News & Press

1. Mixing personal and business financesOne of the most common mistakes is failing to separate personal and business finances.This can make it harder to understand how the business is performing, track expenses accurately and prepare accounts...

1. You are unsure how profitable the business really isA business can be busy without being profitable.If you know sales are coming in but are unsure how much profit you are actually making, this is a sign that your financial reporting needs...

What is bookkeeping?Bookkeeping is the process of recording and organising the financial transactions of a business.This usually includes sales, purchases, receipts, payments, payroll, invoices, expenses, bank transactions and VAT records...

Profit and loss reportA profit and loss report shows income, costs and profit over a specific period.It helps answer one of the most important questions in business: are we making money?A typical profit and loss report includes revenue,...

Many business owners assume an audit only applies to large companies, but the rules are more nuanced. Whether your business needs a statutory audit depends on its size, structure, sector, shareholders and specific circumstances.This guide...

For some small businesses, staying as a sole trader is simple, flexible and cost-effective. For others, setting up a limited company may offer tax planning opportunities, greater credibility and better protection as the business grows.There...

Claiming the right business expenses can reduce your taxable profit, which means you only pay tax on the profit your business has genuinely made. However, the rules are not always as simple as keeping every receipt and putting it through the...

From April 2026, many sole traders and landlords will need to keep digital records and send quarterly updates to HMRC using compatible software. This will change how affected businesses manage their tax records, report income and expenses,...

Overlooking Financial Processes as the Business GrowsMany businesses start with simple systems that work well in the early stages. However, as turnover increases and operations become more complex, financial processes often fail to evolve...

1. You’re Unsure Whether You’re Paying Too Much TaxOne of the clearest signs is uncertainty around your current tax position. Many businesses simply accept their tax bills without knowing whether there are more efficient ways to structure...

What Does a Tax Consultant Charge For?A tax consultant provides specialist advice focused on tax planning, compliance and financial efficiency. Unlike standard bookkeeping or reporting services, consulting tax support is often more strategic...

What Does an Accountant Do?An accountant focuses on managing and reporting financial information. This typically includes bookkeeping, preparing accounts, payroll, VAT returns and year-end reporting.For many businesses, an accountant plays a...