A bookkeepers’ guide to preventing money laundering
Money laundering is an illegal operation that involves disguising large sums of money, which have been accrued through criminal activity such as drug trafficking, so it appears the money has come from a legal source. Funding for terrorist organisations is a growing source of money laundering. In the process, the money is ‘laundered’, so it […]
HMRC Form 64-8 – 2023 updates
HMRC keeps us on our toes with regular changes and updates, all of which have to be taken on board straightaway to avoid complications or penalties for non-compliance. Form 64-8 is a form which is used by a client to give authorisation to an agent, such as a bookkeeper, to deal directly with HMRC on […]
How to correct an employee’s overpaid National Insurance contributions
Running a company payroll isn’t always straightforward. Common problems include incorrect or late payslips, missed pension payments, under or over-payment of salary, wrong tax calculations and issues with National Insurance (NI) payments. In this blog, we look at what you should do if you find you have inadvertently overpaid an employee’s NI contributions. National insurance […]
Effective credit control for the small business
If you’re running a small business, sooner or later you’re going to be faced with the difficult issue of dealing with late payments. Large companies usually have more leeway to manage these, but the impact they have on a small business can be severe; the worst case scenario could mean going into administration. A report […]
December Newsletter
December Newsletter 2023 Morning/afternoon As we approach the end of another year it is a time for reflection – a time to release old thoughts and beliefs and forgive old hurts. Yesterday is history. Tomorrow is a mystery. Today is a gift – that’s why it’s called the present. And our present to you is […]
Getting to grips with workplace pensions
Automatic enrolment of employees into a workplace pension became a legal requirement for large UK companies in October 2012. This scheme was gradually rolled out, and by 1st February 2018 all members of staff in UK businesses, who didn’t opt out, were part of a pension scheme. As an employee, you have a duty to […]
Payroll for Small Businesses
Paying your staff the right amount at the right time is at the heart of any business. For many small businesses, the responsibility for handling all payroll matters rests with the owner, or a key employee. As anyone who has been involved in managing payroll knows, it can be complicated, and take up a lot […]
Bookkeeping for a handmade craft business
With the rise in the cost of living and the move towards a better work/life balance, many people consider setting up a small business making and selling handmade crafts, either as a second income stream or their main livelihood. If you have a talent for crafting, whether it’s crotchet, pottery, upcycling old furniture or painting, […]
Bookkeeping for freelance musicians
If you’re a freelance musician, you’ll probably be leading a pretty hectic life. A professional violinist can be recording a new commission in London, playing with a major orchestra in a live concert, making up a string quartet for a commercial engagement and working as a peripatetic music teacher – often all in the same […]
A small business guide to holiday pay for employees
Everyone needs the occasional break to recharge both physically and mentally and return with (hopefully) fresh purpose and enthusiasm for work. However, calculating holiday pay can be an unnerving task for employers running small businesses, as UK legislation governing leave entitlement is not always easy to decipher without HR staff to investigate the complexities. Post-pandemic, […]
