2nd September 2015

Dividend Tax – How it Affects You

There was a very important change in the recent budget that affects small limited companies. The introduction of the dividend tax and dividend allowance. Up to now, business owners have been able to take out between £28-31k without incurring any personal tax (depending on the level of salary they have used). However, from April 2016 this will all change. From April 2016, the first £5k of dividends will be tax free, but you will then pay tax of 7.5% up […]
22nd May 2015

Automatically Capturing your Mileage with Tripcatcher

So, how does Tripcatcher work and what is it? It is a programme that makes it easier to record mileage expenses. It links with Google maps to calculate the distance you have travelled in seconds. Once you have the distance, you can decide how much you set per mile for business trips. Tripcatcher then put together an expenses report that can be printed, sent to Xero or sent to Receipt Bank. Tripcatcher also accurately calculates the VAT, which again saves […]
11th May 2015

TLC Loves…..Making Keeping Track of your Expenses Easier

The dreaded receipts are the scourge of every business owner. We all leave them until the end of the month or even the end of the year before looking at them don’t we? So, what if there was a way to automate the collection of the receipts so you don’t have to deal with the huge pile at the end of the month? Well, there is and it’s called Receipt Bank. To read more of this post click here
9th April 2015

Saving you time with Xero

Xero is an accounting programme that is now the fastest growing in its sector. Whilst it is similar to Sage, it is much simpler, without the complications and jargon that came along with Sage, and is also very easy to use. Xero can do almost everything to help you with your accounts – from basic sales invoices to creating an expense claim for you. Here are some of the great features associated with Xero:  – Integrate your bank account – […]
20th March 2015

10 Good Reasons to Pay into a Pension Before April

There are big changes ahead on the pension front as of April 2015. So, read these top ten tips to ensure you make the most of your pension savings: 1.Immediate access to your pension savings for over 55’s – the changes to the legislation mean that the over 55’s will now be able to access their pension savings like they can with any other savings accounts. Generally, due to the combination of tax relief and tax free cash, pensions will […]
19th January 2015

TLC Loves – Record Keeping, Saving Time and Trees

Here is the TLC guide to record keeping for sole traders, partnerships or limited companies: We all know we need to keep records right, otherwise the taxman will impose penalties on us. So, here is a little recap of the time limits: If you’re a sole trader or partnership, you need to keep all your receipts and invoices for 5 years after the 31st January of the relevant year. eg for the accounting year 2013/2014 you need to keep them […]
19th November 2014

FRS 102 -Are You Ready?

The new Financial Reporting Standard (FRS) 102 regulations affecting medium and large companies will be coming into place and starting to affect your accounting period beginning on or after 1st January 2015. Are you ready for it? You will need to know what areas of the your business this will affect. Some of the areas that are being looked at include calculating holiday pay and staff costs; re-valuing your fixed assets; grants; revenue splits – the list continues. To read more […]
31st October 2014

10 Tips for a TLC Business

To succeed in business today, you need have a clear strategy, a good plan, robust internal processes, and the right team advising you. So here is our starter for 10. 1. Know who you are and where you are going – have a clear proposition of what you do with a plan of action to achieve your objectives. 2. U nderstand the Risks and Rewards – being aware of the potential risks and taking steps to militating against them. 3. […]
18th July 2014

Could This Help You to Increase Your Sales Growth by 3109%?

Research suggests that 73% of business buyers say ‘No’ at least five times to any salesperson before they eventually say ”Yes’. The same research also states that 92% of salespeople give up and move on to another target before they get to their fifth ”No’. That means that 92% of the sales force rush around trying to get hold of the 27% of sales where decisions are made quickly, 8% of sales people wait around and stand the chance of […]
15th April 2014

Directors Pay – The New Way to Pay Yourself in 2014/15

From April 2014, there is a new way to pay Limited Company Directors, but it’s not as easy as it used to be. Due to the introduction of the £2000 employment allowance, there are now several ways of getting paid. In the past it has always been recommended that directors receive a salary at just below the threshold for paying employers and employees NI. As qualifying companies can now reclaim up to £2,000 of employers NI (not applicable to employees […]
24th March 2014

2014 Budget – What it Means for You

The latest budget has just been announced by Chancellor George Osborne. It appears that austerity measures will continue until 2018/2019, when the budget deficit is expected to have been reduced to zero, as it is believed that faster growth alone will not balance the books. Here are the highlights of the budget from a small business perspective: – The higher tax rate has been increased very slightly from £41,450 to £41,860. – ISA limits have been increased to £15,000 – […]
17th March 2014

6 Powerful Money Habits You Can Implement Right Now

Time and time again people avoid dealing with the money in their business, although if you can get it sorted it can make a massive difference to your business. Whilst dealing with money issues can be difficult and challenging, it is something that has to be done. ere are six tips that you can put in place now to make a huge difference to your business: Regularly track your income: don’t just track your expenses, track your income too. This […]
7th March 2014

Wrongful and Insolvent Trading: A Brief Guide

At the first sign of financial difficulty, the director of a business should seek financial advice. If you cannot pay the bills, the rent or any of your creditor accounts, this may be a sign that the business is failing and this should be taken seriously. If a business continues to operate with considering the financial situation, the director can be accused of wrongful or fraudulent trading. This means that they may be held personally liable for the company’s debts. To […]
28th February 2014

Economists React as Inflation Beats 2% Target

For the first time in more than four years, inflation has fallen below the Bank of England’s 2% target. The latest statistics show that the annual rate of inflation dropped to 1.9%, which is great news for consumers in the UK. This fall in inflation further supports the government pledge that interest rates will not rise for at least a year. To read more of this post click here
12th February 2014

2014 Budget ‘will help small businesses,’ pledges Chancellor

George Osborne has stated that the forthcoming Budget on March 19th will address the issues faced by small businesses. One of these measures is the introduction of the new Employment Allowance, which will give every UK business and charity up to £2,000 off their employer NI bill. This comes into effect from April 2014. To read more of this post click here  
23rd January 2014

3 Quick Bookkeeping Tips

Here are three bookkeeping tips which are based on experiences of working with many small businesses. 1. Do it frequently – Do you allow your paperwork to build up into a huge mountain of paper that you then can’t face tackling? Then, when you can put it off no more, you have to spend a day making sense of it all. If you set aside some time in your diary every week, this will help prevent the panic and stress people […]
20th January 2014

Getting Your Business Cash Flowing Smoothly – Top Ten Tips

December and January are traditionally the time for businesses when cash flow is at its weakest. Read these top 10 tips to help your business cash flow improve for the future: – Get every invoice out promptly-  the sooner you invoice, the sooner you’ll get paid! – Give them a reason to pay early, such as a discount. Make this obvious on the invoice, but make sure you can afford to do it! To read the 8 other tips, click […]
11th November 2013

Top 5 Tips to Avoid Penalty Charges when Returning a Vehicle

Believe it or not, there are over one million vehicles leased by companies or individuals on a contract hire or contract purchase agreements, as of October 2013. Both products reduce the cost of running a vehicle, provided that a few basic rules are followed. One of the things to read amongst the small prints are the detail relating to the ‘return condition’, ‘agreed mileage allowance’ and ‘excess mileage charge’. To read more of this blog, click here
10th October 2013

National Minimum Wage Rise Takes Effect

From 1st October 2013, the main rate of the national minimum wage  (NMW) has risen to £6.31 for adults, which is an increase of 12p per hour. The NMW has also risen for 18-20 year olds to £5.03 and for 16-17 year olds which has brought their hourly rate to £3.72. To read more of this blog, click here  
16th September 2013

Directors – Increase your pay with no additional Tax or National Insurance

Good news! From April 2013, any directors can pay themselves an increased salary of £641 a month, without having to pay tax or national insurance. It will then be possible for any director to take a dividend of up to £30,382 (net cash) without paying any additional national insurance or income tax. To read more of this blog, click here    
2nd July 2013

Taking Top Teamwork and Referrals on Board: Business in Yorkshire

BiY (Business in Yorkshire) is a one-stop personal and business development support network, that Quest PR is proud to be  a member of. Spearheaded by entrepreneurs for entrepreneurs, their Associates (including Quest’s Sharon Cain) have a wealth of knowledge and experience which is available for members to tap into. From social media to marketing, finance to sales strategy, and even ideas on elephant taming (yes really), BiY covers it all. To read more of this blog, click here
25th June 2013

Working from home – What expenses can I claim?

If you are a small business owner and work from home, do you have any idea of what you can claim? If you only spend a small amount of time working at home (e.g a few hours a night writing invoices), then you can claim a flat rate allowance. If you spend a significant number of hours working from home, then you may be able to claim more money using the apportionment method. To find out more, click here