A business bank account is a valuable resource for your business.
How?
Tax: When you separate your business and personal finances, it's easier to figure out how much you made and how much you owe in taxes. This can save you time and money when tax season rolls around, as it makes the preparation of your tax return easier (and cheaper).
Financial clarity: Keeping finances separate gives you a clear picture of your business's financial health. You can easily see how much money is coming in and going out, and identify any trends or issues easier.
Professionalism: Having a separate business bank account makes you look more professional to customers, suppliers and investors.
So, if you're running a business, it's a good idea to have a separate business bank account - and please do not mix personal and business transactions. It's a small step that can make a big difference in the long run.
And PLEASE make sure you use an ethical bank! You can check here: https://bank.green/blog/uk-banks-league-table
https://heywoodmacdonald.co.uk/
#EthicalBank #EthicalBusiness #BusinessBanking
Why do we ask for bank statements every month, even though you have a bank feed into your software?
It’s because they don’t always pull through correctly.
By checking back to your bank statement, we can make any necessary corrections manually.
It’s so important to get this right, as your reporting will not be correct, if it has inaccurate data. You make business decisions based on your reporting. It all has a knock on effect.
www.heywoodmacdonald.co.uk
#accuratebookkeeping
Did you know what happened today? The Chancellor of the Exchequer - Jeremy Hunt - announced the government's Spring Budget, containing many economic changes coming into effect over the next 12 months.
Here are some of the key points from the Spring Budget:
1. Employee National Insurance - The government announced that from April 6th 2024 the main rate of National Insurance will be cut by a further 2% from 10% to 8%.
2. Self Employed National Insurances - The rate of Class 4 National Insurance, paid on profits between £12,570 and £50,270, will be cut by a further 2% from 8% to 6%
3. Benefits - The High Income Child Benefit Charge threshold is to increase from £50k to £60k, and the top taper to increase from £60k to £80k.
4. VAT - The threshold at which business must register for VAT is to be increased from £85k to £90k
5. Property Capital Gains Tax - The higher rate of property capital gain is to be reduced from 28% to 24%
6. Stamp Duty Relief - The relief from stamp duty that people get for buying more than one dwelling is to be abolished.
7. British ISA - A new “British” ISA is being brought in to allow people to invest up to £5k more tax free per year into UK assets. This is in addition to the current £20k per year allowance
8. Alcohol Duty - The duty added to Alcohol has been frozen for a further year until February 2025
9. Fuel Duty - Fuel duty is to remain frozen and the 5p cut in the fuel duty on petrol and diesel is to be kept for a further year.
#springbudget #springbudget2024 #accounting