Blogs

Cash flow management revolves around regulating the funds entering and leaving your business. This supervision allows you to maintain a healthy balance, ensuring your business can cover its operational costs and future investments. As a self-employed business owner, mastering cash flow management is critical for your venture’s longevity and profitability.

The success of property investment can hinge on many factors, and one that often gets overlooked is the crucial role of accurate property accounting. Missteps in this area can lead to serious financial and legal implications. This blog post explores common property accounting errors that property investors make and offers practical advice on how to prevent them.

Financial health checks for property investments are integral. Like any financial endeavour, property investments require meticulous management for fruitful returns. A core aspect of this management is these regular checks. This blog delves into the significance of such assessments and how they can bolster your property investment success.

Limited Company Tax Planning is crucial to the financial health of any business, especially for limited companies. Grasping its significance and implementing effective tax strategies can be intricate. In such scenarios, the expertise of a competent accountant becomes invaluable.

Running a limited company comes with its unique set of accounting responsibilities. Proper understanding and adherence to accounting standards and regulations is not just good practice; it’s a legal obligation.

Accounting is a cornerstone of running any successful business. For limited companies, it plays an especially significant role. A limited company, by definition, is an independent legal entity where shareholders are not personally liable for the company’s debts. The complexities involved in managing a limited company’s finances necessitate the expertise of a skilled accountant.

Successfully running a limited company requires more than an excellent business idea. Financial management, especially, plays a crucial role. An accountant can provide professional assistance in this area, guiding you towards the growth and success of your business.

The prospect of retirement raises critical questions regarding long-term financial security. For many, Property investment serves as an attractive strategy, offering the potential for substantial, steady income and growth over time. This blog post touches on the intricate world of investment Property accounting, providing insights on how to harness its potential for a well-cushioned retirement plan.

Switching accountants might sound like a lot of hassle for you and your business. We’re here to tell you that it’s actually pretty simple, and it could bring some serious benefits, too. So, whether you’re a sole trader, contractor, limited company director or you’re managing a portfolio of properties, let us walk you through the step-by-step process of changing to a new accountancy provider.

Freelance work can be fast-paced and competitive, with the thrill of securing and delivering projects a key motivator. But there’s something important being lost in all of this – and that’s the accounts. Whatever the nature of your business, as a freelancer you have accountancy commitments which cannot be avoided. If you’re finding yourself without the time or energy to do your own accounting, don’t panic! This is where QAccounting come in.

IR35 reform in both the private and public sectors is to be repealed, the Chancellor announced in the mini Budget, held on Friday 23rd September. This surprise development made up just one of many welcome tax changes, as Liz Truss’s new-look government promised to start “a new era” and unleash the potential of UK business.

Why do some start-ups succeed while others are doomed to fail? It’s an often-quoted statistic that around 60% of businesses fail in their first three years – with 20% folding within just twelve months.  But why?

In the world of work, freelancing is an increasingly popular option. The promise of flexibility, unlimited earning potential and complete control over the way you work is a hugely attractive prospect for many.

Switching accountants might sound like a lot of hassle for you and your business. We’re here to tell you that it’s actually pretty simple, and it could bring some serious benefits, too.

Have you got a head for figures? What about a strong worth ethic, flexibility and self-discipline in spades? If this sounds like you, you might be in a good position to start your very own accountancy company.

As a self-employed worker in the construction industry, a percentage of your earnings will be withheld at source by the contractor you’re working for.  This money goes to the HMRC as advance payments towards your tax and National Insurance obligations. The contractor will send this money directly to HMRC – it will be either 20% or 30% of your gross pay depending on your CIS registration status.

How do you pay yourself as director of a limited company? You may be pleased to learn that the method – and to an extent the amount – are up to you. Let’s look at some of the finer details on how directors get paid.

Taxes are a necessary part of life. This might feel especially true when it comes to small business accounting, and it’s an unfortunate fact that many smaller businesses end up paying more in tax than they need to. Let’s look at some of the ways you can make your small business more tax efficient.  

As any business owner will tell you, launching a company isn’t exactly the easy option. But it’ll take something else, too. The support of a good accountant. If you’re a start-up founder (or still in the planning stages) and wondering if it’s time you got an accountant, look no further. This article will tell you what you need to know.  

Are you a limited company director looking to find out what your responsibilities are when it comes to year end accounts?

Let’s look at some of the main reasons why we think every freelancer needs the support of a good accountant.

Finances in property and real estate can be seriously complicated, even to a seasoned accountant. That’s why we recommend you seek the help of a specialist property accountant to keep everything straight. Let’s look at some of the basics involved.

The accountant/client relationship is an important one as this is the person who’ll be by your side as you navigate the choppy waters of business ownership, so you’ll need to choose wisely. Here are eight pointers on how to choose the right type of accountant for your business.

As business structures for self-employed people go, limited companies are heavy on the admin. The timeline of reporting far exceeds that of sole traders. Luckily, though, you get to choose a sidekick – in the form of a limited company accountant.  

Accounting software allows a business owner and their accountant to interact with company finances in real-time. But accounting software isn’t designed to replace the services of a professional accountant, instead, it complements your accountant’s role within your business.

Sole trading is a great choice for many self-employed people, not least because accounting for sole traders is simpler than accounting for limited companies. But what records does a sole trader need to keep? Let’s find out.

If you’re thinking of joining the growing ranks of those working freelance in the UK, congratulations! The tax obligations a freelancer faces all depends on which business structure they’ve chosen – sole trader or limited company. Here we look briefly at the tax rules of each to help you decide which is right for you.      

A good accountant can make or break your business. So, what do you do when your accountant feels like less of an asset and more of a dead weight? Believe it or not, switching accountants isn’t only possible – it can be a smart business decision. Find out why, and how, you can switch accountants here.

Sole trader accounting can seem challenging, especially if you’re used to working as a salaried employee and having your monthly wage arrive in your account with the relevant deductions already made! But don’t worry – we’ve put together a simple guide to sole trader tax obligations.

Running a small business is notorious for being one of the most demanding yet rewarding professions a person can choose. But are you cut out for it? We have summarised some of the pros and cons of running a small business to give you a balanced view.

Among the self-employed, working from home has long been the norm. Some of us, though, are relatively new to it. Discover which expenses you can claim, and what tax reliefs you are entitled to when working from home here.

The number of people becoming self-employed seems to be on the rise, but the big question is – should you be joining them? Here’s a rundown of the pros and cons of becoming self-employed to help you decide.

You should be wary of the pitfalls that can occur when completing your Self-Assessment. These common mistakes could cause delays or trigger an HMRC investigation. Find out how to avoid making those mistakes here.

Operating as a sole trader is a very popular choice and has numerous benefits. Read our simple guide on how to register as a sole trader and the responsibilities that comes with it.

Operating through a Limited Company can be highly rewarding for contractors and freelancers. The initial process can seem daunting, but we’ve broken it down step by step to shed some light on the process of setting up a Limited Company.

If you work for an employer, tax is relatively simple. But if you’re self-employed, you’ll need to complete an annual Self-Assessment tax return. Find out what this involves here.

Running a small business can be both challenging and rewarding. To ensure success, you’ll need to understand the basics of accounting so we’ve compiled a guide to small business accounting to make it clearer. Take a look.

Operating as a Limited Company is a popular choice for small businesses. Find out what a limited company is and the benefits of forming one here.

Online accountants offer numerous services that small businesses can benefit from. If you’re a small business owner, find out how an online accounting service can take those time-consuming responsibilities off your hands here.

Understanding Capital Gains Tax is crucial if you own valuable assets or plan on investing. Read our guide on Capital Gains Tax and discover how your area of investment is affected

Accounting for startups isn’t always as simple as taking on an existing business with lots of setup and structural aspects to consider. However, on the finance side, there are incentives on offer in the UK to help these budding enterprises grow. 

More and more people are choosing to start their own business. Should you register as a sole trader or form a limited company? Find out more in this post.

Whether it’s down to the pandemic or you’re dissatisfied with your current role, many people are considering starting out of their own. Take a look at what it means to be a sole trader.

There are lots of different factors that will affect what you’ll pay for accounting services as a contractor. Discover what aspects influence the cost and what details to look out for here.  

If you’re a small business owner, you may be considering accounting services rather than managing the books on your own. Learn how an accounting service can help your business here.  

Self-assessments. We have all heard of them, you maybe even know what they are. However, here at QAccounting some of our most frequently asked questions are about self-assessments. So below we have outline some of the most common questions we get asked, and the answers we get so tired of giving… just kidding.

If you are looking at going self-employed, then setting up as a Limited Company (LTD) may be the best option for you.

Here at QAccounting we are part of one of the UK’s largest contractor service providers. We started operating over a decade ago (around the same time DFS started their first sale) and have been dedicated to serving self-employed professionals ever since. One of the perks of choosing and accountant like QAccounting is that we offer all of our accounting services online.

Changing accountants is considered difficult, but is it really that tricky?

What qualities do fantastic accountants have? How to spot great online accountants  The questions you’re likely to ask before engaging an accountant aren’t too dissimilar from the ones you might ponder over when buying any other product or service. For example, does it offer value for money? How well does it cater to my specific needs? Is it high quality? Is the company selling it trusted by others? 

Vital for freelancers, contractors, sole traders and small businesses

Is there an IR35 solution for next year’s changes? After MPs gave changes to the off-payroll working rules the green light in Parliament recently, there is now no turning back as far...

What do independent workers need to know about securing a contractor mortgage?

Starting out as a freelancer or contractor can be quite daunting, and there are many different things to consider, including whether or not to engage an accountant to take care of your...

From tax investigations to client disputes and defamation

Should contractors be wary about working for a client over a long period of time?

The latest IR35 news explained to contractors in layman’s terms

The events last month that impact freelancers and contractors Faltering business confidence resulting from COVID-19 continued to dominate the headlines in April, with the impact of the virus far-reaching and, in some...

How important are contractor legal services? What are contractor legal services, and why might you need them? Despite a backdrop of economic uncertainty and tumultuous legislative reform, the UK’s self-employed workforce has...

The financial support available to limited company contractors affected by Coronavirus The last year has been a whirlwind for the self-employed and in particular, limited company contractors. From the IR35 private sector...

The changes, their implications and your options explained The delay to off-payroll working reform in the private sector means contractors will carry on setting their IR35 status until 6th April...

How to find an accountant who genuinely specialises in IR35 If you’ve been shopping around for a contractor accountant recently, you may have seen a few marketed as ‘IR35 accountants’....

Coronavirus puts the brakes on IR35 reform, which will now be enforced in 2021 The COVID-19 outbreak has led the Government to postpone the extension to the off-payroll working rules...

If you’ve landed here, then chances are you’re considering self-employment. Perhaps you’ve been thinking about contracting so you can take full control of your career. Maybe you’re facing redundancy and...

Reform to the IR35 rules has been paused, but only until April 2021. According to HMRC statistics, only around 10% of limited company contractors who should comply with the off-payroll...

The private sector IR35 reform is rapidly approaching – it’s now just a month away. Despite a call for evidence issued by the House of Lords (which closed on the...

The benefits of hiring a trusted online contractor accountancy From saving time to maximising tax efficiency and ensuring compliance, there are plenty of reasons why many contractors choose to engage...

After the General Election, Boris Johnson has an opportunity to win back the support of contractors in 2020, many of whom feel they have been let down in recent years....

How to Prepare for IR35 Reform in 2020 If you’re a contractor with a personal service company, also known as a PSC, it’s very likely that you’ll have heard of...

A Closer Look at Why You Should Engage a Contractor Accountant As you take the leap into freelancing or contracting, you’ll likely ask yourself an important question: ‘should I engage...

What are your responsibilities as a limited company contractor? With nearly 5m people now working for themselves in the UK, there are more freelancers, contractors and small businesses on these shores...

Fresh concerns raised about recruiters’ readiness for IR35 reform Are Recruiters Ready for IR35 Reform? Well with little over six months to go until IR35 reform is extended to the...

Not for the first time, contractors impacted by IR35 outline a lack of faith in HMRC With further IR35 reform on the horizon, contractors have made it clear to the...

Contractors poised to leave projects if handed IR35 ultimatum  What would you do if, as a limited company contractor working outside IR35 in the private sector, next April you were...

Our best tips for Staying Outside IR35 From April 2020, contractors working with medium and large private sector companies will no longer be able to determine their own IR35 status....

What are your options when working inside IR35? While incoming IR35 reform does not necessarily mean that as a contractor you will be placed inside the rules by your engager,...

How could IR35 reform impact the oil and gas sector? While statistics tell us that Britain’s oil and gas sector accounts for around just 1% of the oil produced globally,...

Mistakes to avoid when preparing for IR35 reform. A sea change in the contracting world will hit the private sector next April. Under new rules for administering the IR35 legislation,...

Latest HMRC guidance on private sector IR35 reform disappoints Expectations that HMRC would make serious efforts to help recruitment agencies and end-clients implement incoming IR35 reform fell flat last week,...

Company Insurance Insurance for contractors is one of those necessities that we would rather do without. Whether you require business insurance as a contractual obligation or you want to take...

Personal Approach It doesn’t matter how many technological advancements occur in the world of accounting, whether it is automated bank reconciliation, virtual document hubs, mobile expense tracking or online accounting...

All contractors will at one time find themselves on the bench. This is the period between contracts when your latest assignment has finished, and your new contract has either yet...

Switching to a New Accountant With the hangover of New Year’s Eve now a faint and distant memory, you will have undoubtedly witnessed the barrage of social media posts pledging...

As a specialist IR35 accountant, we receive many queries related to office Christmas parties. With talks of Secret Santa, corporate festivities, and the office Christmas party getting more and more...

With the summer heatwave well and truly upon us, it’s essential to consider those of us working day in day out in busy offices. IT contractors do not benefit from...

IR35 affects anyone operating via a Ltd company and is something that you should be aware of as a contractor. Anybody thinking of going Ltd or anyone picking up a...

We speak with many contractors every day, and one of the most common questions we answer is how easy it is to submit business expense claims as a QAccounting client....

Revenue set out strategy for becoming top organisation HMRC has recently published its corporate strategy to become a “world-class organisation” underpinned by the values of professionalism, integrity, respectfulness and innovation....

Demystifying mutuality of obligation Mutuality of obligation (MOO) is a fundamental aspect of a contract of employment and therefore should rank as an important status test in deciding whether or...

Pecuniary liability principle Under the pecuniary liability principle, where an employer settles a personal bill on behalf of an employee, whether Class 1 or Class 1A NIC are payable, depends...

When paying PAYE earlier might be beneficial There are special rules that determine when an employee is deemed to be paid for tax purposes. Basically, the legislation seeks to ensure...

HMRC penalties could be suspended – conditions apply Where a tax return contains an inaccuracy that was due to the taxpayer failing to take reasonable care, then that error is...

What are the new off-payroll rules? Up until now, contractors earning a rate of £220 per day or more or on contracts of more than six months have had to...

The purchase of a property through a business can be very tricky and there are numerous things to think about if deciding to do so. Specialist advice is recommended. If...

Childcare Vouchers if you are a Limited Company Director: How? Where? When? Are you a Limited Company Director looking to save money on childcare by setting up Childcare vouchers? How...

There has been a great deal of media coverage recently regarding the changes to Workplace Pensions. The new law is only applicable for Company’s with more than 1 Employee. If...

As a contractor, you will be asked to sign written contracts with either an agency or client. At first glance it can just look like pages of ‘legalese’ which make...