FSB Meets at Downing Street to Discuss Issue of Bad Payment Practices

Bemused at the lack of progress being made to arrest the alarming decline in payment practices in the UK, the Federation of Small Businesses (FSB) was granted an audience at Number 10 Downing Street this week to voice their concern at how the issue is affecting small businesses. Recent FSB research has revealed that almost …

EU VAT Rule Change Creates a VAT Mess For Micro-Businesses

The internet has made it incredibly easy for lots of entrepreneurs and startups to find customers and build a business. Now lots of micro-businesses and solo entrepreneurs who sell online are worried that a new EU VAT rule will mean the end of their business. In the UK, businesses aren’t currently required to register for …

Invoice Template v Invoice Software: Which is best for small businesses?

One of the first things many new businesses need to learn to do is how to issue an invoice. If you are selling to other businesses, doing building work or anything other than fairly straightforward retail sales you will need to give your customers an invoice before you get paid. According to the official government …

HMRC Clamping Down on Hobby Businesses

UPDATED 29/03/2016: The government have recently announced some relief for smaller hobby businesses trading online with a new £1,000 tax allowance starting in 2017. Research released by RBS in January claimed that 1 in 5 UK adults are ‘hidden entrepreneurs’. These are defined as people who are running small businesses in their spare time or …

Micro Entity Accounts Now Accepted at Companies House

All limited companies have to file annual accounts with Companies House every year. These go onto the public record and are available to anyone who wants to look at them. Creating and filing the full set of accounts for Companies House can be quite a time consuming and expensive business. It will normally include using …

Simplified Expenses for Sole Traders

The second part of HMRC’s new Simpler Income Tax scheme is Simplified Expenses. It aims to make the way unincorporated businesses (sole traders and partnerships) work out their businesses expenses more straight forward. Though the practical application of the process is as the name suggests and is simple, there is quite a lot to get …

Income Tax Changes for Sole Traders

The Government have introduced yet another change at HMRC which affects small businesses. Unlike most of the new schemes, using Simpler Income Tax is optional, and small businesses that qualify can choose whether or not to use it. There are two parts to Simpler Income Tax: Cash Basis and Simplified Expenses. Despite what the scheme’s …

HMRC Changes to the VAT Registration Process

HM Revenue and Customs have recently made some changes to the way VAT applications are made. In the past there was a single online form which anyone could use to submit a VAT application. The new system adds an extra step which slows the process down considerably. Applying for VAT Yourself The first step in …

HMRC Find 36% of Small Businesses not Keeping Proper Records

HM Revenue and Customs have been testing out a new scheme known as BRC or Business Records Checks. Modelled around initiatives already in place in Canada and Australia HMRC have been trialling BRC since April 2011. The basic idea is to do spot checks on the way that SMEs do their bookkeeping. They have now …