What qualities should an accountant have?
When thinking of the qualities an accountant needs to have, one obvious requirement comes immediately to mind: good with numbers! Of course, this isn’t the only strength of a good accountant these days, and what an accountant should know for your SME comes down to much more than mathematics. Let’s take a closer look. What […]
What role does an accountant play in my business?
Accountants are the people who know how to guide you through the complicated realm of taxes, VAT returns, and other statutory obligations your business has to meet. Having an accountant on your team isn’t a legal requirement, but they’re doubtless a strength that many businesses couldn’t do without. So, what do they actually do? What […]
Do you need an accountant to file your tax return?
Nobody looks forward to paying taxes, but it is an inevitable part of business for any company. Tax returns must be filed with HMRC every year, and is a routine affair for those familiar with it, but for the uninitiated it can quickly get complex. The internet is rife with questions about the world of […]
What is a chartered accountant?
Accountants have historically bore an unfair reputation as bean counters, people who will only tell you how much money is going out and how you can hold on to more of it. While this is something an accountant can do, their true roles utilise infinitely more wisdom. Readers who have sought out the services of […]
Accounting Advice for Small Companies
Managing financial affairs effectively is the lifeblood of small companies. Keeping abreast of those finances is crucial, not only for making sure you meet your compliance obligations but also to guide decision-making and planning. It’s difficult, if not impossible, to make informed decisions about the future direction of your company if you don’t have all […]
Do I Qualify as a Micro-Entity?
A micro-entity is the name given to UK-based private limited companies that are very small. Directors of micro-entities can save time when it comes to preparing and filing their accounts by submitting micro-entity accounts with Companies House. These accounts are in a vastly simplified format but contain all the key information that can be found […]
What Does an Accountant Do for a Limited Company?
The overwhelming majority of limited companies use the services of an accountant to prepare their financial accounts. While there is no legal requirement for a limited company to use an accountant, there are considerable benefits in doing so. Taking care of the financial affairs of a limited company can be both complex and time-consuming. It’s […]
The Consequences of Missing Annual Reporting Deadlines
If you find yourself in receipt of a tax return, you have a legal obligation to complete and return it even if you don’t think it’s relevant. Failure to submit a return can have financial and, in some cases, legal consequences for individuals and businesses. Every limited company is required to deliver accounts to Companies […]
Is Making Tax Digital Compulsory?
Making Tax Digital (MTD) is a comprehensive plan by HMRC to ensure that the self-employed and small businesses take tangible steps towards going paperless with their tax records and returns. HMRC believes that MTD will ultimately make it easier for individuals and businesses to stay on top of their tax affairs and submit their returns […]
How to Pay Corporation Tax
All UK incorporated companies must pay corporation tax. To do this, they must prepare and file a tax return within time limits specified by HMRC. This is a detailed administrative process that you really cannot afford to get wrong.