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Your Q4 2024 deadlines for the diary

Your Q4 2024 deadlines for the diary

Staying on the ball with the latest accounting, tax and compliance deadlines helps you stay organised with your returns. Here are the deadlines and cut-off points for Q4 of 2024 to add to your diary. NOTE: If your company’s accounting period is longer than 12 months, the first tax payment deadline is normally 21 months […]

Six Powerful Reasons To Watch Your Financial Reports in Xero

Six Powerful Reasons To Watch Your Financial Reports in Xero

Making time to review your financial reports each month is an important task for any business owner. If you are not doing this, either because you’re too busy or perhaps you don’t really understand what you’re looking at and it doesn’t make sense to you, then here are 6 reasons we recommend you start. But […]

Your Q3 2024 deadlines for the diary

Your Q3 2024 deadlines for the diary

We’re always here to keep you up to date with the latest accounting, tax and compliance deadlines. Here are the forthcoming deadlines and cut-off points for Q3 of 2024 to add to your diary. NOTE: If your company’s accounting period is longer than 12 months, the first tax payment deadline is normally 21 months and […]

How to build a climate-conscious small business

How to build a climate-conscious small business

How to achieve environmental sustainability in your small business. We all have a crucial role to play in the fight to protect our planet. There’s no denying we’re already witnessing the impact of climate change. Images of corporations burning fossil fuels, destroying rainforests and dumping sewage into rivers have, tragically, become an increasingly common and […]

Spring Budget 2024 – the key points for business owners

Spring Budget 2024 – the key points for business owners

The Chancellor, Jeremy Hunt, delivered his second Spring Budget on 6 March 2024. This Budget aimed to appeal to the taxpaying masses, with cuts to National Insurance and a rise to the threshold for VAT registration. But was it too little, too late for the UK economy? We’ve summarised the main points, so you can […]

Spreading your January self-assessment payment

Spreading your January self-assessment payment

With a combination of low growth and high inflation, the 2022/23 tax year has been a tough time, financially speaking, for many of us. So it’s no surprise that many owners, directors and self-employed individuals are concerned about having enough funds to pay their self-assessment income tax bill. The good news is that HM Revenue […]

Your Q1 2024 deadlines for the diary

Your Q1 2024 deadlines for the diary

We always aim to keep you up to date with the most pressing dates and deadlines for your business diary. To help you get prepared and on the ball, we’ve highlighted some of the forthcoming deadlines for Q1 of 2024. NOTE: If your company’s accounting period is longer than 12 months, the first tax payment […]

Business Ethics and the Climate Crisis

Business Ethics and the Climate Crisis

What does the climate crisis have to do with business ethics? Many of us in professional services have taken modules in ethics as part of our training and CPD, but many business owners haven’t ever had any training in this area. I am not saying that individuals in professional services are any more ethical than […]

Your Q4 2023 deadlines for the diary

Your Q4 2023 deadlines for the diary

Staying on the ball with the latest accounting, tax and compliance deadlines helps you stay organised with your returns. Here are the deadlines and cut-off points for Q4 of 2023 to add to your diary. NOTE: If your company’s accounting period is longer than 12 months, the first tax payment deadline is normally 21 months […]

Xero Health Checks

Xero Health Checks

Should you consider a Xero business health check? Is it time for a Switchfoot Xero business health check? Making sure your books and records are in the best of health is vitally important to the success of your business. Bad data is likely to lead to bad business decisions. It’s easy to forget that business […]

Getting started with business sustainability

Getting started with business sustainability

How do you start your sustainability journey as a small business? We can see with our own eyes almost daily that the climate is changing, and the ecosystems around us are struggling. You are likely to feel a sense of unease about the future and a need to do something. The challenge is enormous, and […]

What’s an Employee Ownership Trust?

What’s an Employee Ownership Trust?

As a business owner, you probably want to leave a lasting legacy behind when you finally get to the end of the journey and decide to exit the business. One way to achieve this is by disposing of all, or part, of the company to an Employee Ownership Trust (EOT). This EOT structure is available […]

Payment of suppliers

Payment of suppliers

Business ethics matter! Payment of suppliers One really important and visible sign of how ethical you are as a business is how and when you pay your suppliers. Late payments reflect badly on the leadership and prevailing culture of a business. When you decide to work with a contractor you create an underlying principle of […]

Sustainable Pensions

Sustainable Pensions

Pensions Are Sexy! Pensions can save the world but only if they are invested in the right things. How do you tell if your pension is invested to save the world or destroy it? We have all heard of the importance of checking your pension to see if it is invested in fossil fuels or […]

What is a Pension?

What is a Pension?

Often when we are looking at clients’ plans for the future, we start talking about planning for later life and one of the most obvious financial ways to plan for later life is to use pension savings. But what is a pension? A pension is a retirement savings plan that provides a source of income […]

Can you influence change through visible climate actions?

Can you influence change through visible climate actions?

I have been contemplating how we can encourage more people to take action to build a better and greener fairer world. Showing people your climate actions is one of the most effective ways to influence change especially when they are tangible changes they can discover for themselves. There are a huge number of climate actions […]

What's the difference between statutory and management accounts?

What’s the difference between statutory and management accounts?

As a business owner, you know you need to produce accounts – that’s a given. But do you know the difference between statutory accounts and management accounts? Your statutory and management accounts have two very separate purposes, and producing both kinds is good practice for any business that wants a handle on its numbers. Let’s […]

Spreading your tax costs with Time To Pay

Spreading your tax costs with Time To Pay

HM Revenue & Customs (HMRC) expects you to pay your taxes on time. But if you’re finding it difficult to pay in full, HMRC can be approached to allow a Time to Pay arrangement. A Time to Pay arrangement will allow you to pay your debt off in pre-agreed instalments, reducing the impact of a large tax […]

Your Q3 2023 deadlines for the diary

Your Q3 2023 deadlines for the diary

We’re always here to keep you up to date with the latest accounting, tax and compliance deadlines. Here are the forthcoming deadlines and cut-off points for Q3 of 2023 to add to your diary. NOTE: If your company’s accounting period is longer than 12 months, the first tax payment deadline is normally 21 months […]

Are you “guilty” by association?

Are you “guilty” by association?

How do you decide who you work with? I have been thinking a lot about who Switchfoot works with and who Switchfoot chooses not to work with. I wanted to document the reasons for the choices we make and to make the process more scientific. I believe who we work with, employ and spend our […]

Articles of association

Why should you adopt amended articles of association for your company?

Firstly what are articles of association? They are the written legal rules about running the company that is agreed upon by the shareholders, directors and the company secretary when you form the company. Every company has a set available on Companies House. If you haven’t read them, then now is a great opportunity to review […]

Better business act

What is the better business act and why do you need to consider joining the movement?

What is the Better Business Act? The Better Business Act concept and strategy were initiated by B Lab UK, which acts as its Secretariat. B Lab UK is a non-profit established in 2015 to serve a growing community of over 1000 UK-based companies – Certified B Corporations – using business as a force for good. […]

Carbon accounting

What is Carbon Accounting and why is it important to small business owners?

Carbon accounting is a way of calculating the amount of greenhouse gas emissions your business is responsible for. Have you ever considered how much extra carbon is in the atmosphere because your business exists? The carbon emissions your business produces will be created in a number of ways (some seen and some not so obvious) […]

R&D tax relief

What are the main changes to R&D tax relief?

The tax relief scheme for research and development (R&D) is an important way to cut the costs of investing in R&D, development projects and innovation across your business. However, the Spring Budget 2023 has brought in several changes to the R&D tax relief scheme that will affect small and medium enterprises. These changes affect both […]

Deadlines

Your Q2 2023 deadlines for the diary

As ever, we want to keep you on the ball with the latest dates and deadlines for your business diary. Get your online calendar fired up and highlight some of the upcoming deadlines and cut-off points for Q2 of 2023. NOTE: If your company’s accounting period is longer than 12 months, the first tax payment […]

Digital bookkeeping

Getting your bookkeeping ready for a digital future

Keeping up-to-date records of your business transactions isn’t the most glamorous part of being an entrepreneur, that’s for sure. But, in reality, having accurate and up-to-date bookkeeping is actually one of the core ways to keep your finances (and your business) under control. Digital bookkeeping is the future of your finance The digital age has […]

Spring budget 2023

Spring Budget 2023 – the key points for business owners

The Chancellor, Jeremy Hunt, delivered his first Spring Budget on 15 March 2023. Unlike the disastrous September 2022 ‘mini budget’, this budget won’t cause many ripples in the worlds of business and finance. In fact, it was a relatively dull affair, with few headline announcements for the average business owner to be concerned about. It […]

corporation tax

New UK corporation tax rates from April 2023

From 1 April 2023, the rate of corporation tax changes from 19% to a variable rate between 19% to 25%, depending on the profits made by your business. This could mean a change to what you will owe in tax for the 2023/24 tax year. What are the main changes to corporation tax? Prior to the […]

Personal tax

Personal Tax 2022/2023

Getting your personal tax in order before the year-end As the tax year draws to a close, it’s important to think about your own personal tax situation and to make sure you’re maximising any potential allowances and reliefs. Various annual allowances and tax bands will expire on 5 April each year. By taking advantage of […]

year-end

Is your company’s year-end getting close?

Company year-end preparations: time to get ready As your company year-end date gets closer, there are a number of administrative and financial tasks to start planning for – so it’s a good idea to get yourself organised and ready.There are several things to check, either on the year-end date, or before the end of your […]

Q1 deadlines

Your Q1 2023 deadlines for the diary

We always aim to keep you up to date with the most pressing dates and deadlines for your business diary. To help you get prepared and on the ball, we’ve highlighted some of the forthcoming deadlines for Q1 of 2023. NOTE: If your company’s accounting period is longer than 12 months, the first tax […]

year-end processes

How to improve your year-end processes and plan for 2023

We’re well into the final quarter of the year, with 2023 just a few months around the corner. But are you ready for the year-end? And have you done your homework when it comes to planning your business journey for 2023 and beyond? Let’s take a look at the key ways to tie up your […]

Autumn statements

Jeremy Hunt’s Autumn statement – 2022

In his opening remarks, Jeremy Hunt said his priorities are stability, growth and public services. Stability – Stability is about reassuring the market. The Chancellor announced the following new, ‘fiscal rules’ that public sector debt must be falling as a percentage of GDP by the end of a rolling 5 year period, and net public sector […]

self-assessment

What are self-assessment ‘payments on account’?

If your only income is from employment, your tax payments are pretty straightforward. But if you have other sources of income – things like dividends, self-employment or property rental – your tax affairs can get a bit more complicated. Under the self-assessment system, you’ll have to make ‘payments on account’ for your income tax liabilities. But […]

credit score

Improve your credit score to recession-proof your business

When your business is facing the prospect of a global slowdown or recession, it’s important to be in total control of your financial position. One way to do this to have a better handle on your credit score and your current risk-rating with the credit bureaus. So, what factors actually drive your business credit score? […]

business exit

Business tips: Setting your goals for a business exit

Every business has a finite lifespan. Some may last for decades, and some may only last a couple of years. As the owner of a business, the life of your business is likely to be strongly aligned with your own life goals and personal plans for the future. When the time comes to sell up, […]

global slowdown

Meeting your business goals during a global slowdown

Optimism among business owners was high coming into 2022. But a number of factors are now making things a lot more challenging: Global events are pushing up energy prices to astronomical levels. Ongoing supply-chain issues are making it difficult to source raw materials. A scarcity of talent is causing problems when it comes to staffing […]

corporation tax

Corporation tax: carry forward or carry back your losses?

If your business makes a loss for tax purposes, that might sound like bad news. But the reality is that you can turn this loss to your advantage, with the right tax planning. In many circumstances, your loss can be offset against other taxable income. This means you can reduce your payable tax, or even get […]

Exit

Business tips: Adding value to your business prior to an exit

Generally speaking, an exit strategy will be put in place years before your planned exit date. This gives you time to work on your sale plan and deal with any succession issues. But more importantly, it gives you the time needed to add additional value to the business prior to a sale. Every business has […]

Q4 deadlines

Your Q4 2022 deadlines for the diary

Staying on the ball with the latest accounting, tax and compliance deadlines helps you stay organised with your returns. Here are the deadlines and cut-off points for Q4 of 2022 to add to your diary. NOTE: If your company’s accounting period is longer than 12 months, the first tax payment deadline is normally 21 months […]

Mini budget

Mini Budget or fiscal disaster? What the Chancellor announced!

The new Chancellor of the Exchequer, Kwasi Kwarteng, delivered his first major fiscal announcement to parliament on Friday 23 September 2022. Billed as a mini budget in the press, what was actually introduced was ‘The Growth Plan’, a raft of sweeping cuts and changes to legislation. The new measures have already been widely criticised – […]

Decision making

Business tips: Using forecasting to help your decision-making

Producing regular management information is one way to help improve your business decision-making. But looking at historical numbers can only tell you so much. In business, you want to know what the future holds. And to make truly informed decisions about your future strategy, it’s important to use forecasting tools to project your data forwards […]

Q3 deadlines

Your Q3 2022 deadlines for the diary

We’re always here to keep you up to date with the latest accounting, tax and compliance deadlines. Here are the forthcoming deadlines and cut-off points for Q3 of 2022 to add to your diary. Requirement to register for Making Tax Digital for VAT (MTD for VAT) Previously, businesses with annual turnover (sales) below £85,000 could […]

measure

You can only manage what you measure

Often attributed to statistician W. Edwards Deming, the phrase ‘you can’t manage what you can’t measure’ has become a popular one in business. The more data you have, the better decisions you can make – and that applies to businesses and organisations of all shapes and sizes. So what do you currently measure – and […]

Paying tax

Paying tax is the sign of a successful business!

As accountants, we’re used to hearing people grumble about paying tax. But we see things differently. For us, a tax bill is a sign that the business is successful – after all, you need to be making money in order to be taxed on it. So we’re on a mission to change the way that […]

walking the walk

Walking the Walk: How we’re putting our money where our mouths are!

Back in May 2021, we wrote a blog about why we had gone into business and what our goals were. Switchfoot Accounting is a holistic business that runs alongside Switchfoot Wealth, an award-winning independent financial advice practice. We wanted to work in businesses that had the same ethos as we did – where the ethics […]

tax

How do I estimate how much tax I owe?

All good business owners know that it’s better to put money aside for tax liabilities than to get to the point of payment and panic about where it’s all going to come from. There’s nothing worse than the realisation that you owe more tax than you thought – and you are going to struggle to […]

summer holiday

Have you booked your summer holiday yet?

If you are either self-employed or running your own business, it’s important to be in a position where you can take holidays. Working 52 weeks a year is unsustainable for most people, no matter how much they love their businesses. So, if you haven’t already taken or planned a holiday for this year, then it’s […]

money for transition

Show me the money! SME grants for your green transition

If you’re serious about transforming your business so that it is more sustainable and making a positive impact on the planet, you’re not on your own. It’s becoming more widely accepted that businesses need to make a transition to greener thinking and doing. It’s also becoming more obvious that this isn’t just about your own […]

confirmation statement

What’s a Confirmation statement? A quick guide

If you run a business that’s registered at Companies House, you’ll need to submit an annual confirmation statement. This document asks you to confirm the ownership, directors and shareholdings of the company, and it’s an opportunity to update your details with Companies House, and to spot any errors in your listing. For a number of […]

paid

Business tips: Making it easier to get paid

Making sure you get paid on time is crucial to your success. The process of making sales and generating revenue lies at the heart of any business model. But you can’t manage your cashflow effectively or raise any profits if customers don’t actually pay their invoices. The easier you can make it for customers to […]

business bank account

The importance of a business bank account

When you start running a business, it’s important to be able to clearly separate your own personal money from the cash that’s been generated by the business. One of the simplest ways to do this is to create a separate business bank account. Opening a specific business account gives you a discrete account to use […]

talent

Attracting and retaining talent

With low unemployment and increased competition for people, businesses are changing their offering to attract and retain the best employees. It’s not just about money; the pandemic has caused people to re-evaluate their priorities, how they want to work, and who they want to work for. So, how can you ensure your business remains competitive? […]

carbon offsetting

What is carbon offsetting and why should you consider it?

You’re likely to have seen businesses around you talking about carbon offsetting. Perhaps you’ve had something from your suppliers, or perhaps you’ve heard people talking about it in your professional groups or networking sites. You’ll definitely have seen something about it on social media channels and LinkedIn, so what’s it all about? A quick guide […]

business insurance

Considering business insurance? What cover do you need?

When you’re operating a trading business, it’s sensible to think about business insurance. Whatever kind of business you’re running, there’s always going to be a certain element of risk. What if a client sues you? What if an employee injures themselves on your premises? What if your workshop catches fire? The list of potential risks […]

scaling

Business tips – Scaling up your business and workforce

Scaling up your business isn’t about steady growth over time. It’s about having a clear strategy for quickly expanding the business to achieve full-scale hypergrowth. Most startups grow organically, adding customers here and there and gradually expanding over time. Scaling up aims to accelerate this process, pushing your growth to move beyond that slow, organic […]

self-assessment

Do you need to complete a self-assessment return?

If you’re self-employed, a partner or a company director, then HMRC will ask you to submit an annual self-assessment tax return. However, every year will see some people failing to register on time for self-assessment – and facing some stiff penalties as a result! So, who needs to fill out a self-assessment tax return? And, if […]

cost of living

Coping with the skyrocketing cost of living

Whether it’s refilling your petrol tank or paying at the supermarket checkout, the higher cost of living is hitting every household hard. Across the world, everyday essentials are surging in price, up 7.2% year on year across the OECD. Unfortunately, experts predict that prices will keep rising for at least the rest of the year. What can […]

P11D

Everything you need to know about P11Ds

We are often asked about the P11D. What is it? When do we need it? How do we manage it? So we’ve put together a simple guide that answers the most common questions – if you can’t find the answer to your question here, or you need further professional support, just give us a call. […]

talent

What’s the impact of rising inflation on small businesses?

You’d be hard pressed not to be noticing the effects of inflation, even if you’re not keeping up with the numbers. Inflation has a tangible effect on your personal life and your business life, and with inflation continuing to rise – at the time of writing, the Office for National Statistics reported a higher-than-expected rise […]

strong strategy

A strong strategy is the heart of your successful business

Businesses that have clear objectives or goals, robust accountability and a shared sense of purpose should always outperform those that just show up and go through the motions. Strategy lies at the heart of most successful businesses. To achieve this you need to resource and execute with a clear purpose. Few businesses have a strategic […]

electric bike

Will your next car be a bike?

Before you spend thousands of pounds on a new car, stop and think: Do you need one? If you’re mostly working from home and only using your car for local journeys, you could actually spend your money on a good quality bike, and ditch the car altogether. We know this is a scary thought. We’re […]

spring statement 2022

Spring Statement 2022: Your summary of the key points

The Chancellor, Rishi Sunak, delivered his Spring Statement on 23 March. Faced with the task of creating a ‘strong economy’ for the UK, against the challenging background of high inflation, rising costs and the threat of conflict in Europe, he announced a raft of new measures. So, what was in the Spring Statement for your […]

operations

Business tips: Getting your operations up and running

If you are ‘pressing go’ on your new business, what are the key elements to have in place before you begin trading? The complexity of your operational model will vary greatly, depending on the kind of business you’re setting up. A small two-person design agency will have a simpler operational set-up than a wholesale food […]

save the world

Can accountants save the world?

We’d like to think so! But of course the truth is that no one can save the world on their own. At Switchfoot Accountants, we’re driven by our ethics and beliefs – and in particular by our commitment to do whatever we can to combat climate change. And that includes talking to our clients and […]

business development

How the right accountant can support your business development

As accountants, we won’t just look after the financial side of your business, we can also advise you on the strategic side of your company, including the importance of business development as vital part of your growth plan. Business development (BD) is what helps your company move from slow, organic growth to fast-paced, hypergrowth. And […]

statutory payment rates

Quick tips: What are statutory payment rates?

When you’re an employer, there are various times where you’ll have to pay your employees during a leave of absence. They might be ill and in need of Statutory Sick Pay. Or they may be pregnant and about to begin maternity leave. During these times, you have a legal duty to pay your staff member. […]

Greenwashing

Are you secretly greenwashing?

It’s becoming socially unacceptable to say you’re not interested in doing your bit for climate change and the planet. And that’s a good thing – social acceptability is a big part of changing our habits. The more we are in the minority, the more likely we are to change the way we do things. That’s […]

year end 2022

Company year-end preparations: time to get ready

As your company year-end date gets closer, there are a number of administrative and financial tasks to start planning for – so it’s a good idea to get yourself organised and ready. There are several things to check, either on the year-end date, or before the end of your company’s financial year. Some tasks are […]

better business act

Why should SMEs sign up for the Better Business Act?

At a time where more than three-quarters of people in the UK want businesses to be legally responsible for their impact on the environment and society, there is a growing movement to amend Section 172 of the Companies Act, to make sure that businesses are aware of their legal responsibilities to the planet and their […]

personal tax

Getting your personal tax in order before the year-end

As the tax year draws to a close, it’s important to think about your own personal tax situation and to make sure you’re maximising any potential allowances and reliefs. Various annual allowances and tax bands will expire on 5 April each year. By taking advantage of these different tax brackets, tax-free allowances and concessions – […]

climate hub

Join the SME Business Climate Hub!

If you’re serious about combatting climate change – and you should be – there is a wealth of support to help you get started. One of these resources is the business Climate Hub, a global initiative that aims to put climate action at the heart of the SME business community, helping those businesses not just […]

Your mission

Business tips: Writing a mission statement

You’ve had your initial business idea and written a plan. But do you know WHY you’re creating this business, or HOW you’ll deliver your end product/service? What will the company’s underlying purpose be and how will your core values drive the business? To get these crucial elements ironed out, it’s a good idea to write […]

deadlines Q2

Your Q2 2022 deadlines for the diary

As ever, we want to keep you on the ball with the latest dates and deadlines for your business diary. Get your online calendar fired up and highlight some of the upcoming deadlines and cut-off points for Q2 of 2022. NOTE: If your company’s accounting period is longer than 12 months, the first deadline is […]

remuneration strategy

Do I need a remuneration strategy?

As an owner-manager, your chief concern will be making your business profitable and building up cash reserves in the company. But you’ll also want to be able to extract funds from the business too – whether this is via a regular monthly salary, or ad-hoc dividend payments. Salary vs dividends is the most common split, […]

bank account

Why should you have more than one business bank account?

It may seem like a great idea to have all your money in one place, but actually, it makes business sense to have at least one back up account. There are sound commercial and ethical reasons for this – whether you are a sole trader or a limited company. Mostly, this is about making sure […]

MTD Extension

What does the extension of Making Tax Digital mean for you?

Keeping the UK’s tax system running effectively and up to date with advances in technology is no easy task. But the introduction of the Government’s ‘Making Tax Digital (MTD)’ initiative is intended to solve this problem, by moving most taxation over to a digital model. Making Tax Digital for VAT began in April 2019, making it […]

business idea

Defining your business idea

Having that Eureka moment when you cook up a great new business idea is a great moment. You’ll be full of ambition and eager to begin building your startup. But once you’ve had that initial rough idea, how do you assess and plan out your business idea to make sure that it has legs? For […]

legal structure

What’s the best legal structure: incorporated or unincorporated?

When setting up your business, one of your first decisions will be choosing which legal structure to use – and thinking about how this structure will affect the way the business runs. Businesses can be operated either as incorporated entities (generally, that means being a limited company) or unincorporated entities (usually, going self-employed, or setting […]

SDGs

What are Sustainable Development Goals and what do they mean to you?

In 2015, all the United Nations Member States adopted The 2030 Agenda for Sustainable Development. This is described as ‘a blueprint for peace and prosperity for people and the planet, now and in the future’. The core of the 2030 Agenda is a set of 17 Sustainable Development Goals (SDGs). These goals are wide ranging […]

compliance

Setting up the compliance foundations of your business

To trade as a business, you need to meet the right compliance requirements. It’s certainly not the most exciting part of creating a business, but setting up the right legal, accounting and tax compliance foundations ensures that you’re doing everything by the letter of the law. Here are the main compliance steps to think about, […]

business finance

Making sure your new business finances are in order

Getting your head around the basics of bookkeeping, accounting and good financial practice may not come naturally to all business owners. But the better you understand the numbers, the more control you’ll have over your business and your decision-making. To get you started, here’s a rundown of some of the main financial terms and how […]

ESG

What is ESG – and why should you adopt it?

Environmental, Social and Governance (ESG) covers some fundamental principles that underpin your business. Increasingly, customers, shareholders, suppliers and the wider community expect businesses to be aware of the world around them and to have an approach – backed by policies – that demonstrate their commitment to acting professionally and responsibly. Businesses that adopt ESG in […]

property or pension

Which is better: Property or pension?

Often when talking about tax planning and saving for the future, clients have spoken to me about investing in a buy-to-let property. For many, this type of investment seems to be something ‘everyone is doing’ and they are worried about missing a potentially lucrative boat. But there are a lot of myths around the returns […]

climate change

Are we too apathetic about climate change?

Ask someone if they are concerned about climate change and they’ll usually say ‘yes’. In reality, however, their actions are not those of someone who is genuinely concerned about climate – people often respond positively to the question because they are worried about how they’ll look if they say ‘no’. And it’s action that we […]

VAT

Quick Tips: Registering for Value-Added Tax (VAT)

When first setting up your business, there are multiple decisions to make – and a key consideration will be whether to register the business for Value-Added Tax (VAT), the tax that’s added onto the price of certain goods and services. When does VAT registration become mandatory? When your business’s turnover reaches £85k over any rolling period […]

swaps

What swaps will you make in your business for 2022?

As we head into the new year, more businesses are deciding that it’s time to take action to reduce their impact on the planet. How easy is it to start to make changes? The answer is ‘easier than you think’! There are some really simple swaps that can make a big difference – not just […]

business goals

Time to Review 2021 and Plan for 2022!

What are your business goals for 2022? The beginning of a new calendar year is an excellent time to review the year just finished and reflect on what worked, what didn’t, what you’d like to change and new things you’d like to implement. Last year, there were inescapable impacts on businesses, with some thriving, others […]

hassle free tax

A quick guide to hassle-free tax deadlines

The end of January has a deadline – the self-assessment tax deadline. It looms large for thousands of people, and can cause a significant amount of anxiety. But we are here to help – and we know that there are lots of things you can do to make this time of year much more manageable […]

hospitality and leisure grant

Is your business eligible for a £6k hospitality & leisure grant?

The Chancellor, Rishi Sunak, recently announced £1billion in additional financial support for Covid-hit businesses in the hospitality and leisure sectors. Pubs, restaurants, cafes and leisure outlets are all continuing to suffer as the impact of the new Omicron variant of Covid takes its toll on takings and revenues in the hospitality sector. To combat this, […]

self-assessment

Spreading your January self-assessment payment

As we start to recover from the worst effects of the Covid 19 Pandemic, many owners, directors and self-employed individuals remain concerned about having enough funds to pay their self-assessment income tax bill. The good news is that HM Revenue & Customs (HMRC) does have a facility for spreading out your income tax payments. HMRC’s ‘time-to-pay’ […]

goal setting tips

5 tips goal-setting tips for the year

Wouldn’t it be great to have your best year ever, this year? Whether you want to grow your business or take more time for yourself, these goal-setting tips can help you achieve your long-term plans. Think big! – What do you want from your life – and how can your business help you achieve that? Think […]

Q1 deadlines 2022

Your Q1 2022 deadlines for the diary

We always aim to keep you up to date with the most pressing dates and deadlines for your business diary. To help you get prepared, we’ve highlighted some of the forthcoming deadlines for Q1 of 2022. NOTE: If your company’s accounting period is longer than 12 months, the first deadline is normally 21 months […]

climate change

Climate change for business: Transition or Adaptation?

When you talk about climate change in relation to your business, you need to be thinking about two key things: · Your effect on the climate and environment in which we live. · The impact a changing climate will have on your business under various scenarios: for example, with […]

Your risk register: mitigation and management

Registering Risk

Your risk register: mitigation and management We’ve written about the importance of creating a comprehensive risk register for your business, and why you should include climate risks as part of that process. This blog covers reviewing your risk register to ensure it’s always relevant to your business and the influences on it, and to introduce […]

Alternative ideas for charitable corporate gifts this Christmas

Charitable Corporate Gifts

Alternative ideas for charitable corporate gifts this Christmas With the Christmas season just around the corner, it’s nice to acknowledge your suppliers/business partners and say thank you for another year of great service. But what corporate gifts can you send that avoid the usual cliches of Yule logs and festive hampers? We’ve highlighted a few […]

Are employee parties tax-free?

Christmas Party

Are employee parties tax-free? If the rules around social functions are followed, staff events like your end-of-year party, or your summer barbecue are tax-deductible for you, as the employer, and tax-free for your staff. This means you can claim back some of the expenses you incur when putting on a social event for your team, […]

Business as a force for good

Business as a force for good

Business as a force for good It’s easy to feel that businesses are coming under heavy criticism for their contribution to the climate emergency. We don’t feel it’s all doom and gloom. In fact, we believe that by making some small changes in the way they do things, businesses like yours and ours can […]

How are you managing the climate risk to your business?

Climate risk

How are you managing the climate risk to your business? Traditionally, business risk assessments include things like an interruption to the power supply, cyber-attacks, incapability of directors, loss of a major client and more. If you haven’t already, you should add the climate emergency to your risk assessment, testing and updating it in the […]

Get your suppliers on board the climate train

Suppliers and the Climate

Get your suppliers on board the climate train Being a sustainable business is about the whole lifecycle of your business, including your suppliers. And that means supporting your suppliers, not dictating to them. It’s a commercially sensible and forward-thinking thing to do. You will make yourself attractive to bigger businesses who will want to […]

What’s a climate impact report?

Climate Impact Reporting

What’s a climate impact report? If you’ve started to make climate-related changes to your business, well done! It’s not just an important thing to do for the planet – it’s great for your commercial success. And so now you need to shout about what you’re doing – and that’s where an impact report can […]

Is the climate emergency a risk to your business?

Risky Business

Is the climate emergency a risk to your business? One of the issues that I started to think more about when writing our climate emergency business guide was a risk: how we as business owners deal with the risks that our businesses and lifestyles face. The climate emergency, whether we like it or not, […]

Turning your money green

Green Money

Turn your money green Increasingly, customers are going to start asking questions to determine how ethically responsible you really are. So you need to have something to tell them, and it needs to be something you are committed to in terms of your organisation’s values and approach. The simplest thing you can do is […]

Back to Tax Basics: How capital allowances reduce your tax bill

Capital Allowances

Back to Tax Basics: How capital allowances reduce your tax bill Generally speaking, the business expenses you incur are allowable against your profits. But when it comes to fixed asset purchases (things like machinery, equipment or vehicles), these purchases are treated slightly differently. To reduce your tax bill when purchasing fixed assets, it’s important to […]

Back to Tax Basics: Capital Gains Tax for Directors

Capital Gains

Back to Tax Basics: Capital Gains Tax for Directors When you’re a company director, it’s not just your business taxes that you need to be on top of. Submitting a self-assessment tax return to account for your personal income tax is one responsibility, but you also need to be aware of any capital gains and […]

Accounting basics: the profit and loss and balance sheet reports

Profit & Loss

Accounting basics: the profit and loss and balance sheet reports Understanding your finances is a vital part of running your business. But getting down into the nitty-gritty of the company accounts isn’t every entrepreneur’s top skill. If you are new to company accounting or simply want to expand your knowledge, we can help explain the […]

Back to Tax Basics: Income tax for directors

Directors and Tax

Back to Tax Basics: Income tax for directors When you’re a company director, it’s important to understand the distinction between paying tax on your company profits and tax on your own income. You will pay corporation tax on your profits as a business, and as a director, you’ll also need to pay tax on […]

When should I start planning my Exit?

Succession Planning

When should I start planning my Exit? Succession planning It takes real guts to leave a secure well-paid job and start a business. But it takes even more guts to walk away from your successful business baby to start another new chapter! And, more than guts, moving on takes a strategic mindset if you […]

What is AutoEntry and how will it help my business?

AutoEntry – Getting started

What is AutoEntry and how will it help my business? AutoEntry is designed to save you time and energy, giving you an up-to-date picture of your expenditure and helping you to manage your cashflow better. It’s known as ‘data capture software’ and you can use it within Xero. We thought it would be useful […]

Back to Tax Basics: How does PAYE work?

PAYE

Back to Tax Basics: How does PAYE work? Once you become an employer, you’ll need to set up a pay-as-you-earn (PAYE) scheme. All businesses that employ people earning above the National Insurance (NI) lower earnings limit (£120 per week) must register with HM Revenue & Customs (HMRC) as an employer and operate their own PAYE […]

Back to Tax Basics: How does VAT work?

VAT – Mystery?

Back to Tax Basics: How does VAT work? Value-added tax (VAT) is a consumption tax that’s levied on goods that have had value added at each stage of the supply chain. Most businesses with annual sales of £85,000 or more have to register for VAT. And even if your sales are below that level, you […]

What business taxes will your new company need to pay?

What Tax

What business taxes will your new company need to pay? As the founder of a company, there’s a long list of compliance tasks to get your head around – and one of the key tasks will be registering your company for business taxes. Once you’ve registered as a limited company, you become liable for paying […]

Back to Tax Basics: How does Corporation Tax work?

Corporation Tax

Back to Tax Basics: How Does Corporation Tax Work? Corporation tax is a tax that’s levied on your company’s profits. When you operate your business through a limited company, that company is considered to be a separate entity from you as an individual. Among other things, this means you have to pay corporation tax (CT) […]

Are you unknowingly making illegal dividend payments?

Illegal Dividends

Are you unknowingly making illegal dividend payments? We all know that dividend payments are a key way to pay yourself and your fellow company shareholders when your business makes a profit. But are you following the right rules when taking out dividends from your company? Dividends can only be declared out of your company’s […]

How do I suspend or cease trading as a limited company?

The End

How do I suspend or cease trading as a limited company? On your business journey, there may come a time when there’s a valid reason to suspend or cease trading as a limited company. You might be starting up a new business and feel that your current company has run its course. Or you […]

Building a Switchfoot Future Together

Holistic

Building a Switchfoot Future Together Switchfoot is a joined-up and holistic service dedicated to offering small business owners bespoke and transparent accounting and wealth management. In the same spirit of helping our clients, we like to complete a holistic review of our own business every year. The Corporate Tax Diagnostic Review is one of […]

Are there any tax-effective benefits-in-kind you can pay to your team?

Benefits in kind

Are there any tax-effective benefits-in-kind you can pay to your team? Offering benefits-in-kind to your staff is a great way to make your business an attractive place to work. And these benefits add even more value if they’re also either tax-effective or tax-free. You can offer certain concessions that make benefits provided to your […]

What do you need your business to deliver this year?

Magic Number

What do you need your business to deliver this year? When you started your business, you probably dreamed about flexible hours and highly profitable, stimulating work. You had a clear vision of life as a small business owner. You may have even documented those dreams in a succinct Business Plan. The plan may have […]

VAT returns - it is just a push of a button?

VAT & Buttons

VAT returns – it is just a push of a button? Xero does it all for me, why do I need to pay an accountant to submit the return? We have all seen the adverts for bookkeeping software, and they promise to be able to deliver hassle-free bookkeeping and make VAT & payroll simple. I […]

Personal Financial Planning – That Sounds Scary?

Personal Financial Plan

Personal Financial Planning – That Sounds Scary? At Switchfoot we believe that your business is there to serve you, the owner, not the other way round. That is why our process for providing business and accountancy advice starts with creating a personal financial plan. What is a Personal Financial Plan? A personal financial plan […]

Should I buy a car personally or via my company?

Cars

Should I buy a car personally or via my company? A regular misconception is that buying a company car can save a director/employee vast amounts of tax. The picture is far more complicated than a simple yes or no, there are lots of moving parts to these calculations, and it really depends on a […]

Should you consider a Xero business health check?

Data Reviews

Should you consider a Xero business health check? Is it time for a Switchfoot Xero business health check? Making sure your books and records are in the best of health is vitally important to the success of your business. Bad data is likely to lead to bad business decisions. It’s easy to forget that […]