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Many freelancers (self-employed individuals or independent contractors) often have questions about earnings, deductions, and required forms. Staying organised and maintaining good records throughout the year can significantly reduce stress when filing taxes. Follow this…
SFIO CRACHOshutterstockMany businesses—whether large or small—depend on orderliness in their warehouses. To prevent organisational errors that could lead to significant business issues, companies should use inventory management software. These programs help businesses keep track of their inventory.…
SFIO CRACHOshutterstockWithdrawing from company assets for personal use is common for business owners, as they need income. This process, known as an owner’s draw, can be complex in terms of accounting and tax law. What should you consider when withdrawing money, what types of withdrawals exist, and is…
NDAB CreativityshutterstockAccounting is a complex task and especially entrepreneurs who are just starting their projects can use all the help they can get. With the right bookkeeping software, founders, freelancers, and SMEs have tools at their disposal that make the work easier and less error-prone. What…
Billion PhotosshutterstockIf you want to use your company assets to strengthen company funds from your personal account, that isn’t a problem initially. However, you have to know how to record owner’s draws and contributions correctly. It is important that these transactions do not affect the company’s…
Wondering where to find your UTR number? Whether you’re filing your Self-Assessment tax return, making payments to HMRC, or dealing with tax-related inquiries, this guide will help you understand the importance of your Unique Taxpayer Reference (UTR). We explain where to find…
Natee MeepianshutterstockWhether you are starting a company, exploring your current market, or discovering a new one, a market analysis can help you evaluate the attractiveness of a market. A market analysis is a key element of every business plan and makes sure that your idea or your plan is fit for the…
For most businesses, a profit and loss statement (P&L) is an essential part of the year-end closing. It provides a detailed breakdown of how profits or losses are calculated. But what is the meaning of P&L and what is the correct format of a P&L? To help you stay on top of…
UndreyshutterstockCalculating depreciation is essential for every entrepreneur. But how does the calculation of depreciation actually work, and what should you consider? These questions, along with others, will be answered through three examples that explain different depreciation methods and…
Andrey_PopovshutterstockNumbering your invoices is legally required for VAT-registered businesses in the UK, as per HMRC regulations. For non-VAT-registered businesses, while numbering invoices isn’t legally required, it is considered best practice for efficient record-keeping and tracking. We cover all…
A solid business growth strategy is paramount for any business owner. This category focuses on all the aspects that follow the establishment of a company; from business strategy and growth, to recruitment, bookkeeping, and taxes.