Blog & News

Latest News from Your Finance Team

We 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.

Financing a vehicle – which is best for you?

Lease? Cash? Loans? What is the best way to buy a vehicle for your business? If you are thinking about buying a vehicle for your company then you have probably wondered which method is best from a tax perspective but would that be right for your business? In this...

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7 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...

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Dividends, 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...

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MTD 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...

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Is 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...

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Is 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...

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Bounce 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...

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Is 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...

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Top 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...

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YFT 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...

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6 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...

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Operating 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...

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How 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...

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How 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...

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Benefits 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...

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Importance 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...

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How 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...

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Your 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...

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Can 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...

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How 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,...

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Making 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...

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Late 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...

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HMRC 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...

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Entrepreneur’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...

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How 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...

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Auto 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...

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Changes 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...

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Go 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...

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Research & 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...

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Top 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...

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What 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...

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Post 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...

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Important Tax Deadlines

Important Tax Deadlines We have listed below the key tax deadlines for individuals, self-employed and businesses: The tax year runs from the 6th April - 5th April. Date Information Required 31 July 2016 The second payment on account must be paid to HMRC for tax year...

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Add-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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Choosing The Right Accountant

  Making sure you choose the right accountant is a critical business decision. In many ways it is similar to recruiting a key staff member – choose the right one and they will support you and drive your business, choose the wrong one and it can prove costly and set...

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Building Your Financial Strategy

Your Companies Financial Strategy Defining and driving your companies financial strategy is an essential part of business success. Business owners need a sound financial strategy to help their businesses achieve their vision and goals, without a strategy the chances...

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Cloud Accounting – a Layman’s Guide

There is certainly a lot of talk about the ‘Cloud’. Whole industries seem to have sprung up recently which use the ‘cloud’ to deliver their services. Lots has been written about how this technology is changing the way we work. The accounting industry is no different;...

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Pension Reforms

The biggest change in the pension rules that certainly I have ever seen is about to take place. From April 5th anyone over the age of 55 will be free to cash in their Defined Contribution (DC) pension pot. Previously people were required to take out an annuity which...

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Creating Brilliant Companies

We have had the privilege of working with a range of companies who have been remarkably successful and, as such, we are often asked about what common factors and management traits are evident in these organisations. There are countless books and theories which discuss...

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Growing Pains…

It is a fantastic position to be in – your company is growing around you, your team are energised, the feedback from customers is getting better and better and revenue is on the up…life is great – but there are dangers out there for growing businesses. The greatest...

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