Smart business insights
The ultimate MTD Income Tax guide for sole traders
If you are a contractor, self-employed or a small business owner, MTD, short for ‘Making Tax Digital’ is going to become more and more important in the coming months. In this article, you’ll learn what it is, how it will affect you and how to register for MTD. What is MTD? MTD is HMRC’s initiative […]
How to register as a sole trader
All you need to know before setting up as a sole trader Running a small business and considering whether to register as a sole trader? In this article, you’ll find everything you need to know about setting up as a sole trader, including the pros and cons, costs and more. Sole trader definition Sole traders […]
Do I need an accountant for my limited company?
If you are a director of a limited company you are not legally required to appoint an accountant. However, there are many benefits to doing so. In this article, you will learn how an accountant can help improve your business, what accountants don’t do, costs, and how to choose the right one. Let’s start with […]
5 reasons why you need to separate business from personal expenses
Getting organised when it comes to your finances is an important part of running a successful business. However, many self-employed small business owners fall into the trap of using one current account, which means that their personal and business expenses are mixed in together. Although you are not legally required to open a separate business […]
Why you need to call time on the ‘shoebox’ client
How you can start improving your small client profit margins “If I had the guts, I would get rid of all my sole trader clients. They are a real pain. But they still bring in significant revenue…” an accountant recently groaned to me. Sound familiar? Each year the 31st January Self Assessment deadline sees practices […]
MTD: When is the right time to prepare your ‘once a year’ clients?
Accountants may only have three chances to introduce clients to MTD On 21 July 2020, HMRC announced the next stages of the Making Tax Digital (MTD) project. The most significant news was the expansion of MTD rules to Income Tax: Self-employed businesses and landlords with annual business or property income above £10,000 will need to […]
The 50/30/20 budget rule: everything you need to know
When it comes to managing your finances, there are many approaches to choose from. While some recommend spreadsheets, a special app or a financial adviser, many cite the 50/30/20 budget as one of the most straightforward ways to manage your money. In this article, you’ll learn what 50/30/20 involves, how it works and its pros […]
10 ways to improve cash flow management
To keep your business in good financial health and ride out the turbulence of current global uncertainty, staying on top of your cash flow management is key. Apply these 10 techniques to get started: 1. Be selective Turning down new business is not easy and needs steely resolve, but doing your research and turning down […]
Journals – moving towards a true single accounting ledger
We are delighted to announce the release of a powerful new feature. Accountants will now be able to create journals from their Accountant Hub for clients that are using Countingup. Countingup is the first business current account in the UK with both journals and a trial balance report. Finally, this means that accountants and small […]