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5 common accounting mistakes that could hurt your gym business

5 common accounting mistakes that could hurt your gym business Many gym and fitness centre owners – especially those just starting out – tend to handle their own accounting and bookkeeping. However, keeping track of the finance-side of the business– everything from income to expenses to tax compliance– can be overwhelming. Mistakes can happen quite […]

More money for your business – tax savings during covid 19

More money for your business than you know Even with a little glowing light at the end this unimaginably long tunnel, it does feel like for 2021, things just managed to get worse. But we’re not here to spread doom and gloom. We want to bring hope and open your eyes to options that until […]

Why is our tax service different and how does this benefit you?

Why our tax service is different and how does it benefit you? There are 3 ways that we deliver over tax service to you as a client.  The 1st is vitally important, its tax compliance, its how we help you account for the taxthat is due and therefore we help you fulfil your compliance obligations […]

Collect your debtors faster

Collect your debtors faster Did you know that you still have to pay tax on your debtors, even if you haven’t yet collected them?  This is because you pay tax on your sales figures, whether you’ve collected the cash or not.  So, how do you collect your debtors faster?  Agree your payment terms at the time of […]

What is Key Person Insurance?

WHAT IS KEY PERSON INSURANCE?  Key Person Insurance is a form of commercial insurance which protects businesses against the financial loss it would suffer if a person considered a vital cog in their business died or was diagnosed with a critical illness.   It is to ensure business continuity and succession planning, something overlooked by many business owners, particularly when the company is small. It pays out […]

Understanding your profit and loss statement

Understanding your profit and loss statement Your profit and loss statement (P&L) helps you understand your business performance and profitability over time. It’s sometimes called an Income statement and its main purpose is to list income and expenditure.  Whereas a balance sheet is a snapshot in time, the P&L shows transactions over a specific period of time. […]

Understanding Statement of Cash flow

Understanding statement of cash flow Revenue is vanity, profits are sanity, but cash is king – or so the saying goes. That’s because cash is what customers pay in, and what shareholders get as a dividend.  So, you must want to know more about the impact of your business activities on your cash flow?   Understanding Your Statement of […]

How financial Ratios will tell you if your business has solid foundations (and how to read a balance sheet)

How financial ratios will help you build solid foundations for your business. As a business owner you will own lots of assets, owe other businesses money and have shareholders. The balance sheet brings all these together in a financial snapshot showing the businesses financial position at a specific point in time. Together with the Profit and Loss Statement, and Statement of Cash-flow, […]

R&D – How to get more cash back into your business

Research and Development – How to get more cash back into your business In February 2020, the government pledged to increase public investment in R&D to £22bn a year by 2025, meaning there is a significant opportunity for businesses to invest more on innovation and get cash back into their bank.  R&D is a tax […]