If you’re managing your business’s financial situation by keeping one eye on your bank balance and the other on your outstanding bills, you’re missing out on a huge number of insights into the liquidity of your venture.
You may be reporting year-end profits, but when your everyday cash situation is looking worrying – due to running costs, overheads and tax liabilities – it’s time to delve into the numbers and get a better handle on your cash flow.
The world has gone digital. Unless you’ve been hiding under a rock, you’ll have noticed how technology and software has worked its way into every facet of our modern 21st-century lives. The emergence of financial technology (FinTech) and cloud-based business solutions is revolutionising how many businesses run their day-to-day processes and take care of their accounting and financial management. So, how can digital help your business become more efficient, more organised and (crucially) more productive?
There’s a pensions problem in the UK. People are living longer, greater numbers of people are becoming pensioners and there’s insufficient provision being made to take care of the UK’s ageing population in their retirement
Pensions auto enrolment is the Government’s response to this pension problem. By making it mandatory for all businesses to provide a suitable pension scheme for their employees, some of the burden will be taken off the state pension system.
But, in doing so, a new burden has been created: a burden for small business owners. It’s now your responsibility, as the director or owner of a UK business, to provide the right kind of pension scheme for your staff.
Back in March, we asked if your business was ready for auto enrolment. Eight months down the line, this question has an even greater urgency to it. If you’ve not yet chosen a scheme then you need to act now.
And to help you see the need for prompt action, we’ve outlined the process you’ll need to go through to meet your responsibilities and get your auto enrolment pension scheme up and running.
Be prepared for the future by planning for any potential tax investigation, saving on admin time by using our specialist service.
At Tyrrell and Company, our chairman has extensive experience – as a former HMRC tax inspector, he can advise your business on how to avoid any pitfalls and ensure that you’re compliant with current regulations at all times.
Back in the March 2015 Budget, the Chancellor announced that traditional tax returns are soon to be replaced with digital tax accounts, taking returns online for all UK businesses.