Cash flow forecasting isn’t just for big businesses

Cash flow forecasting isn’t just for big businesses, its for all businesses. And its an important part of understanding your business.

Nobody wants their business to fail, and, although it’s impossible to predict the future with 100% accuracy, a cash flow forecast is a tool that will help you prepare for different possible scenarios in the future.

5 things you don`t need to spend on

It’s really exciting running your own business. You have complete control over how things look and feel. You want the best for your baby business. but do you really need it? Everybody and his wife will try and sell you something and tell you it`s essential for your success, but is it?

Profit and what?

What is a profit & loss report? Why do I need one? What does it tell me?

A profit and loss report is likely the most important report to your business on a day-to-day basis, you may be sent a copy by your accountant, or your accounts software may produce one for you, but what is it?

Making Tax Digital – because who doesn’t love an acronym

You’ve probably heard of it, HMRC may have written to you, it’s likely popped up on your social media. But what is it?

MTD isn’t actually new, most VAT returns have had to be submitted digitally since 2019, and payroll records since 2013, what is new, is that HMRC is asking that all returns, including for sole traders are sent digitally, to help make it easier for individuals and businesses to keep on top of their tax affairs.

At a very simple level, it’s how HMRC wants you to report your income on a quarterly basis. Your returns will need to be sent digitally, via accounts software, helping you keep accurate and timely accounts. Eventually, tax legislation will exclude paper records entirely.

Still Doing Your Own Payroll? Here’s 3 Reasons Why You Should Stop

At face value, it seems like a great idea.

If you’re a small business owner with just a few employees, you probably think that hiring a payroll specialist is an expense that you can avoid.

You feel that you can handle it yourself. You have the best intentions to keep your staff paid right and on time. What could go wrong, right?

Well, lots actually. Below are the reasons why you should stop doing your own payroll.

How to start a business on a limited budget

So you have a great business idea and are convinced you can make it work, but you don't have much capital to get your business off the ground. Juggling existing financial commitments such as a mortgage or bank loans could put a squeeze on your business plans. But it is possible - a growing number of entrepreneurs are using creative thinking and shrewd planning to get businesses off the ground with the smallest budgets.