These soaring costs mean higher expenditure and lower margins on your products and/or services if left unchecked.

Turning a profit is at the heart of running any successful company. But should profits be the only financial focus?

The key goal of a business is to make enough sales, at a big enough margin, to generate profit. But how does profit differ from cash flow?

When you’re a company director, it’s not just your business taxes that you need to be on top of.

Self-Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax. 

When you’re self-employed, you’re responsible for paying tax and National Insurance on your income.

You must keep records of all business income and expenses to work out your profit for your tax return.

Every business, big or small, needs to hire an accountant to protect the financial integrity of the organisation.

Whenever you’re looking at whether you can include costs for travel as a business expense, you need to consider why you made the journey.

Bookkeeping is important for helping you maintain accurate financial records. Yet, many businesses fail to implement this integral process.

If you’re self-employed, a partner or a company director, then HMRC will ask you to submit an annual self-assessment tax return.

The statement of cash flows, shows how your business has generated and used cash (and cash equivalents) within a specific time period.

If you’ve just moved from being a sole trader to a limited company, you may get caught out by the different rules around withdrawing cash.

When you operate your business through a limited company, that company is considered to be a separate entity from you as an individual.

There’s a long list of compliance tasks to get your head around and one key task will be registering your company for business taxes.

Once you become an employer, you’ll need to set up a pay-as-you-earn (PAYE) scheme.

When first setting up your business a key consideration will be whether to register for Value-Added Tax.

On your business journey, there may come a time when there’s a valid reason to suspend or cease trading as a limited company.

As a company director, it’s important to understand the distinction between paying tax on your company profits and tax on your own income.

As an unincorporated business you have the option of using a ‘cash accounting basis' when preparing your accounts.