Blog & News
Latest News from Your Finance TeamWe spend a lot of time offering our clients practical advice on how they can grow their businesses – please see some of our articles below and feel free to share.
How to cope with trading in tough conditions
How to cope with trading in tough conditions For most businesses times are hard. With inflation rising, difficulty obtaining products and services and a very real labour shortage it can feel as though everything is against the business owner. But talk to people who...
read moreOutsourcing your finance and accounting
Outsourcing your finance and accounting Outsourcing your finance and accounting work can be a great way to supercharge your business and bring you the peace of mind that properly managed finances delivers. There are a whole host of benefits to bringing in an...
read moreThe YFT guide to credit control for SMEs
The YFT guide to credit control for SMEs Cash is king, so making sure that money is sitting in your bank account rather than those of your customers is a key skill for any business owner. Although it might seem a bit alien to you at first, don’t worry. Credit control...
read moreKPI’s – what are they and how do they help?
As businesses grow they find that maintaining control and understanding what is going on gets harder and harder. Add to this the fact that their accounts get more complex and it can be difficult for business owners to understand what is actually going on and that is...
read moreWill I pay tax on a company car?
The taxation of company vehicles is one of the most complex areas of tax and as a result one that we get asked about the most. It is not helped by the fact that the rules are different depending upon how you use the vehicle, how your company provides it and whether it...
read moreWhat’s the best way to finance vehicles for my business?
If you need a vehicle for your business then what is the best way to pay for it? This is a question that keeps many of our clients up at night so in this post, we’re going to look at the subject. Now we have to add the traditional accountants’ health warning here -...
read moreWhat are capital allowances on cars?
Capital allowances on cars is one of those subjects that often surprises people when it comes time to do a corporation tax return. This is because instead of claiming depreciation as a deduction you have to claim capital allowances and these can often be different to...
read moreWhy creatives are different (and why their accounting is too)
We think you’d be hard-pressed to find two completely different professions as accounting and the creative industries. If you believe popular characterisations then you wouldn’t believe that we accountants could possibly enjoy working with creatives but you couldn’t...
read moreAgencies – should you set up a subsidiary?
If you run an agency then you may wonder whether you should set up a subsidiary. As agencies grow, many develop a group structure with several different subsidiary businesses all doing different things or serving different niches. There are some very good reasons why...
read moreGrowing your business – 17 things to watch out for
When they start in business, most people have dreams of growing but there are some hidden traps that can stop those dreams from becoming reality. Everyone makes mistakes, but what we see are the same things coming up again and again. Some of them are pretty major and...
read more5 things to think about when appointing new directors
If you are thinking about appointing a new director then there are some important point you really do need to consider before you go ahead. You can ask anyone to help in your company, and you can employ anyone you like (within reason) but a directorship of a limited...
read more7 efficiency apps that will improve your business
Have you ever found yourself doing a job whilst thinking that there must be an easier way? Often we get into a routine of doing manually things that could actually be automated and with automation comes efficiency. If you want to grow your business then you need to...
read moreWhy Choose Limited? – The Benefits of Setting up a Limited Company
Are there really any benefits to having a limited company instead of working self-employed? While being self-employed may be all the rage, it isn't always the best route to go down when starting your own business. Setting up a limited company, despite being slightly...
read moreHow the subscription model is changing business (and why you need to know)
If you are like the majority of British people then you have a subscription of some form or another. There’s no doubt that the subscription business model has taken the world by storm and now users can subscribe for almost anything from food to cars to razors and yes,...
read moreDividends, How much can you actually take?
If you own a limited company then you are entitled to take cash in the form of dividends and whilst that can be a very tax-efficient form of directors pay there are some things you need to be aware of. In this post, we’re looking at the issue of dividends and...
read more10 things that are (and aren’t) true about starting a limited company
We specialise in helping clients to organise their business strategy in the most effective way and whenever we speak to our clients about starting a limited company it is clear that there are a number of myths around. In this post, we wanted to take a quick look at a...
read moreMTD is on the way, what you need to do to prepare
You may have heard about Making Tax Digital (MTD) in the press and wondered what it is all about. This post is designed to give you some insight into the MTD roadmap and what to expect. Importantly, all businesses will be affected in the fullness of time so it’s not...
read moreIs XERO difficult to learn?
Making the move to a professional accounting package can make a massive difference to any company but of course, you do need to learn how to use the system. We often speak with clients who think that it will take them forever to understand Xero and that they need...
read moreIs XERO any good for agencies?
If you run a busy agency then you’ll know how important it is to have access to up to the minute information and the heart of that is a great accounting package. One of the best-known packages is Xero and the good news is that there are a lot of agencies out there...
read moreBounce Back Loans: The devil is in the detail
Launched back in May last year, the government’s Bounce Back Loan scheme was designed as a temporary, emergency measure to financially support businesses during the coronavirus outbreak. The loans are 100% state backed with no repayments or interest due in the first...
read moreIs XERO any good for professional services?
If you own a professional services firm then you may have wondered whether Xero would be suitable for your needs. Professional services companies are different from other businesses in the way they operate and of course how they account for their time. This means that...
read moreTop tips for buying new equipment for your business
If you are looking at developing your business then one of the first things that people look at is to buy new equipment. New kit can enhance your productivity, increase efficiency and allow you to produce new goods or provide new services. The problem is that there...
read moreHow to Convert Your Business from QuickBooks or Sage to XERO (Easy and Fast)
There have been various advancements in business accounting, and amongst the most popular of them is the introduction of cloud accounting software – XERO. Because of the advanced unique features the cloud business accounting software offers, business owners and...
read moreYour Finance Team – Professional Service Pricing to Drive Profitability
Getting the pricing strategy right for professional services such as architecture, design, and IT services can be challenging. The competition is tough, and customers are consistently demanding increased quality and tighter delivery timescales. With this in mind, the...
read moreYFT Quarterly Newsletter
Here’s the latest quarterly update for all our Your Finance Team (YFT) community. As we move through 2021, and through another lockdown, we understand the uncertainty and business disruption this brings to many of our clients and want you all to know we are on hand...
read more6 Ways Receipt Bank Can Benefit Your Business
How many hours a week do you spend manually inputting information from your bills and receipts to keep your accounts up to date? Five? Ten? This tedious task can be incredibly time-consuming and takes away from other essential responsibilities – like growing your...
read moreOperating through a Pandemic: Key Lessons for Businesses
Living through unprecedented times is difficult for everyone but coupled with the added pressure of trying to operate a business simultaneously, it can feel overwhelming. Over the last several months, companies all over the country (and the rest of the world) have had...
read moreHow to Build your Perfect Home Office
As the pandemic continues to restrict our lives, working from home looks like it may be our ‘new normal’ for some time to come, and while it does have its benefits (goodbye, office commute!), it can be difficult to get to grips with. While some elements of working...
read moreSpotting Scammers: Protecting your Business from Fraudulent Activity
Scams and fraudulent activity are notoriously hard to spot – that is, after all, why they work so well. Scammers are malicious, quick to adapt and are always coming up with new ways to pose as trusted organisations, concealing their real agenda from their victims....
read moreHow to be Most Effective When Working from Home
Working from home is a position in which many of us have unexpectedly found ourselves this year. Some of us have relocated to dining room tables; others are holed-up in spare bedrooms, laptops balanced on piles of books; some are juggling meetings and childcare all at...
read moreBenefits of Hiring a Virtual Finance Director
As your business grows, so will the need for effective financial management. You may already have hired a bookkeeper to keep the basics in check, but as your business continues to prosper, you may feel that you need a more substantial service. This next step could be...
read moreImportance of Setting Goals and Objectives for 2021
Fun fact: those who set goals and objectives are far more likely to succeed than those who don’t. Don’t believe us? Check this out… A group of researchers at the Harvard Business School conducted a study into the benefits of goal setting and found that those who set...
read moreHow Cashflow Forecasting Can Contribute to a Positive 2021
While a global pandemic may have made the last six months challenging to navigate for the majority of business owners, now is the time to be looking forward to next year and thinking of ways to increase the likelihood of a positive 2021. One of the best tools to...
read moreHow to Practice Mindfulness in the Workplace
Through the COVID crisis, Your Finance Team have concentrated on supporting clients with advice on their company finances and making sure they understand the government support available. However, more than ever, we have seen how COVID has created real anxiety amongst...
read moreYour Finance Team Achieves Xero Gold Partner
But what does this really mean and is it important? Xero is an incredibly fast growing cloud-based accounting software that Your Finance Team (YFT) have been using for the past 5 years and consistently grown their expertise and client base alongside its own growth and...
read moreCan You Buy an Electric Car Through Your Company?
Should You Buy an Electric Car Through Your Company? A company car is one which is purchased and owned by a company but made available for private use by an employee. Successive governments have increased the personal tax costs of company cars which has meant that...
read moreHow to be Brilliant at Video Presenting
Here at Your Finance Team we have been making a lot of video calls over the last few months. It got us thinking about how to be the best you can in the current ‘new normal’ and that even though this Corona-crisis will end it will have changed the way we work,...
read moreMaking Tax Digital – are you ready?
Making Tax Digital or MTD is one of the furthest reaching HMRC initiatives of the past 20 years, which makes it all the more surprising that a recent British Chamber of Commerce survey discovered that nearly a quarter of British businesses surveyed had no knowledge...
read moreLate Filing Penalties – A Move to Points System Proposed
A move from fines to points system A move to a points system rather than fines from 2019 is being proposed. This is in an attempt to focus Treasury attention on serious tax avoidance offences. Rather than on punishing small taxpayers who’ve made mistakes. The present...
read moreHMRC Cease to Accept Credit Cards
HMRC cease to accept payments via credit cards In a surprisingly timed announcement, HMRC said that they would cease to accept credit card payments for tax bills from 13 January 2018. Those who previously paid their self assessment by this means will now have to...
read moreEntrepreneur’s Relief – One of the Best Kept Secrets
Entrepreneur’s Relief Since April 2008, Entrepreneur’s Relief (ER) has been one of the best kept secrets of British business life. Perhaps the way that successive governments have handled Entrepreneur’s Relief explains why this excellent scheme is not as well...
read moreHow to protect your business from currency fluctuations
Currency fluctuations The Brexit vote has left UK firms more exposed to currency fluctuations in an increasingly volatile and globalised market. Sterling's devaluation against both the dollar and the Euro have improved competitiveness between firms inside the UK who...
read moreAuto Enrolment – how to get ready and stay compliant
What is auto enrolment? Automatic enrolment requires virtually every UK small business to automatically enrol qualifying employees onto a suitable workplace pension scheme and make regular contributions to it on behalf of those employees. What must UK businesses do...
read moreChanges to Flat Rate VAT – What you need to know & do
Changes to Flat Rate VAT Scheme – just another headache for small business!! HMRC changed the Flat Rate VAT Scheme on 1st April 2017. The changes are already affecting small business owners and contractors who operate under the flat rate scheme (FRS). Many of those...
read moreGo Cardless – How to get paid on time, every time!
How to get paid on time, every time Small businesses are open to a wide range of risks. One of the biggest is cashflow. Getting the money you’re owed when you need it can make or break an SME. Which is why any solution that gives a business the chance to get paid...
read moreResearch & Development Tax Credits – Are you eligible?
Any new business needs all the tax relief it can get. Which is why it is all the more surprising that for many SMEs, the government’s Research & Development Tax Credits aren’t being more widely utilised. What activities qualify for Research & Development Tax...
read moreTop tips for selling your business
Someone told me never get into a business venture unless you know how you are going to get out of it! For most entrepreneurs defining their exit strategy early on, is a critical part of achieving business success. Strategies will differ, but for all there will come a...
read moreWhat is a Lifetime ISA and how does it work?
The Lifetime ISA (LISA) launched this month offering a whole new way to save. It’s an exciting opportunity for first-time buyers as it will be offering a 25% bonus on top of what you save. Most people will be familiar with normal ISAs. Under a normal ISA you can save...
read morePost Brexit Guide for Small Businesses
No matter what their politics, small business owners will need to confront the reality of Brexit. During the campaigning small businesses were often mooted as potential big gainers by the leave campaign as the bureaucracy and red tape from Brussels was lifted. Time...
read moreAdd-Ons for your Cloud Accounting Software
Add-Ons There is a quiet revolution going on in the world of small business finance as people grasp the advantages of cloud based accounting. Many business owners are taking it one step further and buying ‘add-ons’ to their packages. These add-ons are programmes which...
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