Blog

Most SME's find it difficult to maintain a Facebook page. Sometimes neglecting the issue of updating your company page or the lack of updates on your company page may do more harm to your company’s image than not having one.

With the window now shut on The Birmingham Post Growth Funding we are regularly asked by our clients about other funding opportunities. The team at James, Stanley & Co. Limited have done some research and have come up with the following grants:-

There are many ways to make your accountancy bills smaller and they can be as simple as keeping the following things in mind when you submit your records for filing. 

Be sure to avoid these common errors when submitting your information;

We all have different expectations, so it’s important in all business agreements and relationships to establish between both parties what those expectations are.  

Business is a two way street and it’s important to outline what you need from clients so they can receive the best service possible. To ensure this at James, Stanley & Co Ltd, we use a ‘Basis of our Relationship’ form which identifies what we need from our clients to ensure they receive the services they need to succeed.

As accountants, we often get asked the question whether one should form a limited company. 

As with all business decisions, this can be a difficult one as what's right for one might not be right for another. It is therefore worth spending the time to make sure you get the business structure set up right, from day one. 

Every year VAT is becoming increasingly more complicated as HMRC continuously amends and introduces new rules and regulations. In conjunction with this, the government is working harder than ever to clamp down on any tax irregularities.

What will auto-enrolment cost your company?

The pension contributions will be phased in over time as shown in the table below and full contributions will have to be paid from 1 October 2018.

Auto-enrolment will apply to all business who employ staff and will have significant implications in terms of responsibilities and commitments facing those businesses. 

It commenced in October 2012 and all organisations must have enroled their staff by April 2017 and all new employees by February 2018.  

Businesses often get confused over the tax free amount they can spend on employees at an annual party.

Currently, £150 (including VAT) can be spent in respect of each employee at the annual party. If, however, the expenditure exceeds the £150 allowance then the whole amount becomes taxable, not just the excess over £150 and has to be reported on the business’ Forms P11D. The allowance covers all costs associated with the event, such as taxis home or accommodation costs. To be applicable the event has to be available to all staff members.

Dealing with waste can result in a major improvement in a business's financial performance and is often overlooked. Here are a few points about waste to consider:-

Businesses rarely assess how much waste is costing their business-consider the cost of treatment energy and labour incurred in producing the wasted product and then think of the cost of disposal. In reality the actual cost of waste is as much as 14 times the disposal costs. 

Many SME's find it difficult to understand the benefits of creating a Facebook page for their businesses; they often don't know where to begin and find the overall task daunting and simply a waste of time.

The accounting treatment for the costs of building and maintaining your website depend on how you intend on using it.

If it is going to act as a brochure website where customers use the site to find out about your business and products but do not buy directly from the site, then you should put the development costs through the profit and loss account as an expense. Clients like this treatment as it reduces their taxable profits and therefore the business’ tax bills.

Small unincorporated businesses (partnerships and sole traders) can now claim a flat rate deduction in respect of 'use of home for business costs' as an alternative to recording the actual expenditure and then apportioning the business element.