If you own a UK property and are considering upgrading your heating system, now is the time to do so. The government has implemented a boiler upgrade scheme encouraging you to opt for low-carbon heating systems. This blog will explain everything you need to know about the government boiler scheme, from eligibility to make a claim. What is The Boiler Upgrade Scheme? The boiler upgrade scheme is part of the UK’S heating and building strategy. The strategy aims to decarbonise homes, commercial, industrial, and public sector buildings by 2050. The schemes provide grants to help property owners fu ..read more

National Insurance is mandatory in the UK; it pays for certain benefits and the state pension. Whether you are employed or self-employed, our guide will give you the ins and outs What is National Insurance? National Insurance Contribution is a tax on earnings paid by employees and employers. Whether you have a job or are self-employed, it can help you get benefits like the State Pension and Maternity Allowance. National Insurance classes Your employment status and income determine the class you pay for. The table below explains each class according to your employment status and earnings N ..read more

Running more than one business is entirely possible as a sole trader. But with so much to consider, you might need a little help. We’ve put together this blog to discuss everything about running multiple businesses in the UK – from taxation to allowances What is a Sole Trader?  Being a sole trader means you are self-employed and operate your firm. Since a sole trader’s company has no separate legal entity from its owner, the owner is often referred to as “the business.”  How to run multiple businesses You can own more than one business as a sole trader. If more than one company is o ..read more

Managing your business’s funds and keeping track of its expenses requires that you establish a business bank account. This blog will discuss what a business bank account is and the benefits. Business Bank Account: What is it? A business bank account is an account that is used only for your company’s financial transactions. The opening of the account may be tailored to your company’s specific requirements, and it may come with several helpful services that are designed to make the operation of a company easier, such as the generation of invoices and the administration of tax returns. Is a busi ..read more

When considering launching a new business, you need to ask yourself a fundamental question. Do I have enough cash to get my business idea off the ground? If the answer is ‘Yes,’ you wonder how much money will be needed to start your new business in the UK? The costs of starting a business can be vast (remembering to put aside financial resources to stay up and running). Calculating the costs of your new business idea will help you assess its viability. The cost will also depend on the location and sector. For example, opening a physical food store will cost much more than opening an eCom ..read more

Renting your property on Airbnb has become an excellent way for many property owners and landlords to earn extra cash. If you live in the UK, a short-term property let (more commonly known as a Furnished Holiday Lets (FHL), has some great tax benefits, but you also need to be aware of them and pay tax on your Airbnb income correctly. It is always better to be on top of your tax matters so that you do not risk tax penalties somewhere down the line, especially when tax benefits and allowances can work to your advantage as a host. It is an intelligent way of bringing in extra income, mainly ..read more

Even the young entrepreneur operating a lemonade stand knows that, when sales are up, business is doing well, and when they’re down, more marketing is needed. This metric of sales and gross income are known almost instinctively by anyone starting a business. That’s the whole point of business, right? To make money? But “making money” is merely one aspect of a business’s operations, and dozens of other metrics must be monitored before that much-wanted cash exchanges hands. For example, if your advertising and marketing metrics are down, it’s a given that the revenue won’t follow. Sometimes ..read more

A lot goes into starting and running a successful business in the UK. From having a great business idea to writing an excellent business plan, to keeping your accounting up to date, there’s a lot that UK SMEs need to know. It is vital for entrepreneurs and business owners to read up constantly on the latest trends and to take advice from people who have “been there and done it.” Learning from others can save a lot of heartaches in the long run. The internet is full of great information for businesses but it also has a lot of false information. It’s important to separate the wheat from the c ..read more

What is QuickBooks online? QuickBooks is an accounting software developed by Intuit, a USA-based tech company specializing in financial software. QuickBooks was first a desktop application, operating locally on the premises. But, as has happened with most accounting software tools, it has now moved to the cloud and can be accessed from anywhere via a web browser. QuickBooks allows SMEs (Small to Medium-Sized Businesses) to generate invoices, manage bills, run payroll, and keep detailed accounting for all of their business transactions. It also allows businesses to prepare P&L Statements ..read more

If you’ve ever tried to do your own accounting, you’ve no doubt run across the plethora of financial reports and statements that exist. But there are three financial statements which are more important than all others. They are: Profit & Loss Statement Cash Flow Statement Balance Sheet Like all things in the financial world, accounting terms can cause confusion for outsiders. But understanding them is not as complicated as it might seem. All you need is somebody to explain them simply without getting into more industry jargon. In this article, we’re going to talk about the three most i ..read more