How You Can Avoid 5 Common Tax Mistakes Small Business Make
Tax regulations can feel daunting for small business owners. Here are five mistakes we often see and how you can steer clear of them: 1. Not Keeping Accurate Records: Failing to maintain detailed and accurate financial records can lead to missed deductions or problems with the tax authorities. How to Avoid: Set up a system […]
What Entertainment Expenses Can Your Business Claim For?
Here’s a short guide: 1. Client Hospitality and Entertainment: Generally, costs incurred entertaining clients, including meals and events, are not deductible for Corporation Tax purposes. You still need to keep detailed records as these can affect VAT claims and other financial assessments. 2. Staff Parties and Events: Costs of annual events – eg Christmas parties […]
The Beginner’s Guide to Understanding Financial Statements
We believe in demystifying finance for everyone. Today, we’re breaking down the basics of financial statements – the essential tools for understanding your business’s financial health. Why Financial Statements Matter Financial statements are the report card of a business. They tell you where the money came from, where it went, and where it’s currently sitting. […]
What’s Your Business Worth?
The value of your business is not just about numbers – it’s about your hard work, dedication, and the potential for future growth. Knowing your business’s worth is crucial when you’re: – considering selling – seeking investment – planning for the future Five Key Factors 1. Strong Financial Performance: Profitability, revenue trends, and financial health […]
Unlocking Business Growth: The Power of Strategic Financial Planning
Understanding the financial nuances of your business is not just about keeping the books in order; it’s about unlocking the full potential of your business strategy. Why Strategic Financial Planning? Informed Decision-Making: With a comprehensive financial plan, you can make informed decisions that align with your long-term business goals, rather than just reacting to day-to-day […]
Will Ai take my Job? How AI is Transforming the Job Market
Introduction Artificial intelligence (AI) has been a hot topic in the business world for some time now. With AI’s rapid advancements, it’s no wonder why so many people are asking: will AI take my job? The answer might surprise you. No, AI isn’t going to take your job, but businesses who engage and use AI […]
How to Prepare for Exit: A Strategic Guide for Business Owners
Exiting a business is a significant milestone in an entrepreneur’s journey. Whether it’s for retirement, pursuing new ventures, or personal reasons, it needs careful planning and strategy. We understand the complexities involved and can guide you through every step. Here’s how you can prepare for a smooth and successful exit: 1. Start Early: Ideally several […]
10 Common Financial Terms Explained in Everyday English
We know financial jargon can be confusing, which is why we do our best to stick to plain English. But there’s no escaping some terms. Here are our top ten and what they really mean. 1. Assets: Anything of value owned by a business. Think of it as the resources that help generate income, from […]
When Is The Right Time To Invest In Your Business?
Investment decisions are pivotal for growth and sustainability. Here’s when to channel resources back into your business. 1. Solid Financial Footing: Before considering reinvestment, ensure your business has a healthy cash flow, manageable debt levels, and a clear understanding of your financial statements. If you’re consistently meeting or exceeding your financial projections, it might be […]
How our Outsourced MD & FD Service Can Add Value To Your Business
You’re probably familiar with how Non-Executive Directors can bring considerable experience, impartial advice and fresh perspectives to help your business thrive and grow. At Abbeygate our Outsourced MD & FD Support Service provides a one-stop solution for all your leadership and financial needs. So what exactly can we do, and how might your business benefit? […]
