your bank details on your invoices
> Send out monthly statements
Thursday 8 April 2010
10 Top Tips for Start Up Businesses. Make sure yours doesn't join the Failures!!
TIP 1
Understand Your Tax Obligations!!
> Sole Traders need to register with HMRC within 3 months of start up!
> Limited Companys need to make sure they register for PAYE
> Learn the basics about your tax obligations. There is PAYE, VAT, Corporation Tax, Personal Tax and CIS to consider! The HMRC website will provide information on many of these topics, if not ask your accountant!
Understand Your Tax Obligations!!
> Sole Traders need to register with HMRC within 3 months of start up!
> Limited Companys need to make sure they register for PAYE
> Learn the basics about your tax obligations. There is PAYE, VAT, Corporation Tax, Personal Tax and CIS to consider! The HMRC website will provide information on many of these topics, if not ask your accountant!
Monday 15 March 2010
PAYE Coding Notice- What does my code mean?
Your employee tax code is used by your employer to calculate the amount of income tax that must be withheld or deducted from your salary.
The significant part of your code is the number
The number indicates to the employer how much of your earnings are "tax free". For example if your code is 647 this shows what your tax free allowance for the given year is £6475, if your code was 728 you fax free allowance would be £7285.
The standard personal tax allowance for a year is £6475. If your allowance is over this amount it is likely to be because you are entitled to another tax allowance, or you have simply over paid tax in an earlier year.
If you allowance is less than £6475 then it may be that you owe tax from a previous year.
If your tax code starts with a letter then the letter is important.
BR codes indicates that you must pay basic rate (20%) on all your earnings. This code is often used when you have two jobs, you are likely to take your whole tax free allowance on one of the jobs and pay basic rate on all of your earnings from your second job.
NT codes mean you pay No Tax, this is only used in exceptional circumstances. Students at university will have a NT code when they work during their summer holidays.
K codes are a little more complex....
A negative PAYE code, or "K" code, means your personal allowances for the tax year are less than untaxed income and benefits which have been included in the code. Your employer or pension provider will add the negative figure from this code to your annual income rather than deducting it, as they would with a normal PAYE code. However, please check that all your allowances are included in the code. If you are married and were born before 6 April 1935 you may be due a married couple’s allowance. In some cases the married couples" allowance has been missed from PAYE codes issued since 1 July 2009. If this applies to you, ring the Tax Office number shown on your code notice, or ask us to check your code for you.
If you have any queries regarding your tax code you can find more information on the HMRC wesbite
Also dont forget to double check your tax codes as HMRC had problems when issuing codes this year and people have recieved two coding notices, check out their website for more information!
The significant part of your code is the number
The number indicates to the employer how much of your earnings are "tax free". For example if your code is 647 this shows what your tax free allowance for the given year is £6475, if your code was 728 you fax free allowance would be £7285.
The standard personal tax allowance for a year is £6475. If your allowance is over this amount it is likely to be because you are entitled to another tax allowance, or you have simply over paid tax in an earlier year.
If you allowance is less than £6475 then it may be that you owe tax from a previous year.
If your tax code starts with a letter then the letter is important.
BR codes indicates that you must pay basic rate (20%) on all your earnings. This code is often used when you have two jobs, you are likely to take your whole tax free allowance on one of the jobs and pay basic rate on all of your earnings from your second job.
NT codes mean you pay No Tax, this is only used in exceptional circumstances. Students at university will have a NT code when they work during their summer holidays.
K codes are a little more complex....
A negative PAYE code, or "K" code, means your personal allowances for the tax year are less than untaxed income and benefits which have been included in the code. Your employer or pension provider will add the negative figure from this code to your annual income rather than deducting it, as they would with a normal PAYE code. However, please check that all your allowances are included in the code. If you are married and were born before 6 April 1935 you may be due a married couple’s allowance. In some cases the married couples" allowance has been missed from PAYE codes issued since 1 July 2009. If this applies to you, ring the Tax Office number shown on your code notice, or ask us to check your code for you.
If you have any queries regarding your tax code you can find more information on the HMRC wesbite
Also dont forget to double check your tax codes as HMRC had problems when issuing codes this year and people have recieved two coding notices, check out their website for more information!
Friday 19 February 2010
Tax predictions for 2010
Do you get the feeling that we haven't had the worst of the current financial crisis?
Two certainties for this year are (1) there will be a general election and (b) the winners will introduce some heavyweight tax policies to try and reduce the eyewatering £800 billion national debt.
Here are One Accounting's predictions for the first post election budget.
(1) VAT to increase to 20%
At 17.5%, our VAT rate is one of the lowest in Europe. As VAT is paid over quarterly, a swift increase to 20% by Mr Osbourne or Mr Darling will give a quick injection of cash into HMRC's reserves.
(2) Capital Gains Tax to increase to 30%
At a current rate of 18% (or 10% for entrepreneurs), the CGT rate is out of touch with the soon to be top rate of income tax of 50%. Expect a jump to 30%, midway between the 20% or 40% income tax that most UK taxpayers currently pay.
(3) Taxing the Skies
Our appetite for foreign travel shows no signs of reducing. Air travel is currently VAT free and is certain to rise. Don't bet against VAT being added to air travel or a hike in fuel surcharges.
(4) Interest on late payments to rise
HMRC will be charging interest on late PAYE payments from 6th April 2010. With tax revenues falling, the taxman will be keener than ever to get the payments in on time. Expect increased penalties, interest and general HMRC interference for anyone who pays their VAT, Income & Corporation Tax and PAYE late.
(5) Tax benefits for green technology
As Oil prices continue to rise, the government will offer greater tax incentives for businesses and private individuals to invest in green technologies.
Two certainties for this year are (1) there will be a general election and (b) the winners will introduce some heavyweight tax policies to try and reduce the eyewatering £800 billion national debt.
Here are One Accounting's predictions for the first post election budget.
(1) VAT to increase to 20%
At 17.5%, our VAT rate is one of the lowest in Europe. As VAT is paid over quarterly, a swift increase to 20% by Mr Osbourne or Mr Darling will give a quick injection of cash into HMRC's reserves.
(2) Capital Gains Tax to increase to 30%
At a current rate of 18% (or 10% for entrepreneurs), the CGT rate is out of touch with the soon to be top rate of income tax of 50%. Expect a jump to 30%, midway between the 20% or 40% income tax that most UK taxpayers currently pay.
(3) Taxing the Skies
Our appetite for foreign travel shows no signs of reducing. Air travel is currently VAT free and is certain to rise. Don't bet against VAT being added to air travel or a hike in fuel surcharges.
(4) Interest on late payments to rise
HMRC will be charging interest on late PAYE payments from 6th April 2010. With tax revenues falling, the taxman will be keener than ever to get the payments in on time. Expect increased penalties, interest and general HMRC interference for anyone who pays their VAT, Income & Corporation Tax and PAYE late.
(5) Tax benefits for green technology
As Oil prices continue to rise, the government will offer greater tax incentives for businesses and private individuals to invest in green technologies.
Saturday 13 February 2010
Santander - Free Business Banking
Whilst paying in junior's hard earned penny jar contents into his savings account at the Abbey (now Santander) branch on Shandwick Place, my eye was caught by their free business banking for life offer.
I'm not sure what happens if you actually want to pick the brains of a bank manager, but it sounds like a decent offer.
I'm not sure what happens if you actually want to pick the brains of a bank manager, but it sounds like a decent offer.
Saturday 6 February 2010
One Accounting - Live at Centotre
Here's a three minute presentation by Chris on what we do at One Accounting.
This was filmed at the 6 degrees networking breakfast event at Centotre in Edinburgh in February 2010.
This was filmed at the 6 degrees networking breakfast event at Centotre in Edinburgh in February 2010.
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