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Year-End Bookkeeping Checklist for Businesses

It is crucial for businesses in the UK to ensure their financial records are in order. Correct year-end bookkeeping is not only essential for accurate financial reporting but also for tax compliance and planning. Review and Reconcile Accounts The first step in your year-end bookkeeping checklist is to thoroughly review and reconcile your business accounts. …

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Understanding and Interpreting Financial Statements

As a small business owner, understanding and interpreting your financial statements is crucial for making informed decisions about your business. Financial statements are a snapshot of your business’s financial health, and they can provide valuable information about your revenue, expenses, and overall financial performance. There are three main financial statements that every small business should …

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Startup Survival Tips

Surviving and thriving during uncertain times is a challenge for any business but it can be especially challenging for startups. However, there are certain steps that you can take to navigate the storm and come out stronger on the other side. Focus on your core values and purpose Your core values and purpose are the …

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The top 5 financial mistakes new startups make and how to avoid them

As a new startup founder, it’s easy to get caught up in the excitement and passion of building your business. However, it’s important to also pay close attention to your startup’s finances, as this is what will ultimately determine the success or failure of your venture. Here are the top 5 financial mistakes that new …

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Company Secretary vs Virtual Assistant: Understanding the Differences and Benefits

Company Secretaries and Virtual Assistants (VAs) are two very different roles with distinct responsibilities and skill sets. With the rise of remote work and the need for digital assistants, these two roles are often confused. While both roles can help to keep your business running smoothly, they have different responsibilities and are best suited to …

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A-Z Making Tax Digital

Making Tax Digital (MTD) is transforming the UK’s tax system. This A-Z guide will help you navigate the key terms and concepts of the new initiative. From “API” to “VAT Return”, this brief explanation of key words will give you a comprehensive understanding of the basics of MTD. A – API (Application Programming Interface) A …

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Bookkeeping for E-commerce

Bookkeeping is a crucial aspect of any business and e-commerce businesses are no exception. Keeping accurate financial records not only helps you stay compliant with tax laws but it also gives you insight into the financial health of your business. Cash and Accrual Accounting In cash accounting, income is recorded when it is received and …

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Self Assessment Tax returns

Self-assessment tax return is an important process for individuals in the United Kingdom to report their income and claim any tax reliefs they are entitled to. It is mandatory for certain groups of people like self-employed, landlords, and directors of UK companies. These returns must be filed annually, and the deadline for submitting them is …

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saving money in 2023

We all want to save money but sometimes it can seem like an impossible task. There are so many things that we have to spend money on as part of our everyday lives, from food and bills to entertainment and clothes. However there is a way to save money without feeling like you are missing …

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