Important notice: New VAT Flat Rate Scheme

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From April 2017, HMRC has announced significant changes for the amount of VAT that many small businesses will have to pay in UK. This will affect vast majority of businesses that use the VAT Flat Rate Scheme but spend very little on goods, including raw materials such as companies providing services to their clients. The […]

How to read and understand a set of accounts

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As an entrepreneur you can increase your chances of making the right decisions and succeeding once you understand the basic concepts of some business-related subjects such as Economics, Marketing, and Operational Management, among others. Finance and Accountancy are crucial business subjects to be learned. In my opinion, all business subjects have the same value. That […]

HMRC IS CLOSING THE NET ON TAX DODGERS

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This HMRC advert is one of many the government has placed in public spaces. This initiative is called “HMRC is closing the net on tax dodgers”. The message is clear: ‘We are coming after you if you don’t pay your taxes’.As soon as I arrived in the cinema I went to buy myself popcorn and […]

GOVERNMENT SPENDING: WHERE DOES YOUR TAX GO?

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Do you know how the government has spent your money? Do you think the UK government has spent your money in a fair and effective way? These are important questions which we should all know the answers to.In January, we received a lot of calls from our clients regarding a letter they had received from […]

The Basics of PAYE (Pay As You Earn)

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PAYE or Pay As You Earn Scheme is HM Revenue and Customs’ (HMRC) system to collect Income Tax and National Insurance from employment in UK.Any business which intend to employ staff under Employment Contract (written or verbal agreement) needs to register for PAYE scheme before preparing the first payslips for their employees. They need to […]

How does the business creation process work?

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There’s no secret formula for you to follow to start up your own business. At least, I never saw one. I think it’s fair to say that when we break down any process into different phases, it helps us explain how that process works. For this reason, I like to divide the business creation process […]