Accountancy Archives - ABC Accounting Services

What Your Accountant Needs To Know

June 13, 2019 | No Comments

As a business owner, it is crucial that your accountant has all the appropriate records, this allows them to efficiently execute their profession and legally minimise your tax bill! Do you need to know what information your accountant requires to handle your finances? Below is a checklist of documents you should share with your accountant, following this list will significantly help your accountant prepare your accounts and tax returns; Accounts records; You will need to send over ALL your bank statements for your business or businesses. This means statements for the whole period! Including statements from all relevant accounts too.
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What You Need To Know About Directors Loan Accounts

March 14, 2019 | No Comments

Most business owners first learn about Directors Loan Accounts is when they’re sat with their accountants to discuss their Ltd Company year-end accounts. It’s not something that is always discussed. If you’re unsure about them and need a little more information, hopefully, this article will answer some of your questions. Directors Loan Account Simplified Put simply, a Directors Loan Account is a record of how much money your limited company owes you or that you owe your company. It shows the amount left for you to withdraw free of tax from your company, or if you’ll need to reimburse if
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The Basics For The Self-Employed

February 14, 2019 | No Comments

Being self-employed can often mean the line between business and personal finance gets blurred. It’s hard to create a divide and have a firm barrier between them both. Our expert team have come together to deliver you our most useful tips for managing your finances. Create a Budget When you’re self-employed it means you’ve not got a guaranteed income that you can rely on being around the same amount each month. This can make budgeting trickier. Creating a budget for expenses allows you to have a clear idea of where your money is going and where you could save some
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The Gender Pay Gap: What The Companies Getting It Right Are Doing

February 7, 2019 | No Comments

In April 2018 all UK companies who employed 250 or more employees had to publish statistics revealing their gender pay gap. This movement saw a flurry of headlines highlighting companies with large pay gaps and what they should do to narrow them. Initially, more than ¾ of businesses were paying their male members of staff more than female employees. Some of the worst perpetrators had a gender pay gap of over 80%. Some of the biggest companies in the UK showed that their gap was over 3 times higher than the national average. At the time this was 18.4% for
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The Struggle For Millennials With Personal Finance

January 31, 2019 | No Comments

Research indicates that those from the millennial generation aren’t as financially literate as those from previous generations. They are however more likely to use the latest financial technology. The millennial generation is perhaps most famous for being technological. By 2025, the workforce will be made up primarily (75%) of millennials. The issue is that the millennial generation is showing signs of struggling to understand the most basic financial language. Could it be the job of accountants to aid them in understanding finances and in turn manage them more effectively? “Only 8% of millennials demonstrate high financial literacy” Lack of understanding
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What you should be doing financially if you’re self-employed

January 17, 2019 | No Comments

When you’re self-employed it can be a minefield trying to work your finances out. With so much advice, legislation and rules to follow it can be over-whelming. As a team that works with self-employed workers regularly we’ve gained lots of knowledge and have written an article on it for you. in simple terms, no technical jargon and genuinely useful tips that will help you get your finances in order for you and your business. Carry on reading to find out what we say! Register with HMRC as self-employed As a sole trader it’s your responsibility to pay your own income
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What To Include In Your Limited Company’s Invoices

January 10, 2019 | No Comments

When you look at the overall picture of all of your business activity, invoices may seem like a tiny fraction of what goes on. However, collecting payments for work you’ve carried out should never be side-lined. HMRC are looking for clear and accurate records of money you’re expecting to receive throughout the year. As well as HMRC, clients need your invoices to be correct in order to pay them. For limited companies there are certain things that need to be included within your invoices. Are you including them? Back to basics Let’s start by stating the obvious. The word ‘invoice’
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The Real Cost of Christmas For Business Owners

December 15, 2018 | No Comments

Christmas is all about happiness, joy and often giving to those you appreciate. For employers it can be difficult to decide how generous you really can afford to be over the festive period. There has been research conducted surrounding the ways in which employers make use of the opportunity of Christmas. Research has also been looking into the impact that the tax system has on acts of generosity over Christmas. Generosity, how far should you go? When employers were asked whether they took into consideration the cost if income tax and NICs when crafting Christmas reward schemes, only a tiny
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Top Tips For Recruiting

November 22, 2018 | No Comments

As a growing business, one of the many steps you’ll take is employing new staff. Doing this for this first time can seem daunting and having a little guidance will go a long way. Here we give you our best tips on how to ensure you’re recruiting right. Decide a wage Take a look at your accounts and work out how much you can realistically afford to pay a member of staff. Ensure it’s not going to leave you struggling or scraping the barrel at the end of the month. If your budget for a wage is smaller, it might
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Start of the Year Checklist for Business Owners

November 15, 2018 | No Comments

As we approach the end of this year, it’s the perfect time to sit and reflect upon your business finances. Whether you’ve struggled or exceeded your expectations, it’s time to start making your next steps to improve next year. What was successful and brought in lots of profit? What didn’t go as well and requires further thought? Thinking about these things allows you to carefully consider your future goals and create realistic targets for your business. Reflection can only get you so far though and there are other steps you can take to ensure success next year. Get your taxes
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