London’s small business accountants

TaxAgility London’s LocalAccountants London’s Local Accountants, dedicated to making your small business a real success TaxAgility™ has years of experience as specialist accountants working with small businesses in the London area, especially startup businesses, a business looking to grow, the self-employed and contractors. We know that our clients value having us…

Late payments: A serious problem for small businesses

Late payments are a serious problem for small businesses in the UK. Given the many issues faced by small businesses in the current economic climate, delayed payments and chasing payments can seem like pushing a huge boulder uphill each month. The average time it takes for small businesses in the UK to get paid is 64 days, which is 20 days longer than the Prompt Payment Code target of 30 days.…

UK small businesses record levels of digital adoption in 2023

A recent report by the Federation of Small Businesses (FSB) found that small businesses in the UK are adopting digital technology at a record pace. The report found that 87% of small businesses now have a website, and 70% use online marketing. This is a significant increase from the previous year, when only 75% of small businesses had a website and 55% used online marketing. The report suggests…

How AI is Helping HMRC to Collect Taxes and Crack Down on Tax Evasion

HMRC has been developing its AI capabilities for a number of years. In 2016, it launched the AI Lab, which is a team of experts who are working to develop new AI-based tools and techniques to help HMRC collect taxes more effectively. In this article, we explore some of the ways HMRC is using its new tools to crack down on small business tax evasion. The AI Lab has made a number of significant…

How director’s loan accounts work, including tax implications and risks

What is a director’s loan account? A director’s loan account is a record of all the money that a director of a UK limited company has borrowed from, or lent to, the company. This can include money that has been borrowed or lent for any reason, such as to cover personal expenses, to invest in the company, or to help the company with cash flow problems. Director’s loan accounts…

Tips to help you achieve success in a challenging 2023 business environment

We are already one quarter or the way through 2023. The UK economy continues to face a number of challenges this year. With the outlook unlikely to change much during the year, except possible interest rate changes and adjustments in inflation, businesses will need to be more agile and innovative than ever before in order to remain successful. We thought it might be useful to you, to share are a…

Embracing Digital Enablement: How Accountants Empower Business Clients to Thrive in a Digital Era

The digital landscape is transforming the way businesses operate, requiring them to adopt digital enablement strategies to stay competitive and drive growth. Accountants play a crucial role in guiding their clients through this transition, helping them understand and implement digital tools and technologies. In this article, we will delve deeper into the various ways accountants support their…

Interpreting a balance sheet and how it can help you to make better business decisions

As a successful business owner, you understand that financial stability is key in order to maintain the longevity of your company; it’s essential for continued growth. One primary factor of achieving this goal is having an accurate understanding of one’s balance sheet and how each asset contributes to the overall picture. Furthermore, applying this to your clients and suppliers, can…

How to mitigate the impact of inflation on your business

Inflation is a major factor that entrepreneurs and small business owners must take into consideration when crafting their business plans and setting prices. With careful planning and adaptation, businesses of all sizes can weather the effects of rising prices and stay competitive in today’s economy. Inflation affects many areas of businesses, such as pricing strategies, supply chain costs…

A Guide to Understanding and Improving Your Balance Sheet

Understanding and managing your business’s balance sheet is an essential part of any successful company. A balance sheet is a financial statement that provides a snapshot of what you own (assets) and what you owe (liabilities). It's important to keep track of this information so that you can stay within your budget, pay off debt, and make sure your cash flow is healthy. Let's take a look at how…