ACCOUNTING & FINANCE 101 Guide to Accounting for Small Businesses in the UK The question for all small business owners is:  What Are My Accounting Responsibilities? Suppose you are considering or have already formed a limited company in the UK. In that case, you are undoubtedly aware that you have a legal responsibility to submit your annual accounts to the Inland Revenue. However, the best course of action is to pass this crucial duty on to an experienced accountant who can do this on your behalf. Table of Contents Instructing An Accountant In The Early Stages Ltd Company Accounting Statutory Accounts For Ltd Companies An Auditor’s Report Corporation Tax and Company Tax Returns HMRC Late Filing Penalties Tackling Tax Returns the Best Way Possible Tips on Finding the Right Accountant For Your Needs Try to look for: What Qualifications Should the Accountant Have? Making an Initial Appointment Final Thoughts Instructing An Accountant In The Early Stages It is not unco...

  ACCOUNTING & FINANCE The Steps To Starting An HVAC Business For several reasons, starting an HVAC (Heating, Ventilation, and Air Conditioning) business can be a worthwhile venture. There is a growing demand for the units as they are more energy-efficient than other heating and cooling systems. Plus, your HVAC business can sell the units, installation, and ongoing maintenance services. Providing maintenance services can result in a steady stream of recurring revenue. Many customers opt for regular maintenance contracts to ensure their HVAC systems operate efficiently and avoid unexpected breakdowns. Even during  economic downturns , people and businesses still require functioning heating and cooling systems, and as more residential and commercial buildings are constructed, they are continuously needed. However, starting an HVAC business can be a complex process, and it’s essential to understand all the steps involved, from registering your business as an LLC and appl...

  ACCOUNTING & FINANCE How To Keep Track Of Your Business Finances One of the essential elements of running a successful company is tracking business finances, which involves keeping tabs on business income and expenses. A lack of funds is one of the primary reasons why businesses fail. Cash flow is crucial, so companies must manage expenses by recording receipts, payments, or expenses into an accounting ledger. There are also several benefits of tracking your business finances, including: Managing your money more effectively Identifying spending issues Improving your budgets Promoting savings Remaining focused on your financial goals Keeping tabs on your business finances ensures your company grows well to overcome competition. So, how can you implement various strategies to monitor your business finances? By taking the following actions: Table of Contents Developing A Cash Flow Statement Keeping A Separate Business Bank Account Leveraging The Power Of Accounting Software Conn...