We (James & Dean) have been friends for more than 12 years now since we met in our first year at University. After graduating and each venturing down slightly different career paths working for various industries/firms, we wanted to start our business. In autumn 2020, we decided to build our own tax and accountancy firm, joining our individual specialities together.
1 year down the line, we reflect on what has been a good experience of working together (so far). However, we have put some rules in place to ensure the business's smooth running and to help maintain our friendship.
Setting up a business is exciting but can also be daunting if this is the first time. Most people will not have had any exposure to accounting before starting up, so it’s not surprising if you don’t know how to approach it. How do you make all of this easier for yourself? Here are our top tips for starting a new business, having done it ourselves too.
New businesses with early losses might be entitled to receiving tax reliefs. Many people don’t realise but these can help make your business a success, and relieve some of the pressure you’re facing. Here are our top tips for getting started, and how to consider tax repayments as a positive for your new business.
With the accounting industry embracing technology, bookkeeping has become more streamlined through cloud accounting software such as QuickBooks and Xero, allowing clients to review their financial position instantaneously. But can we be confident this information is correct? Good bookkeeping is the base of all accounting information, whether you are a sole trader or a worldwide company.
There has been rampant speculation about potential tax changes to meet the rising costs of the Covid-19 pandemic.
How do you plan for the unknown?
Our advice is the same as it is every year:
“Know where you are and do the simple things well.”
Easy to say, but what does it mean?
Learn about the three expenses that you can claim against your employment income and reduce your tax liability.
Many have been asked to work from home due to the government's pandemic response guidelines. It's likely that you will be eligible for tax relief against routine items and services that you've used to work from home effectively. Click to learn more about eligibility, and contact us for assistance in making your claim.