When someone passes away, it can be a complicated process to sort out inheritance. If you are a relative of the person, you may be in line to receive an inheritance from their estate, which means any assets including cash, stocks, or material goods. As with any significant income, a tax is imposed on inheritance…
If you are looking to launch your business in 2022, an accountant can help you when writing a business plan, to ensure you are well prepared for the early stages of the process. A business plan is a written document that includes a number of key details related to how your business is set up…
When managing your business effectively, it is important to keep a close eye on your cash flow. This will allow you to track your income and outgoings and plan for both the short term and long term of your business. If you are looking to grow your business, you will want to ensure that the…
Running your own business can be a busy job, but when things are going well you are able to reap the benefits. Business owners are able to take a portion of the company’s profits and pay it to themselves and other shareholders as dividends. As a business owner, it is important to bear in mind…
When running your own business, you must file a confirmation statement with Companies House in addition to all your business year-end accounts. The Small Business, Enterprise and Employment Act replaced annual returns as of 30 June 2016 and introduced confirmation statements to offer a more straightforward alternative to inputting your company details. Once you have…
If you are considering hiring an accountant for your small business, but are unsure if this is necessary, there are many things to consider. As your business grows, you may find yourself becoming busier with company accounts, filing documents with Companies House, and remembering various deadlines. An accountant will ensure you keep on top of…
A company’s year-end is the date their accounting period ends for the year. From this date, you have 9 months to file your annual accounts with HMRC and Companies House as a legal requirement, excluding sole traders. In simple terms, year-end accounts are a summary of your business’s overall performance for the year; however, you…
Both small businesses and large corporations utilise three fundamental financial statements: the income statement, balance sheet, and statement of cash flows. Balance sheets are useful at giving a snapshot of your business’ financial situation at a certain point in time. A balance sheet can help you to assess how successful you have been for the…
