The Fair Payment Code has been launched to help better tackle SMEs who are paid late. The burden of not being paid on time, and chasing payments, is weighing heavy on small firms with more than ever declaring insolvency. And with SMEs owed, on average, £22,000 a year the Code aims to help with the […]
New rules are being introduced for claiming employment expenses. To help reduce ineligible claims and tax abuse employees now need to use a P87 form and provide supporting evidence. The new rules took effect on 14th October 2024. The new process to “check first, pay layer” follows feedback that more ineligible claims were being made. […]
With time to consider the detail of the Autumn Budget it’s useful to reflect on the main changes impacting SMEs. Small businesses will be affected by many of the changes announced, particularly with regards to National Insurance contributions, fuel duty, and business rates. Employer’s National Insurance Contributions The main impact of the Autumn Budget on […]
SMEs are claimed to be responsible for £4.4 billion of unpaid tax as a result of tax evasion, according to a new report from the National Audit Office (NAO). Tax evasion is the practice of deliberately falsifying or omitting information to reduce a tax bill. The research – which focused on the high street […]
Introducing flexible working and condensed hours can be extremely beneficial for both business owners and employees. The 4 Day Week Campaign has picked up pace since the pandemic, based around the idea that a “9-to-5, five-day working week is outdated and no longer fit for purpose.” Reported benefits include increased productivity, higher employee satisfaction and […]
Having an emergency cash pot for your business could help you negotiate cash flow issues and tricky times. But how much should you hold available? Financial advisers often suggest that having an easy to access pot of emergency cash is critical in our personal lives. Yet the same rules should apply for your business, particularly […]
Scenario planning might feel like an unnecessary step in your business strategy, especially if you run a small business. But it can help you prepare for future uncertainties by considering some possible situations and their consequences. If you’re keen to plan ahead for certain events how should you get started? Step 1 – Research Firstly, […]
A new online training course for small business leaders – called Help to Grow: Management Essentials – has been launched by the Government. The free self-guided course has been designed to offer practical advice and resources for small business leaders and is an introductory version of the full Help to Grow: Management course launched in […]
Purchase orders (POs or PORs) often fulfil a key part of the procurement process, but they’re not used routinely by all organisations and there’s no obligation from an accounting perspective to have them – or is there?
If you’re a stock-based business, then getting your stockholding and product costings right can be tricky at the best of times. But recently, the effect of high shipping costs, long lead times, material shortages and inflation have made the job even harder. Get it right and you will have a strong cash flow, happy customers, efficient use of space and most importantly, profit on every item you sell! Get it wrong and you risk letting customers down, locking-up valuable working capital and reducing your margins.
It’s December. We’re approaching the end of another year – a clearly defined period with a beginning and an end because a year is a year, right? It has 12 months, 365 days, sometimes 366, or 52 weeks. So why would a financial year be anything different to that and what difference does it make from an accounting perspective?
Next in our series looking at how functionality in accounting software can be put to good use in SMEs, we consider the use of Cost Centres and Departments and how these can help you further analyse your accounts and support budgeting.