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 […]
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 – […]
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. […]
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 […]
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  
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
21st October 2013

Retailers urged to consider options before closing down amid financial struggles

Retailers who are facing financial struggles are being urged to seek help, take advice and consider all of their options before shutting up shop. Figures have shown that 134,000 businesses nationally regularly struggle to pay their bills on time. This is an increase of 24,000 businesses from the same time in 2012. To read more of this post 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    
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