Chancellor Rishi Sunak set out the Spring Budget on Wednesday, announcing the government’s tax and spending plans for the year ahead. Alongside measures to support the UK’s long-term economic recovery, he set out plans to help business and jobs through
Today is also known as Blue Monday, which is supposedly the most depressing day of the year. And this year it is compounded by the fact we’re in yet another national lockdown, on the continuing ‘Coronacoaster’. Even the most resilient,
Well, it’s that time of year when we look back at the previous 12 months and think about what we’ll do differently. It’s fair to say 2020 has been somewhat challenging. Square Mile has been fortunate to work with lots
How to get your R&D tax credit cash sooner than you may think. As the pandemic continues, many businesses are experiencing cashflow issues. If your business spends money on innovation, you could get an injection of cash through the the R&D
On 24 September, the Chancellor unveiled a new Job Support Scheme (JSS) to try to avoid a wave of redundancies and job losses when the Coronavirus Job Retention Scheme (or furlough scheme) ends on 31st October 2020. Businesses will continue
The three T’s of effectively introducing disruptive tech to your business. It is fair to say that disruptive tech has knocked us off our seat with its capability to change how businesses operate. It has created unfamiliar competition, which has
The world of tech is revolutionising the way we go about our everyday life, and now it has even transformed our payroll systems. Unless you have set up an accountancy firm, the chances are that accounting is one of the
As a business owner, are you becoming inundated with tasks that you should not necessarily be responsible for, such as company finances? Well you are not alone. You would be surprised how many business owners we come across that have
Picture the typical accountant sitting at their desk, a big list of compliance tasks and chasers to deal with, clients chasing them for work they can’t get to as there are not enough hours in the day. Your clients don’t
When you hire a Virtual Finance Director (VFD), part of their remit will be to assess the past and present financial performance of your company. But where they truly shine is in helping you plan for the future. A VFD
Sales are up. New customers are flooding in. You can’t stop hiring. This is it, this is the dream. Everything is falling into place. But where’s all the money you were expecting to follow this level of success? And why
When you hear the words “Finance Director”, what springs to mind? They’re not for small, scaling businesses. Right? They’re sat in fancy corner offices of large, multinationals. Right? They’re too expensive and their services too complicated for scale ups. Right?
Or worse still – you neglect it altogether? Well, before we answer that, let’s take a look at the state of play today. Many old school accountants view bookkeeping as an administrative task that’s beneath them. One that’s trivial, or
As any successful business owner will tell you, there comes a point when you need to start delegating. To grow effectively, you willneed to call in the experts – especially when it comes to finance. That’s why many businesses eventually
Spoiler alert:If you’re already debating the need for a Finance Director, you definitely need both. There is often confusion when discussing the roles of accountants and Finance Directors. After all, they both work with clients and businesses to help improve
One headline from the Queen’s Speech in June was confirmation of the government’s intention to ban letting agents from charging a fee to tenants in England. Welcomed in some quarters but met with anger in others: what will the impact
Currency Volatility What with the EU referendum last year and the General Election’s Hung Parliament, there’s been plenty of uncertainty around, particularly when it comes to the GBP exchange rate. In the 10 months following the June 2016 referendum when
Seasonality impacts a large number of businesses across the UK, but time and time again many are caught out when their cash flows grinds to a halt. For your seasonal business to continue to trade and succeed, you must ensure
So, were you blind-sided by the outcome of the Election? Even though we seem to have been bombarded by extraordinary political event after event over the last year or so, the result of a hung parliament still came as something of
With more people than ever renting their home, rather than buying, it’s a great time to be a landlord or to opt for a buy-to-let property investment. There’s a good market for tenants and, with the right planning and financial
Investing in ‘bricks and mortar’ has always been a sensible way to grow your money. And with the growth in the average house price beginning to plateau, now may be a good time to look at buying up properties in
Technology, particularly property tech is a sector with high overheads and a culture of late payment by customers – and that makes cash flow a major headache for most proptech businesses. The average firm waits 107 days before it receives
Running your own business makes for a very busy life. And with so much to do in the day to day running of your SME, it can be tough finding time to check you’re on track… not to mention focusing
Cloud accounting software is revolutionising small business accounting. With innovative new cloud software solutions, business owners now have a more reliable, more flexible and more efficient way of managing their accounts. Unless you’ve set up an accountancy firm, the chances
Are you tired of the chancellor tinkering with property taxes? I’m a landlord with a small portfolio, so have been feeling the pain myself with successive budgets and autumn statements squeezing smaller investors in the sector. To many people’s surprise,
If you’re serious about turning a profit from your property business, and want to give yourself the best possible ability to grow, you need to consider what the best business structure is for your property operation. As we mentioned in
The benefits of Xero and the Xero app ecosystem Running a property business can sometimes feel like a juggling act, with a multitude of different ‘plates’ to keep spinning. Whether you’re a landlord with a small portfolio of buy-to-let properties,
If you’ve dipped a toe into the property investment or buy-to-let markets, you’ll be aware that there are a number of tax and financial planning elements to take into account when you’re looking at the profits you can make from
If you own and run a company, how should you pay yourself in the 2016-17 tax year? In recent years, the most efficient way for owner run businesses to pay themselves personally has been to take a salary up
Business cashflow depends on prompt payment. Xero analysed over 12 million invoices to discover some revelations about getting paid on time. They also asked the small business community for their tips and tricks. You’re not alone: Invoicing insights from small
In the early stages of owning a business, many people find they also have to be the bookkeeper. This can mean less time spent doing what you love. Even if you have a dedicated bookkeeper, finding a way to stay
It’s vital that the invoicing software your business uses is a sound investment. After all, it can determine whether or not your business establishes and maintains a healthy cashflow. Invoicing shouldn’t be tedious or complicated Everyone knows a smooth billing
Cloud computing got you perplexed? You’re not alone. Most of us talk about ‘the cloud’ without even realising what it really means. We’re clearing the air on cloud computing and how it can benefit your small business. So what is
An accountant setting up an accountancy firm is the usual story. But an accountant setting up a brewery? Now that’s a bit more interesting! Having long been fascinated by breweries, the brewing process, and – let’s be honest – beer
It is our pleasure to announce that we have been nominated for an award at this year’s British Accountancy Awards. We have been shortlisted for the Most Innovative Independent Practice for the way we have embraced the latest technology to
Brexit for High Growth Businesses – Boom or Bust? It’s been almost two months since the EU referendum and I thought it would be a good opportunity for us to reflect on how the vote will impact UK based growth
At Square Mile Accounting, we’re passionate about sharing our advice with contractors on how to run your limited company. For lots more advice to help you to increase your income and productivity, reduce your costs, and become a success, please
Pensions represent one of the few last ‘tax breaks’ available to contractors, even after the changes announced by the Chancellor during the 2015 Budget. As a limited company contractor, you have more choice than ever to choose how to manage
Are you running a small brewery where you produce 60,000 hectolitres or less of beer a year? If so, you may qualify to receive small brewery relief – a way to reduce the duty you pay on your brewed products and increase your profitability.
You’ll know by now that we’re big fans of Xero online accounting software. And if you caught our recent blog, you’ll also know all about the power of financial technology (FinTech) solutions for expanding the efficiency of your business systems.
R&D Tax Credits for Software Developers Funding a growing technology business in London can be a tricky business, you need to evidence traction and convince angel investors, VCs, crowd funding platforms that your idea stacks up. One hidden source of
Limited companies are separate legal entities from their directors, so your limited company will pay taxes on its profits, and you (as an individual) will be liable to pay tax on any income you receive from your company. Here we
You’re a contractor in the UK, and you’ve just become a Director of your Limited Company. There are certain duties and responsibilities you need to be aware of – besides just making sure your business runs profitably. The Companies Act 2006
Until June 2016, companies in the UK have had to file an Annual Return with Companies House, giving a snap shot of the the company’s structure and shareholdings on a set date every year. From June 2016 this is being
It seems that the ongoing debate over whether or not tattoos are acceptable to display in the work place is still continuing. A Change.org petition started at the end of February that called for the end of employment discrimination against
We very strongly recommend that you take suitable insurance. For most independent contractors, being insured forms part of your contracts with clients and it’s a vital part of protecting yourself against unforeseen eventualities. We know it can be a minefield
Tax Return Time! We are now out of the 2015/16 personal tax year and we are into the 2016/17 one. Your employer should shortly be giving you your P60 forms detailing all your income tax and national insurance contributions for the
Life is short. Do what matters to you! If you feel stuck in the corporate world and feel the urge to get out and try something new then Escape the City could be just the thing for you. Our Director
As your limited company is a distinctive legal entity of its own, you cannot use your personal account for business purposes. You must set up a separate company bank account, even if you are the only director and shareholder. Avoid
P11D Forms? What and when? You may have heard the term P11D mentioned or perhaps received a notice from HMRC that you need to complete them. But what are they and when are they due? P11Ds are the forms that
It’s been about six weeks now since George Osborne announced his Budget for 2016 and analysts and experts have had time to digest the impact it will have on the UK industries. So is it good or bad news for the UK’s Brewery? Pretty good as it turns out
After your limited company is incorporated, your accountant can assist you with registering your limited company at HMRC for tax. Square Mile Accounting’s experienced team will help new directors save time and offer peace of mind, knowing that applications are
This list is designed to provide tips on how to register and establish limited company in the United Kingdom. Decide whether you can register the business yourself or if you need the help of an accountant Dealing with registration yourself can be
Shifting your fast-growing tech business to the next stage of growth involves raising equity, and you’re ready to pitch to potential investors. Or are you ready? One of the challenges you face is how to transfer your enthusiasm and energy
Fast and seamless set up within 24 hours Square Mile Accounting has every step of the way mapped and marked. We can get everything set up for you on your behalf, from choosing and registering your name to filing your
Contractors should be very careful about special schemes, solutions, short term tax loop-holes, EBT’s, LLPs or companies that use complex offshore solutions. Many of these schemes were designed for legitimate purposes, however over time they have been leveraged for tax
Which option is right for you? First ask yourself the following questions: Is contracting a short-term or long-term decision? Do you want to establish yourself as a brand? How much time and resource do you have to spend on the
Your Trading Options When you start contracting, you need to consider how you will receive payment for the work that you do. The options available to you are: Your own Limited Company Umbrella Company PAYE through an Agency Sole Trader
Contracting in the UK is steadily growing in popularity, representing an increase of 63% since 2004 – research from the IPAG Business School in France bringing light to the growing wave of the iPro. They classify iPros as “highly skilled
The growth of Xero as the leading cloud provider is evident all around you in London. Square Mile Accounting were in attendance at Xerocon, Xero’s annual convention to showcase the developments over the next twelve months that are in the pipeline.
As we work with business owners and help them review their profits and productivity, we’ve discovered that (unlike us accountants) you don’t really want a spreadsheet of dry numbers.
It doesn’t mean anything to you. It’s…well…dull. Even ugly.
Which is why Futrli has changed the game.
It’s accounting technology gone sexy. It’s profits and productivity and numbers in clean, good looking dashboards that not only make sense, but are really easy on the eye.
Starting and running your own brewery business is a big challenge to take on. Brewing is an industry where creating the perfect product can take time and where hands-on experience in the sector can be a huge advantage. And even once you’ve perfected
If you travel a lot for your business, we’re sure you’ve heard the news buzzing around the contracting world about the proposed changes to tax rules for travel and subsistence. Following the 2015 summer Budget, the Government has proposed removed
There’s no question that the cloud has come to work. You may wonder why so many businesses are moving to the cloud? It’s because cloud computing increases efficiency, helps improve cash flow and offers many more benefits. Companies today –
This blog post is courtesy of Xero.com and their guest writer Alex Cruickshank. Many successful inventors sometimes talk about “BBB time” – time spent in Bed, in the Bath or on the Bus (or other form of public transport). This
No matter what business you’re in, there are always areas where you could be cutting costs and saving money. Since we’re a bunch of accountants, we happen to be good with money. That’s why we’d like to share a few
We’ll state the obvious – that keeping a steady cash flow is a bigger challenge than most business owners realise. Fortunately, there are sound solutions and cash flow rules to help you.
We’ve worked with many people who have a great business with good products, services and people – but they fail to make any money. In most cases, by asking two questions, we get to the bottom of why people are
As a small business owner you no doubt wear many different hats during your day-to-day responsibilities, especially during the early stages. Accountant, HR, legal, business development, sales – are probably just some of the roles you have to take on.
Did you know that on average, you spend 3.6 hours a day on social media sites? That’s approximately 25% of your awake hours. Although social sites like Facebook and Twitter are great, we know that spending 3.6 hours is too
When it comes to tax planning, finding deductions in hidden corners is an important step in building wealth.
Women all over the world are becoming entrepreneurs and building successful businesses. What lessons can they teach the rest of us? Here, seven famous female entrepreneurs share their tips for success.- via Xero [7 min read] Women are turning to
Square Mile Accounting have partnered with Kingsbridge Professional Solutions to provide a business insurance package aimed specifically for contractors and freelancers working through their own limited company. It’s vitally important for contractors to protect themselves against unforeseen possibilities – and
Switching accountants is a big decision. The relationship between accountant and business owner is a very personal one, and cutting off a relationship with a trusted business advisor can be extremely difficult to do.
Getting the basics right is often the most important thing. Sometimes we overcomplicate things, thinking about all the clever difficult things we could do and ignoring the basics, so here are some simple basic tax planning ideas.
You’ve got that great start-up idea, but don’t know how to get it off the ground? This is an issue most face when making those daunting first steps as an entrepreneur.
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