Is there a word for a fear of accountants?
The closest word we found was chrometophobia, which is actually an extreme fear of money – spending it, handling it and thinking about it ! This seems like a very different fear, but could it be because we are traditionally regarded as very boring and serious – maybe we are getting closer to the truth? … Read more
Should I set up as a sole trader or limited company for my small business ?
When professionals decide to set up a small business – should they trade as a sole trader (self-employed) or set up a limited company? The main difference between the two are: As a sole trader, you are an individual generating an income, and therefore are taxed under income tax. Your profits are your income. With … Read more
Do I really need an accountant for my small service based business?
And the answer is – it totally depends! Every service based business is different and, whilst most are fairly uncomplicated, some require some more support than others – mostly that comes down to the priorities and capabilities of the business owner. More often than not, our limited company business owners definitely think they do need … Read more
Should I change my business from a limited company to a sole trade?
At WBS Accountants, we had a few limited company clients who have found their turnover dropping as a result of the pandemic. They wondered if they would be better off as a sole trader and there are probably other businesses thinking the same thing. We thought we’d share our thoughts. What Made you Become … Read more
Top tips to make sure your invoices work hard for you
When you run a service based business it’s a reasonable assumption, after providing an awesome service, that your client will just pay your invoice straight away, and for the majority of the time, that’s quite true. However, you may find yourself in a ‘discomfort’ zone when you find your invoices not being paid on time … Read more
7 things to think about when owning a second property
More people than ever are finding themselves in the position of owning a second property, so we’ve outlined a few fundamentals you should be thinking about… 1. Keep a diary This is particularly useful when you come to sell it at a later date and most of these details will help your accountant calculate any tax liabilities and … Read more
Covid-19 Lockdown 3.0 – what’s available?
As we start the gradual move out of Lockdown 3.0 and pass the anniversary of the shock of what the first lockdown on 23rd March 2020 meant for us all, we again revisit the current position on government Covid support available so that small businesses are up to date. The fact that the government have … Read more
Budget 2021 – Top 5 Takeaways
In the Chancellor’s second (real) Budget earlier in the month he announced that he had to level with people about the state of the UK economy. There were already announcements prior to Budget day of grants for High Street businesses and the hospitality sector and the widely predicted extension of the furlough scheme. The chancellor … Read more
Covid-19 Lockdown 2.0 – What financial support is still available for small businesses
Last updated November 2020 After the initial shock of the lockdown in March, nobody can deny that the level of funding that was given by the UK government was unprecedented, and as we come out of Lockdown 2.0 we’ve highlighted below what is still available by way of financial support CJRS The CJRS has … Read more
We take a look at some other funding options available for North East businesses
Citylife Business Support The Business & IP Centre Newcastle and NewcastleGateshead Initiative have developed a package of free support that will focus on enabling businesses to develop and implement new models of delivery to help them recover and plan for their future and this project will run until March 2021 Eligible SMEs can access: • … Read more
Covid-19 Business Support (Part 4) – Self Employed Individuals
Nobody could have planned for what the UK business community is experiencing during this coronavirus outbreak There have been so many emergency provisions announced by the government over the last week to try and provide financial support to UK businesses, to ease cash-flow, pay employees, contribute towards property costs and finally some help for the … Read more
Covid-19 Business Support (Part 3) – Business Property Costs
Nobody could have planned for what the UK business community is experiencing during this coronavirus outbreak There have been so many emergency provisions announced by the government over the last week to try and provide financial support to UK businesses, to ease cash-flow, pay employees, contribute towards property costs and finally some help for the … Read more