Your Complete Guide To Allowable Expenses For The Self Employed Alert it’s the tax deadline coming up! Alert Alert! Yep, it’s that time of year again, the mad scramble to get your self-assessment filed on time. Now of course if you were super organised you’d already have it filed? Right…! Ok, I live in the […]
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PODCAST ANNOUCMENT
Our managing partner, Rob Jones, has appeared on some podcasts recently sharing his experiences in business and offering tips and advice for start up founders. Click on these link to listen to what Rob had to say. Business Mastermind This podcasts is for business owners and leaders in small to medium sized businesses. If you […]
Government financial support during lockdown – what’s available?
As the UK is into a third period of Covid-related lockdown, with non-essential businesses now closed, it’s important to know what financial support is available from the Government. With your business closed, or running with a skeleton team of essential workers, revenues are likely to have dropped alarmingly – and that’s bad news for your […]
Spreading your January self-assessment payment
The 2020/21 tax year has been a tough time, financially speaking, for many of us. So it’s no surprise that many owners, directors and self-employed individuals are concerned about having enough funds to pay their self-assessment income tax bill. The good news is that HM Revenue & Customs (HMRC) does have a facility for spreading […]
How does an accountant save you money?
Turning a profit will be high on your list of goals as a business owner. And if you want to generate the best margins, that means keeping an eye on the money that’s going out of the business, as well as what’s coming in. So, how can your accountant help with this? The days where […]
How to prepare your virtual teams for the long haul
The pandemic may have forced hundreds of businesses to convert from co-located teams to 100% virtual teams in a matter of days, but that was just temporary, right? That’s what many of us thought. For a while there, it was just about getting through the next couple of weeks and then months, but now, furlough […]
Hiring Your First Employee – Screening and Interviewing Techniques
Check out our previous article Hiring Your First Employee – What’s the role and are you REALLY ready? Where we talked about checking if you are really ready to make your first hire and a quick checklist to guide you into attracting the right talent for your business. Now, hopefully, you’ve got applications rolling in […]
PIVOT!- ‘Lockdown Proof’ Your Business With These Ideas
Are you sick of lockdowns, uncertainty and however many tiers we are on now? Yep, us too… As we enter the second lockdown across England it’s easy to get disheartened with the seemingly never-ending cycle of lockdowns, restrictions and change in advice. But, it’s not all doom and gloom, some businesses have used the pandemic […]
Are we a cost or an investment?
As accountants, we’re always helping our clients find ways to reduce their overhead costs – one of the seven ways to grow your business. Did you know that your accounting fees are an overhead cost? Should you be cutting this cost? Or do you view us as an investment? Expenses are a necessary evil; we […]
Are you paying yourself too little?
You probably didn’t get into business just to make money, but it is (and should be) part of the equation. Getting your salary right is an important part of a healthy business. Pay yourself too little and your bills will go up as your motivation goes down. Too much, and you might be at risk […]
On your marks. Get ready. File – the race to get your tax return finished has started
Tax season is looming. We give some top tips for completing your tax return, including the tax deadlines you need to know about. This year hasn’t exactly been the one we were all expecting. To protect lives, we’ve been forced into accepting a new kind of normal. Our working lives have also changed dramatically. For […]
7 Ways Rishi Sunak Can Kickstart The British Economy Back Into Life
Governments all over the world are desperately trying to mitigate the impact of lockdowns on business owners and individuals. In the UK we’ve seen loans, grants, tax deferrals and more measures implemented by Rishi Sunak in an attempt to keep the economy going. But we think he’s missing some important areas. Here are 7 ways […]
How to help support your employees through the current global crisis
As most working professionals spend a third of their time at work, it’s been a massive adjustment for the millions of people who have had to start working from home. With many other stressors and worries piled on top of this, it’s no surprise then that this has had a major impact on the health, […]
How to make your business recession-proof
Unless you have somehow managed to avoid the headlines, I’m sure you’re quite aware that a deep dark recession is coming our way. In fact, it’s practically knocking on our doors. As if this isn’t bad enough, the knock-on effect is causing issues too; relentless client queries being a big one. So how can we […]
How to adapt your marketing to turbulent times
Every business is on a three-step journey: survive, adapt, and thrive. ( By the way you can buy accounting packages on our website for each step of that journey!- http://rjf.uk.com/manchester-accountant-prices/.) Before COVID-19 hit, many were adapting or had adapted and were thriving, only to be thrown backwards to tread water once it did. With the […]
Hiring Remote Workers For Project-Based or Temporary Work
Hiring staff is an essential part of a growing business. As the saying goes, “you are only as good as the team around you” … and hiring is a speciality in itself. Hire right, and you get everyone pulling in the same direction towards a common goal. Hire badly and it feels like you have […]
How to Start a Start-up
Start-Ups, they’re springing up everywhere, all the time. But does the fact that start-ups are ubiquitous mean that successful entrepreneurial ventures are easy to create? Well, not really- especially if you don’t have the guidance and knowledge you need to get you started on the right track. First of all, you should make sure you […]
Leveraging On Social Media For Your Business
With more and more social media platforms popping up all the time, knowing what to use and how to use it can be daunting for many business owners. Maybe you don’t think it’s for your business, or maybe you’ve tried and not found any traction. But it’s a fact that when used properly social media […]
5 Ways To Generate New Business In A Post COVID Economy
Right now at the time of writing lockdown is lifted, and businesses are trying to regain some sense of normality in a very different environment. For some sectors lockdown has been a blessing in disguise, but for most others, it’s been challenging to say the least. So how can you reignite customer interest […]
R&D Tax Credits for Recruitment Busineses
ATTENTION RECRUITMENT COMPANIES-R&D (Research and Development) Tax credits are often associated with tech companies and geeks in white coats! I have often thought the same, but it’s not true! For those of you who may not be aware of what R&D tax credits are here is a hopefully a simple explanation- Research and development (R&D) […]
Returning to work post-covid19: how do you assess your office needs?
In the short-term, it seems likely that many of us will remain working from home even after government orders to do so are lifted. Why? Because businesses have either found that remote working seems to be working favourably for them or they don’t know how to return to work safely. To answer the three most […]
What does the Chancellor’s mini budget mean for you?
We spent a large part of yesterday afternoon listening and reflecting on the budget update from the chancellor. In this email, we will take you through what this actually means for you. If you furloughed a member of staff you probably received this excellent summary from the government of the changes being announced. (It’s […]
18 tips to successfully juggle working from home with the kids
Thousands of parents have been juggling two to three full-time jobs for the past 11 weeks now: their normal job, 24/7 childcare, and for some, becoming a teacher. With the recent news of schools not reopening now until later this year, it’s looking like this won’t be ending any time soon either. As if this […]
2 Must-Dos to Help Your Team Work From Home
2 Must-Dos to Help Your Team Work From Home It’s looking like remote working will be the ‘new normal’ as we ease our way out of lockdown. While this is the best decision for the safety of employees, it’s not great for business. To make it through the current crisis in the best position possible, […]
How to Make Sure Your Employees Are Actually Working from Home
With the phased reopening of businesses over the new few weeks to months, many businesses are having to carry on with operating remotely. This means that many employers are faced with the challenge of managing and monitoring their employees who are working from home. It can be extremely challenging to keep track of remote workers, […]
Top 14 tips for running effective online meetings whilst working from home
As millions of workers around the world are now working from home due to the coronavirus outbreak, countless firms and businesses are having to look to digital methods to carry out their daily schedules. As we all know, meetings are a big part of that schedule, so that includes having to run remote meetings virtually. […]
Reopening your business checklist
Hopefully, this is now the start of what will likely be a long road to getting back to normal! We know all our clients are raring to go so we shared this checklist with them to help them reopen their business. We hope you find it useful too. Do we have a plan to reopen […]
Find out all the tricks I have learnt to conserve cash in the last 15 years
As a veteran of far too many downturns in the economy, I am now getting a real sense of déjà vu, or in other words, been there, done that, definitely got the teeshirt. When the economy starts to make a downturn, there is a real need to preserve the lifeblood of the business, cash flow. […]
Running Effective Virtual Meetings
Videoconferencing has been available for decades for larger companies, but until recently the majority of meeting attendees would be collected in a meeting room, with only a handful of people joining by video or audio. It takes effort for those in the room to remember that anyone is taking part remotely and the very word […]
COVID-19 Grants for the self-employed
The government has, at last, announced a package of support for self-employed individuals and clarified more about how to access the coronavirus job retention scheme. Let’s start with the Coronavirus Job Retention Scheme: In terms of the clarified advice on the Coronavirus Job Retention Scheme, we have learnt: • You can claim for any employees […]
A summary of what help the government have provided
Activating The Government 80% Support Package
We were delighted when the government announced details of the Coronavirus Job Retention Scheme. In this article, we want to give you a few more details of how to access this and who it applies to. What is meant by ‘furloughed’ workers? And the internet came to our rescue here. When soldiers used to be […]
COVID-19: Government support tracker
The Corona Virus bill is passing through parliament today. This tracker covers measures announced by the government to support individuals and businesses, as we get through COVID-19. At a glance Announcements cover the following topics: IR35 & off-payroll working Statutory Sick Pay (SSP) IR35: off-payroll working & SSP Self-employed and low earners Business rates Small […]
Help if you are Self employed and for your own personal circumstances
It seems that every day the realities of the situation the economy is in just gets worse. I am sure you are like me pleased that the government is pumping money into small businesses. But what happens if you are self-employed or trade as a sole trader rather than limited business? So, included in this […]
What you need to know about Time to Pay and your tax bills
Following on from the recent budget announcements and subsequent updates from the treasury, we have put together a quick update on the latest position for applications for Time to Pay (TTP). What is Time to Pay (TTP)? Time to Pay provides businesses who are affected by the impacts of Covid-19 with time to pay any […]
An Update on help available from the Government
Some helpful tips for your business in these uncertain times
How RJF helped turned a business around – A case study
Several years ago a client came to RJF in severe difficulty with HMRC. They owed in excess of £250,000 and were struggling to pay. On the face of it, the business looked great, they had a good brand, some big-name clients and great recurring revenues. Staff turnover was low, loyalty was high and people wanted […]
Why Having A Good Relationship With HMRC Is Essential
Did you know that nearly half of all small businesses employ neither an accountant or a bookkeeper… But the evidence is clear; when you include all the reliefs and expenses you may have missed, you’ll usually save more in tax than you pay in accounting fees! That’s not even considering the time saved by not […]
Tax Schemes, Avoidance and Evasion
We all want to save money, and paying less tax is often the first place we look. Let’s be frank, no one enjoys paying tax! But of course it’s the law, it’s part of running a business and something we all have to do. Minimising your tax liability is about using the correct reliefs, structures […]
Everything You Need To Know About IR35
What is IR35? A tax law, IR35 was introduced to tackle tax avoidance in those who work as contractors compared to those who are full-time employees of a company. When you work full-time as an employee your tax is controlled and calculated by your employer. However, when you are a director of a limited company […]
Payments On Account For The Self Employed
What Is Payment On Account? Unlike employees who have to pay their tax each month as they earn it (pay as you earn or PAYE) one of the benefits of being a sole trader is that your tax bill is not due until the end January after that prior tax year. So for tax year […]
What Is Entrepreneurs Relief?
Entrepreneurs relief was introduced in 2008 for business owners as an incentive to start and grow British businesses. The rule states that if you sell your company you’ll only pay tax at 10% on any capital gain. Which is quite attractive for a startup looking for an exit… However, there are some restrictions and conditions: […]
Taxes made simple – What taxes do I need to pay as a limited company?
You’ve formed your company, done all the paperwork, received your congratulatory letter from companies house informing you of your responsibilities as a director. You’re up and running! But one thing springs to mind… how much tax do I actually need to pay from my company? It’s something you certainly need to budget for so you’re […]
Do I need to complete a Self Assessment tax return if I run a startup?
Self-Assessment – what exactly is it? Self-assessment was designed by HMRC as a way for people outside of PAYE to declare their annual income and pay the correct amount of tax. Whilst on PAYE your tax liability is automatically taken from your wages each month and paid to HMRC. However, if you are self-employed a […]
Your responsibilities as a business owner (tips for startups)
What are my legal requirements? As a director of a limited company, you have certain legal requirements and responsibilities. When you form a company you will receive a letter informing you of your duties, but if in doubt it’s always worth doing some additional research on companies house to make sure you know what you […]
Directors Loans – What You Need To Know
Loaning money TO your business Many directors will loan the business money in order to fund operations until the business starts generating enough cash flow on its own to be self-sufficient. Often startups forget or don’t realise that a business is a separate legal entity and is treated as such, even if it’s owned by […]
Tax Efficient Ways To Draw Money From Your Business
If you’re a business owner who has made profits in your company and now wants to draw those profits out, what are your options? Dividends and Salary The majority of business owners will take profits out with a mixture of salary and dividends. The salary portion is determined by current tax year legislation. As of […]
What Happens When You Make A Mistake On Your Tax Return?
Mistakes happen… millions of us make mistakes on our tax returns each year. So what actually happens if you make a mistake? What are the penalties? How does HMRC deal with mistakes? Let’s get the most common question out of the way first – no you won’t go to prison for a genuine error on […]
Trading Shares Through A Limited Company And Using Rollover Relief
When dealing or trading shares, you might consider trading through a limited company rather than a personal account. If you do decide to trade through a limited company there are some benefits, one of which is rollover relief. What is rollover relief? When you sell shares and make a profit this is treated as a […]
Why Sticking With A High Street Generalist Accountant Could Cost You Hundreds Of Thousands
“You know you were entitled to several hundred thousand pounds in tax relief for that, don’t you? Did your current accountant not mention it?” Silence… “But, my accountant never said anything!” Her face shifted from surprise to anger. That was the first awkward conversation we had when a new client using a well known high […]
The one thing you simply must do before looking to raise investment
So you’ve decided you want to get some investment for your business. Perhaps you’ve got an idea that needs some capital to act as fuel to get things rolling? Or perhaps you’ve already got a viable business that you want to take to the next level? Either way, you’re going to be standing in front […]
Claiming For A Home Office – What Do HMRC Allow?
Many business owners, sole traders and freelancers use a home office. Whether that’s for occasional admin in conjunction with commercial premises or as a full-time office. The good news is that HMRC will allow you to claim a portion of your costs against your tax. Which is nice… But before we all get too excited, […]
The dangers of being a DIY accountant
Many business owners whether self-employed or running a limited company fall into the trap of trying to manage their tax affairs by themselves. On the face of it, things seem simple… but it’s too easy to make mistakes that can cost you dearly! Missing out on things you can claim back One of the most […]
Company Cars And Benefit In Kind Tax
Should I consider putting my car through the business? This is one of the most common and popular questions we get at RJF! Nearly everyone has a car and the thought of being able to put that through the business and enjoy all the benefits that offer is very appealing. Unfortunately, in most circumstances, HMRC […]
What is FX hedging and how can it help your business?
Does your company do any business in a foreign currency? Do you receive or make payments in anything other than British Pounds? If so you could be leaving a lot of money on the table and you could be inadvertently exposing yourself to exchange rate fluctuations. Improving your exchange rate Often companies receive a significant […]
Alternative Startup Finance Options
Getting funding for your startup is tricky. We’ve mentioned before in our regular articles how banks just don’t want to loan to new businesses and if you do find one that will, you’re going to pay a lot for it and have to provide a personal guarantee. No ideal for many business owners. So that […]
The value of good accounting software
Running a business is hard enough as it is… Dealing with customers, clients, suppliers, employees, it’s a juggling act even the most seasoned entrepreneurs find challenging. The area that regularly drops by the wayside first with regards to attention is accounting and finance. Business owners and CEOs often can fall into the trap of solely […]
Everything you need to know about Making Tax Digital
Everything you need to know about Making Tax Digital Unless you’ve been living under a rock for the past few months, you’ve probably at least heard the phrase “making tax digital” and you might be wondering what it is and if you need to do anything. In a nutshell, Making Tax Digital (MTD) is a […]
A New Look At A Fashion Brand’s Financial Health
Turnover isn’t everything in business. When an e-commerce client came into trouble with creditors, they came to us for a recovery plan… In e-commerce, margins can be tight, particularly in the early days. A strong grasp of cash flow and profit and loss is crucial to success in retail. An online fashion company nearly fell […]
Making AI A Headline Investment Draw
Data is the world’s greatest currency. We helped a client realise their value for AI SaaS during their quest for investment… At RJF Accounting & Business Support, we’re often tasked with making a brand fitter for financial backing. The truth remains that investors do want to see certain things – aside from profit, growth plans […]
How We Helped A Client Save On Currency Exchange
RJF Accounting & Business Support helped save a client tens of thousands in lost revenue by adopting a currency strategy they hadn’t heard of… A large creative digital agency approached us after losing a substantial amount of money on processing international payments. The business had many European clients but found that exchange rates and transfer […]
How To Finance Your Next Great Idea
Raising finance is an art form. It’s one of the subjects we deal with the most for clients who know what they can offer, yet haven’t scoped out the full means to bring it to market. It’s time we spoke about how to raise business finance, from tax credits to an investment round. There’s much […]
Your Recruitment Agency Should Be Going Global. Here’s Why…
Diversification means different things to different people. For some businesses, it refers to widening their services and branching into new professional skills. For others, however, it is firmly about expanding: bringing your specialism to as many countries as you can. One definition can complement the other, of course, but you should be thinking globally – […]
4 Things Recruiters Must Be Aware Of In 2019
Every year brings a fresh batch of trends, challenges and opportunities for recruiters. In 2019, the sector will be under the microscope more than usual. From impending changes to IR35, to new technology and, of course, the looming shadow of Brexit, we have much to anticipate for the next 12 months. All of these things […]
Is Your Business Part Of The 50% Bound For Failure?
Did you know that 50% of startups fail in their first couple of years? It’s an astonishing statistic. Large turnovers don’t necessarily mean you’re profitable. Beneath the façade of success, huge fissures could be opening in a startup’s earning model, simply because a few key responsibilities aren’t being met. Financial management can soar over many […]
Is Your Recruitment Agency Fit For Sale? How To Assess Your Financial Model
Building a recruitment firm is all well and good. But building a sellable one is something different entirely. Whether you’re eyeing up exit options now, or simply curious about selling your business in the future, we have some tips for looking at your financial model with a fresh, critical pair of eyes. Is it healthy? […]
4 Alternative Sources Of Business Finance For Recruiters
In a previous blog ‘Is Raising Capital The Right Path?’ we examined whether you need to raise investment to scale your enterprise. This is never a cut and dry decision; it will vary, depending on circumstance. But what if a funding round turns out not to be right for you? There are a variety of other financial […]
Is Your Accountant Limiting Your Business Potential?
‘Accountancy’ means different things to different people. For some, it’s a simple matter of crunching numbers and ticking boxes. For others, it’s an integral part of growing, managing and protecting a business – informing decisions and driving plans. So it’s hardly surprising that accountants vary considerably in the level of service they provide. Almost every […]
Entrepreneurs’ Relief Changes Aim To Encourage Business Growth
As part of the Chancellor’s Spring Statement in March, further details were put forward regarding the planned changes to entrepreneurs’ relief (ER), which were previously announced in the November Budget last year. What is entrepreneurs’ relief? Whether they no longer have time to manage the business, or they simply wish to move on to other […]
Dividend Allowance To Be Cut – Will You Be Affected?
In the 2017 Spring Budget, it was announced that there would be further changes to the dividend tax-free rules. This came just a year after the new dividend allowance came into effect in 2016. Now from April this year (2018), the dividend allowance will be reduced from £5k to £2k tax free. What exactly […]
What To Do Before The End Of The Tax Year – Download The Free Guide
The end of the tax year is almost upon us. Now is the time to get everything in check before the final deadline. Making sure you act fast will save you hours of stress and make sure you are all in check by the final deadline. At RJF, we have put together a checklist of […]