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How do I pay my Self-Assessment tax bill?

There are several methods you can use to pay your Self-Assessment (SA100) tax bill and these are detailed on the HM Revenue and Customs (HMRC) website. It is perhaps the one thing they want you to do so it’s not surprising that they try and make it very easy! Remember – deadline day is 31st January.Here’s the linkPay your Self Assessment tax bill: Overview - GOV.UK (www.gov.uk)The payment methods are straight forward – remember to allow enough time for your funds to clear the b...

Your guide to cloud accounting

Want to run digital accounts but don’t know where to start? Our guide to cloud accounting explains all the main benefits of running your finances in the cloud. #tax #accounting #businesstips #cloudaccounting...

How to Automate Invoicing and Get Paid Faster

Business owners know that time is money. So why spend a lot of time on repetitive tasks when you can automate them? With the help of technology, you can automate invoicing, a necessary but time-consuming everyday task for many businesses that bill their customers. You can not only save time but perhaps even get your invoices paid sooner....

Should You Outsource Your Accounting?

Some businesses have internal solutions for financial management and in smaller companies, even the owners themselves can weigh in and tackle the task. Such an approach could work for the business for a while but it might not be the best option, especially once the company starts growing. Here are the essential reasons why outsourcing might be a good idea....

Achieving significant business growth Pt 3: Defining your mission, vision, goals and objectives

What is it you’re looking to achieve with your business? Many of you will have heard the Simon Sinek concept of ‘knowing your why’. His argument is most businesses know their ‘how’ and their ‘what’, but don’t really know or communicate their ‘why’.  We encourage you to think about your why, so you can communicate it clearly. ...

7 challenges faced by construction businesses

Construction is a very diverse industry and is one of the largest in the world. In the UK alone the industry accounts for billions of pounds every year. The world could not function without the key work of those working in the industry and you could argue that the work completed impacts on each of us, every day. For example, by providing jobs not only for site workers but also the wider supply chain such as architects, designers and even the accountants supporting the businesses. Also consider t...

What is off payroll working (IR35)?

The off-payroll working rules can apply if a worker (sometimes known as a contractor) provides their services through their own limited company or another type of intermediary to the client.An intermediary will usually be the worker’s own personal service company but could also be any of the following: a partnershipa personal service companyan individualDo you provide your personal services to a main contractor or end-client through a limited company or your own intermediary? If the answer is ...

Should I invest in a Buy-to-Let property?

Many landlords’ profits have taken a hit as a direct result of changes to the tax laws. Mortgage interest relief changes, a surcharge on stamp duty for second homes, a slowing of property price growth in recent years.  All these factors have raised the question ‘Should I invest in a buy-to-let property?’  Whether or not a buy to let is still a good investment depends on what type of investment you are looking for and what you want your investment to achieve. Before we look at the...

The Spring Budget 2021

Okay, so perhaps this Blog is not that short but we've tried to just focus on the main points. So now we know ….. the chancellor has delivered his budget and although it was broadly in line with what was speculated there were a couple of surprises. The budget was always going to be geared towards business, the economic recovery from Covid and how the books will eventually be balanced. No surprises then that there are tax rises coming but in the very short term its mainly positiv...

Everything you need to know about tax changes after Brexit

Many of you will have questions about this post-Brexit landscape and how new changes impact how you do business. We’ve summarised some of the key points here relating to taxes, and what you need to do. If you have any questions about your specific circumstances, do ask! We’ll do our very best to help you understand the path you need to take....

Improving doesn’t always have to mean growing

This time last year things were a little different. Personally, I was looking forward to a family ski trip to Norway, and having discovered my passion for running, had lots of fun events booked throughout the year, including Ultra Marathons! I couldn't wait. Work wise, it was all systems go. January is always motivating for us. We were offered a (very rare) large office at The Innovation Centre in Medway, where we have been based for a few years - and I didn't want to miss the opportunity. ...

What if I outsource my accounting to you and you get hit by a bus?

Hit by a bus. Family emergency. Fallen off the face of the earth. Whatever the circumstances, the fear is the same: what do you do if you’ve put all your trust in an Accountant and they disappear?  This is one of the most common fears we come across when we meet new clients - and a very valid one. Your business is a huge part of you. If you’re going to trust someone to come in and take responsibility for part of it, you want to be sure you can rely on them. The fear of your Accountant p...

Achieving significant business growth Pt 2: Making time for your priorities

We recently wrote a blog introducing the 10 steps to significant business growth and covering step one: knowing and analysing your starting point. Knowing and analysing your starting pointMaking the time for your prioritiesYour mission, vision, goals and objectiveKnowing your idea customersPositioning your businessYour marketing tacticsHow to win more customersMaking your numbers workMaximising your people investmentMaking your business work like clockwork Today we’re going to dig into the sec...

How much or how little can an Accountant do for me?

Due to old stereotypes, there are a lot of misconceptions about the purpose of an Accountant, and how much support we can give you. Do any of these sound familiar?An Accountant is just the person you see once a year who helps you get things straight with HMRC. When you grow as a business you should get your own in-house bookkeeper or finance team Only big companies need (and can afford) accountants It’s all or nothing with an accountant. You either get a cheap accountant for a t...

To achieve significant growth, you need to be honest about your starting point

Who would like a business that operates without them, runs like clockwork and makes more money? The question really is, who wouldn’t? To begin growing a business that functions like this, we must be honest about, and analyse our starting point.  Recently we ran an interactive webinar called The Step Change to Significant Business Growth. In the session we talked through a 10 step framework to enable you to thrive as we emerge from lockdown.  Many of the problems people are facing in ...

The Step Change to Significant Business Growth

This could of easily been another of those blogs looking backwards and sharing the impact of Covid-19. However, that would of held no surprises for any of us and we prefer to help our clients look forward with reliable financial information to support their critical decision making. With the lockdown restrictions starting to ease and an appearance of some light at the end of the tunnel, for now, many businesses are into the planning stage. Moving from the firefighting and panic phase of a crisi...

Change is scary pt 2: Changing accounting software and seeing your numbers for the first time

We recently wrote about a blog all about how scary change can be, especially when you’re thinking of switching accountants. Today we want to talk about another big change you might be putting off - switching to a better accounting software. Your choice of accounting software is about more than just the bells and whistles of its features. It can be the difference between being fully in control of your business, or flying by the seat of your pants.  When you don’t have access to your key ...

Change is scary - How you can overcome the fear of switching accountants

Like most business owners, you’re busy. You’ve got a thousand things on your to do list and you’re not sure how you’re going to get around to doing any of them. The idea of adding to that never-ending list seems crazy.  So when things aren’t working out with your accountant, and you’re struggling on the financial side of things - you push it back down the list. Even though it’s painful. Even though it might be necessary.  We get that. Boy do we get it. In the grand scheme...

Back to Business as Usual?

Lockdown has been (and remains) a tough time for business. For business owners, it is hard to predict when things will return to normal. Even as the lockdown measures ease, there is still a huge amount of uncertainty about when customers will come back and if the marketplace will still support your business. Many businesses are wondering if they’ll be able to recover. The anxiety driven by so much personal and professional uncertainty is still very real. Having to shut your business at short n...

What you need to do as a Construction Industry Scheme (CIS) Subcontractor - Part 2

Here’s the second part of our Construction Industry scheme (CIS) blog. Our first blog covered the basics around the CIS, in this blog we focus on Gross Payment status as its an area that often causes some confusion. ...

What you need to do as a Construction Industry Scheme (CIS) Subcontractor - Part 1

To get paid the right amount by a contractor, make sure you give them the same legal name or trading name you gave when you registered for the Construction Industry Scheme (CIS). You should also give them your Unique Taxpayer Reference (UTR) so they can verify you, and your National Insurance Number if you are a sole trader  If you don’t, this could affect how much you get paid. And your contractors are busy people – the chances are they’re too busy to chase you for the...

Mike Foster joins the Total team

Mike's role in the Total team is to work closely with Ann to deliver our business advisory support.  As a mentor, Mike supports clients to make change and develop their business. He helps them to visualise what they want, plan how to best achieve that and execute the plan with motivation. He keeps clients accountable to the priority actions, that they have agreed, to actually make the desired difference.  We have first hand experience of just how effective this support can be, having ...

What if I’ve set payment terms, but I’m still not getting paid on time?

Poor cash flow can be as devastating to a business as poor sales.  As a small business it’s all too easy to let your 30 day payment terms stretch into 40, 50, or beyond 60 days. You find your credit control turns into ‘credit out of control’.  We’ve seen it many times. A really great company, with a great service, always willing to be helpful unfortunately goes under due to cash problems.  We won’t sugar coat it - we know asking for money is hard  It’s a difficult...

Coronavirus Job Retention Scheme (CJRS) Important Updates

The Government has announced some important changes to the Coronavirus Job Retention Scheme (CJRS) which all employers who have staff still on furlough or who are still contemplating putting staff on furlough, need to take note of 10th June 2020 The CJRS will close to new entrants from 30‌‌th June. From this point onwards, you will only be able to furlough employees that you have furloughed for a full three-week period prior to 30th June. This means that the final date that you can furlough ...

Coronavirus Job Retention Scheme (CJRS Part 2)

Another week and another update !!! We appreciate this information keeps on coming but we are doing are best to filter it so you only get the important bits landing in your inbox. If you don't have any Furloughed employees then you don't need to read this :-)  Following on from our previous newsletter on 2nd June 2020 the Government has announced some further updates to the Coronavirus Job Retention Scheme (CJRS). The guidance was updated on the 12th June to include details of how the sche...