Over the past decade, the UK banking industry has been experiencing a massive transformation. Here, the game changers are not one but two. Yes, you guessed accurately! These are Artificial Intelligence (AI) and Financial Technology (FinTech). We already know how technology has made its way into the banking world, but the pace of change is... View Article
A good credit score proves strong and stable financial position of a person. It’s essential for securing loans, credit cards and even rental agreements in the UK. Credit score helps lenders to assess your financial reliability. Therefore having a good credit score can help you to get better borrowing opportunities. A strong credit score provide... View Article
Are you wondering whether to stick with your old ways of traditional accounting or embrace a modern approach? Well, you are not alone. Today, most businesses struggle to make this crucial decision. After all, technology is evolving at a tremendous speed and cloud accounting promises flexibility and efficiency. In this blog, let’s talk about the... View Article
Doctors in the UK lead hectic lives. They have to often juggle between long shifts, emergency calls, and patient care. This left them with little time to manage their taxes. Moreover, the tax rules are complex and with their NHS pensions and earnings from private practice, it becomes overwhelming to handle their finances. However, they... View Article
In UK’s highly dynamic and fast-paced restaurant industry, it is sometimes very tough to handle rising food costs and the complex maze of payroll systems. Food cost fluctuation and complex payroll systems create significant accounting challenges for restaurant owners. Unpacking the toughest accounting challenges in restaurants and proven methods to address them. Cash Flow Management... View Article
The adoption of cloud based accounting software, rise of digital transaction and reliance on technology immensely transforming the-accounting profession. This increases efficiency and streamlining entire accounting process. However, this digital evolution also brings high risks of loosing important information. Therefore cybersecurity becomes an essential aspect of modern accounting. Why Cybersecurity Matters in Accounting? Accountant deals... View Article
Did you know that if you buy a property in the UK, your overall transaction cost may increase significantly due to the Stamp Duty Land Tax (SDLT)? So, if you are planning to purchase a property in the United Kingdom, read the blog carefully and discover some significant insights on Stamp Duty Land Tax (SDLT).... View Article
Do you know there are over 170,000 charities in the UK, and these are all registered charities? So, the actual number of charities will be obviously much more. Now, what is meant by charitable accounting? Of course, it is nothing but financial practices that these charities must follow to comply with the various laws and... View Article
A huge transformation is happening in UK’s accounting landscape. Use of AI powered tools and other technological advancement are dynamically changing the accounting work procedure fast. These technological advancement are not only streamlining processes but also redefining the roles of accountants and financial professionals. Here in this blog we will explain how AI and automation... View Article
The UK hospitality industry is playing a pivotal role in the nation’s economy. With hotels, restaurants, pubs, and catering services, this industry contributed £54 billion in tax receipts to the Treasury last year. Therefore every business in this sector deals with huge liquid cash, especially during the season. Therefore businesses in this industry face lots... View Article
While it is true that there is a lot of excitement when you are running an e-commerce business in the UK because of an easy access to innovative technology, global reach, and creative market opportunities, it also means that you have to be very careful about the accounting aspect of your business, After all, there... View Article
Business owners should have a separate bank account to better manage business transactions. A business bank account provides numerous facilities. Besides getting an overview of cash flow, you can generate a single business account statement for review. A separate business bank account is essential for those who are trying to expand their operations and scale... View Article
Controlling business costs improves both efficiency and profitability. In real life, it helps business owners increase their ROI & earn a sustainable profit in the long run. Every business entrepreneur needs to analyse the cost (the amount they spend) compared to the amount they earn. Workflow, period & cost management are interlinked. Therefore an effective... View Article
Post-COVID, more and more people worldwide are working as freelancers or self-employed professionals. More people are now opting for a job that offers flexible working hours. Instead of working full-time in an office, they prefer short-term contracts. Of course, this means a better work-life balance but it has a downside too. In the wake of... View Article
Are you thinking of changing your accountant? Your business relies on financial management done by your accountant. If your accountant is skilled, you are more likely to get services that are more than just number-crunching. With their years of expertise and vast knowledge, you may get strategic advice on tax saving, investment opportunities, VAT returns,... View Article
Being a contractor in the UK is all about freedom. You can choose your projects, set your working hours and most importantly, be your boss. However, with all this freedom, you need to be responsible too, especially when it is about protecting yourself and your business. That’s where contractor’s insurance comes into play. If you... View Article
Recently the Bank of England reduced its interest rates from 5.25% to 5% in a significant move. The last such move was way back in 2020 for countering the severe impact of the pandemic on the UK’s economy. So, if you are an entrepreneur thinking about the impact of the recent interest rate cut on... View Article
Are you a landlord tired of managing your rental properties all by yourself? Yes, being a landlord is indeed extremely rewarding. However, there are a lot of problems that you need to deal with. These can be like finding the right tenants or keeping up with the endless paperwork. Don’t forget that you need to... View Article
Whether you are planning to expand your business, invest in new machinery, or ensure a smooth cash flow in times of low revenue, a well-structured loan can offer you the required capital to fulfill your goals. Although securing a business loan is not always easy, the real challenge begins when you have to enter into... View Article
Are you planning to sell your property? If yes, you may have to pay a significant amount as tax on the gains you will make by selling it. Welcome to the world of capital gains tax (CGT)! It is the tax you need to pay while selling some of your assets and making some profit... View Article
It does not matter whether you are an individual or a business owner; remaining debt-free is essential for varied reasons. For individuals, it means living a stress-free life with high self-esteem. Likewise, for business owners, it is paramount to ensure long-term growth. Mismanaged debt only leads to stress and financial strain. So, here are some... View Article
Are you thinking of setting up a business? Have you done robust planning for it? Surely, you must have done, but what you must not ignore is cash flow forecasting. In a business, effective management of finances matters a lot. If not done well, you may survive somehow or worse, will perish. The solution is... View Article
Do you know around 82% of UK businesses fail due to cash flow problems? Sometimes, even profitable businesses have to encounter the problem of cash flow. For small businesses, such a problem means non-payment of salaries to their employees. The reason for such a problem can be several that vary from one business to another... View Article
Do you know that as per the traditional method of executing trade between two parties, there is usually a time lag between the trade and the settlement date? While the trade date is the day when the terms of the trade are agreed, the settlement date is the day when the seller receives the proceeds.... View Article
Retirement is an emotional journey. Your identity as a working professional ends with retirement. You bid farewell to your desk, parking lot, and colleagues of years! However, more than this identity loss and loneliness, what hits you hard is the financial constraint. So, start investing when you are already working to enjoy a comfortable retirement.... View Article
Do you feel scared about your financial condition? If yes, it is time to get rid of your constant worries. Take appropriate action so that you can tackle it smartly. Believe it or not, financial stress can hurt your emotional well-being and can even give you sleepless nights. Also, there is never a sole cause... View Article
Are you soon to reach your retirement age? Are you a UK resident? Like several welfare schemes, the UK government also offers a scheme for people in their official retirement age. What started with the Old Age Pensions Act in 1908 paved the way for the state pension prevalent today. At that time, the pension... View Article
Are you an investor looking for some investment opportunities in UK start-ups? Are you an entrepreneur looking for fundraising for your start-up? In both cases, the Seed Enterprise Investment Scheme (SEIS) seems to be the best solution. Started by the UK government in April 2012 as one of the venture capital schemes, SEIS not only... View Article
Are you getting tired of handling loads of paperwork? Are you required to spend endless hours in shuffling through numerous receipts and invoices? If this is the case, rejoice! It is time to let go of all the hassles and welcome cloud accounting. Yes, you may find it tough initially to make a shift from... View Article
Whenever it comes to personal finance, a savings bond seems to be a reliable option. This is especially true for individuals having reservations about investing their hard-earned money in the stock market or private banks because of high-risk factors. The best thing about these bonds offered by the UK Government is that irrespective of your... View Article
With high mortgage rates in recent years, no one can forecast when the rates will become affordable. So, if you are someone who is living in the United Kingdom and struggling to pay the mortgage payments, it is high time to review the entire mortgage scenario and take action. So, here are some top 5... View Article
Do you know not all companies are formed for the sole purpose of just profit making? Some companies are formed for a special cause or to benefit a community. These are known as Community interest companies (CICs). No, they are not charitable trusts! They are limited or public companies about which most people do not... View Article
Do you know HMRC came into existence only in 2005? Earlier, there were Inland Revenue and HM Customs and Excise for this purpose. These two organisations used to conduct audits, but why do people fear HMRC audits? Well, this is because of the possibility of reputation damage or financial penalties. However, there is nothing to... View Article
Are you an entrepreneur finding yourself grappling with multiple challenges like regulatory changes, fluctuations of the market or stagnation? Don’t worry because every entrepreneur experience all these at some point. What is necessary amidst all these challenges is to pay attention to the paramount importance of financial management. Whether you’re a startup or a seasoned... View Article
In the dynamic business landscape, it is important to embrace change to stay ahead in the competition. For entrepreneurs, this is also true for accounting. The traditional methods that once served us well are now giving way to a new era. So, if you are an entrepreneur worrying over your accounts and tax returns, recognize... View Article
Are you an entrepreneur running a business in the United Kingdom? Does your current market seem saturated with no scope for growth? If yes, entering the overseas market sounds like a good strategy. However, taking your UK business internationally also means heading your boat into uncharted waters, which can be risky! Of course, the possibility... View Article
While trying to survive through a global pandemic, it has become evident more than ever that life is quite unpredictable. The job market is uncertain, and working towards having a solid financial safety net is paramount! So, if you too agree with me and think that one must develop personal financial resilience, read this blog.... View Article
Are you thinking of putting your hard-earned money in UK real estate? Do you want to invest via crowdfunding, but concerned about tax implications (if any)? If yes, you are not alone! Many savvy investors are now exploring the world of crowdfunding. The reason is crystal clear! This method allows them to invest in properties... View Article
Nowadays, the finance world is experiencing a green revolution. No, it is not about trees but about sustainable investing. Also known as ESG (Environmental, Social, and Governance) investing, it has taken the United Kingdom by storm. It is now more than a trend and is looked upon as a movement to have a greener and... View Article
In today’s dynamic business landscape, accounting software has become critical for keeping financial processes well-organized, enhancing efficiency, and assuring compliance. For businesses choosing the right accounting software is vital to stay ahead of the curve. However, with several options available in the market, it is daunting to make the right choice. In this blog, know... View Article
Are you an entrepreneur thinking about software integration for business? For every entrepreneur, managing finances is critical for achieving success. Remember, one key aspect of managing finances is budgeting. In the digital age, where automation is no more a luxury but a necessity, many entrepreneurs rely on budgeting software that enables them to manage their... View Article
Are you an entrepreneur thinking about software integration for business? For every entrepreneur, managing finances is critical for achieving success. Remember, one key aspect of managing finances is budgeting. In the digital age, where automation is no more a luxury but a necessity, many entrepreneurs rely on budgeting software that enables them to manage their... View Article
Are you keen to keep a tab on your company’s financial health? For the same reason, most businesses hire accountants to prepare financial statements. These financial statements are crucial for entrepreneurs and investors to understand the profitability of a company and make well-informed business decisions. There are four types of financial documents used by businesses.... View Article
Amidst plans of the UK prime Minister regarding introducing a cut into the inheritance tax (IHT) of the United Kingdom, it is essential to understand that some lifetime gifts are exempted. You may already know that inheritance tax is the tax levied on all the property, possessions or money of someone who has died and... View Article
Do you want a steady monthly income and to be your own boss? If yes, becoming a landlord could be the right thing you can do! You may be surprised, but more than 2.65 million people are landlords in the United Kingdom. However, it can be very challenging, especially if you have multiple properties on... View Article
As a business owner, reviewing the lows and highs of your business in 2021 is important for establishing appropriate business goals and a strategy for 2022. Here are the top 5 accounting resolutions that you can consider implementing. Review your business targets as well as budgets The very first accounting resolution that you should consider... View Article
After you’ve decided that a limited company is the best option for your current contracting career, the next step is to find a specialist contractor accountant. It is also an extremely important decision. A good accountant can help you save many times your accounting costs by effectively managing your tax affairs. Here are 10 tips... View Article
Being one of the largest economies in the world, the UK is a great place to start a business. However, if you are a foreign national living in the UK, you might be wondering if it is at all possible for you to start your venture. Even as a non-resident, starting a business in the... View Article
An organized accounting procedure is quite necessary and helps to understand the financial condition and stability of the organization. A proper record of all financial transactions has to be maintained as per the Companies Act 2006, in the UK. To run small and medium businesses, a trouble-free, smart, and advanced accounting system is required to... View Article
If you are reading this then I will probably assume that you were a resident of UK, but your current source of income/ employment is with some other nation. Questions like “how much do I pay to the UK Government as tax?”, “I have already paid taxes to the country where my income was generated,... View Article
As a citizen of UK, you should be aware of the changes that tax authorities have brought in effective from 6th April 2020. One such provision has removed residential property financing cost as a deduction, which means payments such as mortgage interest will not be deducted from total income. Such provision is only applicable to... View Article
Self employed form of business is a situation where you are own boss. Decision, executions and project acquisition solely takes places on your consideration. However, taxes are required to be paid within its due date and for that accounting becomes an essential tool. Hiring an accountant for self-employed is the most sensible thing to do... View Article
With development of digital assets like accounting software, accounting has become a relatively easier process to follow. Now a days, self-employed people such as contractors prefer managing their accounts by themselves via data feeding to applications. This results in automatic computation and the user gets a confidence that he is able to manage his books... View Article
Landlords who earn rental income through buy to let properties have always faced problems with respect to maintenance of books of accounts. Some of the most common problems include differentiation of personal income against income from buy to let properties, available tax deductions, management of tax return, etc. Here are 5 bookkeeping tips for buy... View Article
Accounting in 2021 is going to be a game-changer. Ever since the Covid pandemic disrupted routine trade and commerce, the new normal has been mostly digital and data-focused. Given the current scenario, there are certain trends that is going to dominate not only 2021, but also the next few years. So, let’s look at the... View Article
In my years of experience as an accountant in UK, I have come across many self-employed who consistently doubt hiring an accountant. Today, I look forward to assist those people who have this specific question – Do I Need an Accountant If I’m Self-Employed? 1) Know Your Status In my years of experience as an... View Article
For a self-employed person, keeping a full-time accountant can be an expensive affair. This is where hiring accountant for self-employed becomes a viable option. Focused approach and flexible billing option make it easier for self-employed to avail accounting services and ensure that taxes are paid judiciously. However, while hiring an accountant ensure that you ask... View Article
In the past few days, I have entertained several people over phone call and in-person over a notice from ICO. Most of these people are either entrepreneurs for start-ups, small business owners or stakeholders from a limited company. Some of the most questions that they have asked me are – Why have I received this... View Article
With the rapid impact of digital transformation across the globe, businesses are increasingly handling vast amounts of personal data. In the UK, ICO data protection regulations, under GDPR, ensure that companies process data within the permissible limits. As part of these regulations, organizations are required to pay the data protection fee in UK, which is... View Article
Modern day accountants for small businesses and salaries professionals have transformed their scope of services to deliver better solutions to their clients. It is a common practice among Salaried professionals and business owners to seek advice on tax reduction from their accountants; nonetheless, who wants to pay higher taxes? Given the dynamic requirements, here are... View Article
When it comes to business types, small businesses face most of the number of challenges. These challenges are mainly in terms of competition, market share and public trust. However, with the modern era, small businesses have continued to see phenomenal growth in the last 20 years in the UK. Accounting for small businesses plays the... View Article
The year 2020 has been rough for citizens around the globe. Given the fact that COVID-19 has disrupted all business activities, irrespective of its size, people are now keen to ensure that their tax liability is kept at minimum. The situation demands assistance from an accountant for self-employed/ small businesses. Here are 5 ways that... View Article
Blockchain based Accounting a Distributed Digital Ledger that you can Trust! In the past, we always use to verify a paper or voucher or bill as an audit trail for an occurred transaction in a single-entry ancient book with trading journal. Justification of a transaction was based on notes or written text whether this... View Article
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