Berley’s Blog

Berley’s Blog is where you will find various musings and expressed thinking that relates to how we think changes in business regulations and accounting issues affect your business.

It’s also where you’ll find more general discussions on goings on within Berley and generally what we’ve been up to.

Is Your Restaurant in Trouble?

Just months after a report revealed that one-fifth of the UK’s restaurants are on the verge of insolvency, the start of 2018 saw popular casual dining chains struggle, and their owners selling off sites to make ends meet. The publicly-listed The Restaurant Group, owner of popular chains such as Chiquito and Wagamama, has been forced […]

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Are there opportunities for growth in the hospitality industry?

Some sectors in the hospitality industry may be going through a rough time but the outlook remains positive. You may have read that a few restaurants have been hit hard, like Strada and Prezzo closing restaurants, and Jamie’s Italian being – in owner Jamie Oliver’s words – “two hours away from bankruptcy”, the news can […]

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What does Brexit mean for your small business?

Not all businesses are going to be affected by Brexit – it may simply pass you by if you’re in an unaffected industry. However, for certain small business owners, Brexit means uncertainty. The truth is that nobody really knows what’s going to happen, although there are many guesses floating around. However, you can track some […]

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Eight tips for creative agency success

Let’s take a look at three tips to grow your creative agency this year

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Top ten tips for business growth in healthcare

The healthcare sector has been booming in the UK, with spectacular growth rates fuelled by an influx of game-changing companies. Right now, if you can stand out from the crowd, then the opportunity is there for the taking. At Berley, we know a thing or two about seizing the opportunity when it comes around. That’s […]

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Business Hacks: Simple ideas to turn your business fortunes around

Regardless of which sector you work in, no small business is immune to challenges. The hospitality industry is also facing problems as the issues surrounding food imports worsen since the pound grows weaker. Even in the creative and tech industries, where the business potential is lucrative, keeping track of clients creates a considerable amount of […]

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Tax tips for small business owners

There are many things that you need to take care of when you start a business including marketing, hiring employees, monitoring inventory and business planning. With all of this on your plate, it can become overwhelming without help from one of our small business accountants at Berley. In fact, startup owners often forget about one […]

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Cryptocurrencies: fad or future?

Bitcoin has been in the news recently, and not always for the right reasons. The cryptocurrency started at a value of almost nil in 2009, rocketed to a record high of US$20,000 in 2017, but has been steadily falling and is currently worth about US$6,500. Investors who entered the market at the peak suffered staggering […]

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Expecting the unexpected: hidden business costs

Starting a business is a step into the unknown. Even with a well-thought-out business plan, there are often a lot of overlooked costs that can quickly eat into your cash reserves. It’s not something you can afford to ignore with your initial profit margin being so small. As experienced accountants to contractors, here is our […]

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IR35: What you need to know

In April 2017 IR35 underwent some changes that were confined to the public sector. Now the new legislation is set to affect the private sector as well, meaning it’s more important than ever to understand this complex law. Here is what you need to know and why getting the help of an accountant from Berley […]

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Firefighting: what to do when things go wrong

We understand that running a business isn’t always a smooth road. Sooner or later you’re going to come across a hurdle as every business does. The inspirational success stories you hear come from the businesses that fought through the rough patches and came out changed for the better. The trick is knowing what to do […]

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Getting the right accountant

When you’re starting out in business, the idea is everything. It can be easy to forget about the paper trail that comes from pursuing it, but many entrepreneurs do. It’s not until the tax reports are piling up that they consider hiring an accountant. The legal side Many of the basic principles of VAT, tax, […]

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Meet the Construction Industry Scheme obligations with Xero

What is the Construction Industry Scheme? Every construction business in the UK needs to adhere to tax rules and regulations set by the Construction Industry Scheme (CIS), applying to both contractors and subcontractors (anyone who does construction work for a contractor). Any business or individual who pays subcontractors for construction work is classed as a […]

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The benefits of using Xero for your payroll

Voted ‘Payroll software of the year 2017’, Xero has become one of the leading cloud-based accounting packages on today’s market. Thanks to its intuitive design and user-friendly layout, an increasing number of businesses – both large and small – are using the software to consolidate their ongoing payroll demands. For small businesses who need a […]

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Keep track of your projects with Xero

Xero, the cloud accounting software, is taking the accounting world by storm. Over the last few years, they have collected numerous awards in the UK and abroad and won over a million subscribers who now use Xero as the essential accounting software. While Xero has already worked with numerous third-party apps, the team at Xero […]

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Top 5 common questions about Xero

Cloud accounting software is becoming more and more popular and Xero is leading the way with multiple awards and over a million subscribers. However, many people are still uncertain about where to start and we have been asked countless questions about Xero since we became one of their partners. So in this post, we shall […]

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Preparing your business for Making Tax Digital

The deadline for Making Tax Digital (MTD) is fast approaching. If you are not ready for these changes, now is the time to get to grips with cloud accounting. Will MTD affect my business? Although the Making Tax Digital initiative aims to be completed by 2020, as of April 2019 larger businesses (those with a […]

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How to get the most out of Xero

As a small business owner, you know first-hand how important it is to use an accounting software like Xero to help organise your finances. Designed for small- and medium-sized businesses, Xero is a cloud-based accounting software platform with a range of time-saving features and processes. Among the many advantages, being cloud-based is clearly winning hearts […]

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Cloud accounting: Top user mistakes and how to avoid them

Xero is the online accounting software that combines all accounting matters for contractors and businesses, and safely stores them in the cloud. Everything from purchase orders and invoices, to payroll and workplace pensions, are available in one place – and accessible anywhere with an internet connection. When using Xero as a business owner, you can […]

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Raising funds for your start-up: angel investors, venture capital and more

Thousands of companies are formed every month in Britain, and every year more people are looking to take the leap into launching their own start-up. For most of them, the first hurdle is finance. While some start-ups might be able to get going with personal funds or with the help of family and friends, some […]

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Let your accountant handle probate

When a loved one passes away, the process of handling their estate can seem bewildering. In the media this is often portrayed as a time of family conflict, where people argue over their inheritance, hire lawyers and take their issues to court. In reality, many families are happy to go along with the last will […]

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Growing your business abroad

For many entrepreneurs whom we work with across London, once they have established their business in London, the next step is to target other cities in the UK, and the natural progression is to expand overseas. At Berley, we grow with our entrepreneur clients. Our international business advice is available to help you avoiding the […]

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5 Common startup mistakes and how to avoid them

Every year more people in the UK are starting their own businesses – and every year, there are many who fail. However, the reasons they fail tend to be very similar, and if they had avoided the common pitfalls, their chances of success might have been much better. If you are thinking of starting a […]

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Use cloud accounting to boost your business

Using the cloud as an entrepreneur Starting your own business is a daunting task, but perhaps the most daunting is managing your finances. As an entrepreneur, you want to spend your time focusing on building your business, networking, and growing your client base. What you don’t want to do is sit down with mountains of […]

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Insolvency: consequences for company owners

If you are facing insolvency, you are not alone: it’s estimated up to 17,243 companies became insolvent last year, a rise of 4.2% on the year before, according to the Insolvency Service. As insolvency can have serious consequences for everyone involved, you need to find an insolvency practitioner if you are having problems with cash […]

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What you should look for in a reliable accountancy firm

Whether you are setting up a new business, facing the struggles of insolvency, dealing with financial affairs after the loss of a loved one, or simply looking for a new accountant for your small business, you’ll want to find experienced and reliable specialist accountants who will be on your side, committed to your needs. Here […]

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Creative Industry Tax Relief – Are You Missing Out?

Designed to encourage investment in the creative sector, a group of corporation tax reliefs are available to creative organisations in the UK.

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Five Tips to Grow Your Law Firm

With Brexit, cyber security threats and new competition on the market, many small legal practices are facing new challenges

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Time management tips for entrepreneurs

Everyone knows the phrase “time is money,” but only entrepreneurs know just how true that phrase is and how hard time management can be. As a start-up business owner, it’s likely you’re the one in charge of every aspect of your business. Operations, sales, accounts and bookkeeping, marketing and more are all down to you. […]

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Probate: Managing a loved one’s financial affairs after their death

In this post, we look at the Probate process in England and Wales, from applying for a grant of representation to the decisions you need to make once the document is granted. Applying for a grant of representation Probate is the legal process you go through when someone has passed away and you are the […]

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Protecting your business accounts from fraud

Phishing email attacks, data breaches, credit card fraud, and ransomware infections targeting small businesses are becoming far too familiar. Cyber fraud is estimated to cost UK businesses £193 billion per year, with accounts payable understandably being one of the most targeted departments. In addition to external hackers taking advantage of your business, fraud can come […]

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How tech SMEs can succeed in a high growth market

From internationally-adored Deliveroo to the revolutionary fitness app Fiit and the GP appointment app Babylon, the city of London has given rise to a plethora of successful tech ventures

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Is my SME exempt from a statutory audit?

Some companies in the UK are required to undergo an annual statutory audit, but depending on their turnover, size and the nature of their activities, many businesses can be exempt. If you’re a business owner who’s unsure about whether or not you need an audit, or how to go about claiming an exemption, as small […]

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How to tell if your business is facing insolvency and what to do about it

Thinking about insolvency is never ideal as it can leave you feeling helpless and frustrated. It’s a good idea to find an ally during these tough times, especially one that can help you get a grip on your finances. An insolvency advisor like Berley Chartered Accountants can do just that. We’ll be with you every […]

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What you need to know about diversification, a key growth strategy

Anything you read about growing a business is guaranteed to mention diversification as a key strategy, but can small businesses afford the risks involved? The answer is yes, but only if they weigh up the pros carefully against the cons and work from a solid financial core. Here’s a quick overview of what you need […]

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Growing your business by going global

Business today is becoming increasingly international and a global expansion plan could be the answer to growth-minded entrepreneurs seeking new opportunities. As a small business, budgeting for big changes may be your concern, but with the right approach, technology and strategies in place, doing business in new frontiers doesn’t need to cost too much. As […]

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Three Tactics for Scaling Your Recruitment Agency

With nearly 6,000 new agencies launched in 2017, the UK recruitment industry is booming like never before. With such a growth rate comes fierce competition, which in turn means that now is a good time for small businesses to focus on their growth strategies, tweak their business operations, and take advantage of any help available […]

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Preparing for the accounting year-end

The tax year is coming to an end on 5 April, and so is the business year for many SMEs who have chosen to align their accounting to match the fiscal year. This means they must complete a year-end report on how the company has performed over the past 12 months and then go on […]

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GDPR – Is your small business ready for new EU data rules?

New research suggests that more than two-thirds of small businesses have not yet begun to ready themselves for the General Data Protection Regulation (GDPR), and only 8% have completed preparations. As a small business owner, 25 May 2018 should be marked on your calendar – and then circled again. It’s the day EU-wide changes to […]

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Three tips for business growth in healthcare

In continuation of our series of articles on small business growth hacks, we look at how medical professionals can improve their business operations

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Five Business Growth Boosting Apps for Entrepreneurs

It’s no secret that in the 21st century the right technology platform can do wonders for business efficiency. Just imagine, while you’re reading these lines, creative startups are building new apps, established tech giants are optimising trusted tools, and Google is pushing AI research like never before. So, if a digital tool is giving you […]

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External Growth of a Business

We’ve previously outlined three strategies to grow your business organically, solely from its own business operations. We now take a close look at the other alternative: inorganic growth, which refers to a company growing externally as a result of acquisitions and mergers. Inorganic growth is often an attractive strategy, since it’s a relatively quick way […]

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Organic Growth Strategies for Small Businesses

When your small business uses existing resources to grow without relying on mergers and acquisitions, you’re doing something known as organic growth. It’s often a slow process – an aggregation of your strategy and hard work. It’s also a key indicator of how well your business is doing and whether it’s ready to keep on […]

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Business Growth in 2018: Expert Advice for Small Businesses

Are you a small business owner looking for advice on how to grow your business in 2018? You’ll be needing more than that—you will need a strategy, and we’re here to help. Year-end studies have revealed optimism and confidence among SME business owners across the UK, and they’re expecting rising revenues and business growth for […]

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Is Insolvency Looming On The Horizon?

If you run a business and you are in a position where you cannot pay your debts or if the business has debts worth more than the assets you hold, your business is deemed to be insolvent. Whilst this may be an extremely worrying time, you need to be aware of what can happen in this situation.

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Tax Relief Options When Selling Your Business

Deciding to sell your business brings mixed feelings: on one hand you may feel sad about passing your business on, but on the other hand you probably feel happy about making a successful sale.

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Recruit Berley for your accountancy needs

Working in recruitment can be challenging, especially because there are a lot of regulations that you need to abide by.

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What can Berley do for your business?

At Berley, we understand the needs of small businesses. As a chartered accountant company started by entrepreneurs ourselves, we know first hand what it’s like to produce a service that you’re proud of. December is the month of giving and, depending on your company, you can expect to do more business at this time of […]

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A good lawyer knows the law. A great lawyer knows Berley

Making a name for yourself and your law firm can be exciting and rewarding. As a law firm, your day-to-day tasks most likely involve you providing sound legal advice to a variety of individuals who need your help. The path to success, though, can often be fraught with difficulties. Law is a particularly demanding and […]

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Berley: the Michelin star accountancy services you’re looking for

Working within the hospitality industry in London can be incredibly rewarding

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How Soon Should I Plan For My Future?

One thing is for sure, you can never start planning your estate early enough. There are significant benefits that come from forward planning, and these apply to estates both large and small. Estate planning, also known as making a Will, has a number of areas for consideration. In order to ensure that your estate benefits […]

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Step aside solicitors, we’ll take over probate from here

Dealing with the death of a loved one is never easy. It can be difficult to juggle arranging the funeral service, managing any outstanding financial responsibilities, and your own emotional state at this difficult time. Thinking about your loved one’s estate may be the furthest thought from your mind, but processing the Will is a […]

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Protecting your latest tech creation

As a tech start-up company, creating tech and protecting it is important for the progression of your business

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Could you be due Creative Industries R&D Tax Relief?

Life can be tough in the creative industries, but tax relief could come to the rescue

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How to make the most of your NHS pension

Want to know how to maximise your pension on retirement? Find out how you can make the NHS pension work for you

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Are Your Payroll Services Working For You?

As a business owner, there are a number of rules and regulations that you need to consider regarding the payroll for your employees. There are also certain payroll responsibilities that you have as an employer. It is important to be aware of these responsibilities and to understand them all in order to prevent being fined […]

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How to get the most out of your accountant

Working with an accountant can be intimidating, especially if you’re already uncomfortable around numbers. But this is exactly why accountants can be useful; they understand the numbers and know how to help you make the most out of your finances, whether that be in a business capacity or a personal one. Before hiring an accountant, […]

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Why should start-ups plan a launch event? Here are 5 reasons!

Establishing a new business can be a frightening, yet rewarding, adventure. Regardless of your industry, exposing your brand can help you to reach the clients that you want and can really reinforce client relationships. Having a launch event will allow you to introduce your business, your brand, or your new product line to the public, […]

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Giving your small business an artificial helping hand

Artificial Intelligence is becoming an increasingly common sight in the business world. For small businesses, the subject of Artificial Intelligence may be daunting, but adopting smart software into the day-to-day running of your business could help you to increase your productivity and could give you the helping hand you need to compete with larger industries. […]

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Specialist financial care for your business

Berley is a team of chartered accountants who have a wealth of experience and knowledge in the field of finance. We can offer you a range of accounting services that cover everything from taxes and audits, to probate and insolvency. As well as all this, we can also provide specialist services that can be tailored […]

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Dealing with insolvency

Having a business that is not doing as well as you’d hoped can be a difficult thing to deal with. At Berley, we understand that you’ve put a lot of time, energy, and money into making your business a success. But sometimes things happen, and you’re forced to accept the fact that your business may […]

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Importance of cyber security for SMEs

Did you know almost  a quarter of SMEs infected by ransomware have to cease their operations immediately? What is ransomware? Ransomware is a computer virus which encrypts your files (photos, videos, database and documents) and won’t release them unless you pay a ransom. This ransom is paid in the virtual currency Bitcoin. The attackers usually […]

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Financing your business in 2017

Starting up a business has its challenges; formulating a business plan, sorting out the necessary paperwork, and securing funding to get your ideas off the ground can all be a hassle. At Berley, we try to reduce the stress of owning a business so that you can concentrate on doing the things you love. As […]

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How can Berley’s probate service help you?

Probate is the first step in the legal process of administering a will and distributing the deceased’s assets correctly. It involves a complex and rather time consuming analysis of financial affairs, which has the potential to add to your stress during this personal time of need. Dealing with the death of a loved one is […]

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How can your tech startup succeed?

Having a technology-based company has its own challenges. In this era of technology, competition between businesses has never been more difficult. Starting up your own company is only half the battle, and ensuring that your business lives on and is successful can be tough. Luckily though, Berley can help you with ensuring that your dreams […]

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Why is cloud accounting so beneficial?

Over the years, technology has gone through vast changes; clunky computers have become slim laptops and phones, sending letters has been replaced by texting. The upcoming Making Tax Digital scheme by HMRC has brought cloud accounting to the forefront of entrepreneurs’ minds. The launch of MTD has been delayed to allow businesses to adapt, but […]

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Challenges of entrepreneurship

We live in a time where it has become increasingly popular to become an entrepreneur. Since almost anyone can start a business, there’s a lot of competition out there. Nowadays, small businesses tend to have a harder time progressing within their chosen markets due to the influx of influential companies and the difficulties in finding […]

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What is the right source of funding for you?

As a young person starting their own business, it is often hard to find the right funding that suits your particular situation. Even with a growing business, finding proper funding and help is a tricky task to do. Berley believes in helping entrepreneurs with their finances – that includes providing options and advice unique to […]

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How to become a financially secure business

When starting or growing your own business, becoming financially secure can be fairly tricky. Becoming successful in your business venture takes more out of you than you think. For a lot of people, there is the misconception that it is as simple as opening your computer and money flying through, only to find out that […]

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5 things to consider when starting a business

At Berley Chartered Accountants, we encourage and cherish entrepreneurship by working with entrepreneurs and helping them with their finances, accounting tasks, and tax advice. Being the trusted accountants for entrepreneurs have allowed us to see first hand the passion required to start a business and the strength to carry it forward. So we thought it […]

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The hiring dilemma

For start-up entrepreneurs, the day when you need some expert external help will come. This is when you start thinking about the pros and cons of freelancers vs employees, and if there is any third option? How you approach this situation may entirely depend upon the unique characteristics of your business. For example, if your […]

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Embrace the artisan entrepreneur spirit

As consumers, we are becoming more aware of our food. We pay attention to the farming practices, take notice of where the meats come from, and in turn, we may favour artisanal and craft products – think artisan cheese, craft beer, and specialty coffee. Across London, many young entrepreneurs are taking risks and becoming artisan […]

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Protect Yourself Against Fraud

In the Crime Survey for England and Wales (CSEW) report published in January 2017, the Office for National Statistics revealed a 3% increase in trend data and frauds referred to the police. However, it also said that many fraud cases go unreported. Fraud can happen to any business, regardless of size or industry. As chartered […]

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5 Ways to Manage Rising Business Costs

Rising business costs is something that all businesses will begin to face at some point and will be an ongoing factor they’ll have to deal with throughout the life of their business. For many small business owners, amidst the constant rising cost of materials and hiring, they manage to keep their customers and even expand […]

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Understanding the Difference Between An LPA and a Grant Of Probate

When dealing with the ‘end-of-life’ affairs of a close relative or loved one, several stages of care may be involved. During this process, which can span many years as a person’s health declines, the cognitive and mental capabilities of the person may also decline, to a point where they are unable to make their own […]

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Dealing with probate

Dealing with the administration of an individual’s estate can be a complex and time-consuming experience, which carries with it a number of legal obligations. Here we outline some key elements of the process, as well as suggesting some tax-efficient measures for you to consider as part of your own estate planning strategy. Probate is the […]

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Transferring Child Trust Funds To Junior ISAs

Child Trust Funds were introduced back in 2002 and all children born in the UK from September of that year until the end of December 2010 were given a gift of £500, which was invested into one of three Child Trust Fund (CTF) products. These were: A savings account An account based on investment in […]

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All You Need To Know About The Statutory Residence Test

The government introduced the Statutory Residence Test, also known as SRT, back in April 2013 and the test is designed to decide on your residence status, which helps to determine whether you should pay tax here in the UK or not. There are many grey areas in these rules and although we cover the main […]

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How To Liquidate Your Business

You may have decided that it’s time to windup or liquidate your business and to stop your business trading. A variety of circumstances may lead to this, not least is where you may have just had enough and can’t actually sell the company as a going concern. Also, there may be a problem with looming insolvency. Beginning the […]

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Company Audit Exemptions

Within the UK there are certain audit and reporting regulations to adhere to if you run a business in line with EU law. The government feels that these audit regulations produces confidence in the market through clearly demonstrating the corporate framework. There are however, some circumstances where you will be exempt from these audit responsibilities […]

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Changes In Stamp Duty Land Tax (SDLT) On Residential Property

Finally some good news in the residential property market. From December 4 2014, HMRC has introduced a new charging structure has been introduced for SDLT – Stamp Duty Land Tax. This could benefit up to around 98% of property buyers and is widely seen as a positive step in updating and long outdated tax scheme.

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Autumn Statement 2014 – Remittance Basis Charge for non UK Domiciled Individuals

If you are a non UK domiciled long-term UK resident Remittance Basis Taxation or RBC, allows you to pay income tax and capital gains tax on your overseas investment income and gains only if these income and gains are brought into the UK and then on an annual basis. The Chancellor had said that the government wouldn’t make any further changes to non-domicile taxation, including the RBC, for the 2010-2015 Parliament. But, that’s not exactly what just happened.

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HMRC Credit Card Sales Campaign

HMRC are on the warpath again This time it is businesses who accept payment by cards and have not reflected all transactions in a return. Predictably, HMRC wants to recover all the taxes payable by companies or individuals who use credit or debit cards to take sales orders. Many businesses use credit or debit cards […]

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HMRC’s Latest Property Crackdown

Earlier in the year we sent emails to client’s regarding HMRC’s ‘amnesty’ of the Let Property Campaign, following on from this . . .

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Cash is King?

Orders are flooding in, and everyone is rushed off their feet.

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