Bells Inc. Hamilton Stewart

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What the new financial year brings

April is the time of change. Spring is finally in the air and the new financial year kicks in. We thought it would also be a good time to do a quick recap of what you can expect for the forthcoming financial year – are you likely to be better or worse off? There are a few changes happening this year and so it’s worth a quick look to see how they may affect you and your business. All changes come into effect from the 6th of April. The good news Overall the news is good when it comes to income tax, with almost all taxpayers being better off than before. The basic tax rate threshold rises to £11,850 and the higher rate income tax band of 40% doesn’t kick in until...

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The new minimum wage from April: what you need to know

It is that time again when the old financial year is nearly at an end and the new one is about to begin. This is also the time when a number of other government changes are implemented, and one of these is the annual change to the Minimum and Living Wages. We take the opportunity this month to review those changes to help you prepare for the fiscal year ahead. What are the Minimum and Living Wages? These are set by the government and apply to hourly rates of pay. The rate that staff receive will depend on their age and whether or not they are an apprentice. The Minimum Wage applies to all those paid hourly who are of school leaving age – in other words if you will be...

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Don’t be a victim of the latest HMRC-related scam

Don’t be a victim of the latest HMRC-related scam

It’s that time of year when you have just completed and filed your tax return and paid up on what you owe. Unfortunately, that means that it is also the time when there is an increase in phishing scams via email and social media, some of which can look genuine. We have had a few of those brought to our attention already and it prompted us to raise awareness of the most common ones to make sure you do not fall victim to any of them. HMRC itself has taken the unusual step of raising awareness as well, even including images of what some of those scams look like. Full details can be found on HMRC’s website, but read on for a quick summary of what to look out for and what to do if you receive a message.

The Budget at a glance

The Budget at a glance

The Autumn Budget was the Chancellor’s opportunity to set out the Government’s view of the state of the economy and to set the targets and goals for the near- and medium-term future. Presented at the end of November last year, many of the changes come into effect from April this year – although some were immediate – and there are winners and losers in all camps. This month we have set out a quick re-cap to help you plan your year and your budget, and let you figure out what you can do with any spare cash you may have left over.

Setting up a payroll system what you need to know

Setting up a payroll system: what you need to know

Your business has been going from strength to strength and it’s time to hire staff to help take on some of the work to help you meet your clients’ needs and fulfil the orders you have coming in. It’s an exciting time as it means that you are ready to grow the business. It can be a little daunting though if you have not done this before, and your legal obligations will change as you take on more and different responsibilities; you will now be an employer and will need to consider all the legalities that come with that.

Why you should hire a bookkeeper

Why you should hire a bookkeeper

Bookkeeping probably sounds like something out of another business era. It conjures up images of a business owner or accountant in a back room somewhere trying to organise their receipts and invoices, surrounded by mountains of paperwork and pulling their hair out.

Why using an accountant is better than going it alone

Why using an accountant is better than going it alone

Whether you are a limited company or sole trader, being at the front-end of your business is what you do best. You know your market, your product or service, and your clients. You know how to keep your clients happy and how to find new ones. You’ve probably taken advice on marketing and sales at some stage in your business’ life. When it comes to accounting this is not the place to try to save money. In fact, investing into hiring an accountant to help you run your business is what will lead to saving you money.

Why using an accountant as a small business is crucial

Why using an accountant as a small business is crucial

Setting up your own business was a huge step and you are rightly very proud of having taken the leap to do it! The next steps are to focus on building up that business, getting new clients, and delivering on your promises to them. Hard work, no doubt, but fairly straightforward in theory. More and more people are doing it, with a record number of new business start-ups registered last year.

Why your business should use cloud accounting platforms

Why your business should use cloud accounting platforms

The management of generating invoices has revolutionised over the past decade. More and more businesses are switching to cloud platforms to manage their online accounting process, and are reaping the rewards. As a business owner, you might be a great entrepreneur, but the chances of you being a good accountant too are very rare. So, it is most likely that you would find bookkeeping to be a gruesome task, especially while trying to earn brand popularity for growing your business.

Bells Inc. Hamilton Stewart, Surrey

How should your accountant help with your business’s profitability and performance?

When it comes to your business your accountant can do a lot more than just calculate your tax bill for you. We can also help and guide you on all the following: Analysing trends and financial information within your business to help you ensure you are making maximum profits. Advising on all the ways you may be able to save tax. Monitoring your debtors and even providing a credit control service if required to ensure that your cash flow is not suffering due to late paying customers! Assisting you to prepare a cash flow forecast for the bank or for your own reference to ensure your business is properly funded. Producing monthly management accounts so that you can track your business’ financial performance and ensure you are on track. Producing...

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Some of the packages that we know inside out include: