Like any other employed or self-employed person in the UK, sole traders must pay tax on the income they make each year. Income tax applies to your income after allowable expenses have been deducted (i.e., to your Net Profit, not Gross). You receive a tax-free Personal...
The entire process is fairly quick and is usually completed within two banking days. As more and more electronic transfers happen, it’s wise to be aware of this system that can step in if details are incorrect or one party can’t or won’t hold up their end of the...
While it might seem ironic, many accounting firms struggle with their own cash flow, especially in the early days. Having a robust system to monitor, predict, and manage your cash flow will be vital to making sure your firm’s sustainability and growth. Before...
We talk to hundreds of startups a month – and about 10% of them don’t need a monthly accountant. Instead, they are small enough to DIY their accounting, with the exception of filing a tax return – using a legit CPA for a startup tax return is a very, very...
It’ll also give you a good idea of what you’ll be making per project, which can free up cash flow and allow you to leverage the cash in new projects, new rentals, etc. While it is not the fanciest bookkeeping responsibility, it is one of the most important....
