General Business Support

How to Choose the Right Accounting Software

  • Do you want real time access from your accountant or access from anywhere? If so, an online package may be the solution.
  • Do you have employees and so need a payroll package to go with the software and if so is it accredited by HMRC?
  • Do you have enough transactions to warrant using accounts software?
  • You need to compare the needs of your business against what different packages offer.
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Preparing for Your Year End Accounts Everything you can do to make the preparation of your year end accounts a simple painless process for both you and us:

  • Records to provide to us
  • Schedules to provide to us
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Risk Issues and Insurance for Your Business Your business is always at risk from various angles. You need to try to minimise the risk of the following and have procedures and crisis plans in place to deal with them. Here is a detailed list of all the insurances you need to consider when in business.

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Tax on your private pension contributions Your private pension contributions are tax-free up to certain limits.

This applies to most private pension schemes, eg:

  • workplace pensions
  • personal and stakeholder pensions
  • overseas pension schemes that qualify for UK tax relief - ask your provider if it's a 'recognised overseas pension scheme'

You pay tax when you take money out of a pension.

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The Essentials of Factoring and Invoice Discounting First of All - What exactly is it?

Both factoring and invoice discounting involve passing your debt on to a factoring company who then release a percentage of the value of the debt to you immediately. The percentage can be as high as 90% but this will depend on the factoring company you use. This means you effectively have most of your sales paid straight away by the factoring company.

What is the difference between factoring and invoice discounting?

The main difference is the control over the sales ledger.

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Taunton Somerset

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