Running a business Archives

Understanding the Differences Between Accrual and Cash Accounting

3rd March 2025

The two most common methods used for accounting are accrual accounting and cash accounting. Each method has its own advantages and disadvantages, and choosing the right one depends on your business size, the complexity of your transactions, and your financial goals.

The Difference Between Bookkeeping and Accounting

28th February 2025

Though these terms are often used interchangeably, they refer to distinct processes that play crucial roles in your financial management strategy.

How to Plan Your Retirement as a UK Business Owner

26th February 2025

Planning for retirement as a UK business owner? Learn about small business retirement plans, tax-saving options, and how to secure your financial future today.

How to Set Up a PAYE Scheme for Your UK Business

20th February 2025

In this guide, we’ll take you through the step-by-step process of setting up a PAYE scheme for your business, ensuring you meet your legal obligations while managing payroll efficiently.

8 Benefits of Business Insurance: Protecting Your Business Assets

14th February 2025

In this article, we’ll explore the top benefits of business insurance and why it’s an essential investment for businesses of all sizes.

Understanding the Difference Between Net and Gross Profit: Why It Matters for Your Business

12th February 2025

Two key metrics that often cause confusion are gross profit and net profit. In this guide, we’ll break down the differences between the two, how to calculate them, and why they matter for your business.

What Is Flat Rate VAT in the UK? Simplified Guide for Small Businesses

10th February 2025

The UK’s VAT system can be complex, especially for small businesses juggling multiple tasks. To simplify VAT reporting, HMRC offers the Flat Rate VAT Scheme, which is designed to make life easier for smaller businesses by reducing administrative burden.