Unlocking the Secrets to Efficient Record-Keeping and Tax Minimisation

Minimise your tax liability

Are you tired of feeling overwhelmed when tax season rolls around? Do you want to unlock the secrets to efficient record-keeping and minimise your tax liability? Look no further! In this article, we will dive deep into tax record-keeping best practices and share effective strategies to reduce your tax burden. By implementing these techniques, small businesses can navigate the complexities of tax compliance while maximising their financial resources. Get ready to uncover the key to efficient record-keeping and unlock the potential for significant tax savings! The Importance of Best Practices […]

Maximizing Your Company’s Financial Performance in 7 Steps

maximizing your company's financial performance

Welcome to the world of financial performance optimization, where you have the power of maximizing your company’s financial performance. As a savvy business owner, you recognize the significance of making strategic financial choices to foster growth and stay ahead of the competition. In this journey, best practices for bookkeeping play a pivotal role. Join us as we guide you through evaluating your financial health, harnessing the power of financial analysis and reporting, and uncovering strategies to enhance profitability. By following these steps, you’ll gain valuable insights to make data-driven decisions. […]

Analyzing Financial Statements for Business Growth

Analyzing Financial Statements for Business Growth

Financial analysis is essential for fostering success and growth in today’s dynamic business environment. Businesses can learn a lot about their financial health, spot growth opportunities, and make wise strategic decisions by carefully Analyzing financial statements and utilising key performance indicators (KPIs). These insights and analysis can give you the competitive edge you seek over your competitors in modern saturated markets, which can optimize your businesses to stand out and appeal to consumers, allowing you to grow organically. This article will examine the value of financial analysis for business growth and […]

Bookkeeping Mastery: Effective Bookkeeping Practices for Business Owners

Running a business requires more than just passion and dedication but also effective financial management. One key aspect of managing business finances is bookkeeping. Accurate and organized bookkeeping practices are essential for keeping track of income, expenses, and overall financial health. If you struggle in effectively managing your books, this article will help you find all the answers you seek. We will provide valuable small business bookkeeping tips and explore the best practices for streamlining business finances. Here are a few of the Best practices for bookkeeping which are capable […]

Ingenious Tax Planning Strategies for Small Businesses in 2023

maximizing your company's financial performance

Owning a small business means tackling new and challenging problems every day. You wake up to tricky situations and scenarios, one of the biggest fears for any small business owner is taxes. When profits are slim, and you have big dreams of better tomorrow, taxes can appear to be a significant deterrent factor. The best way to cover this is to stay two steps ahead and employ effective and efficient Tax Saving Strategies for Small Businesses. With the right tax planning strategies, you can ease your tax burden while maximising […]

Exporting – Getting an EORI Number

You will need an Economic Operators Registration and Identification number (EORI) number to move goods: between Great Britain and the EU and any other country. between Great Britain and Northern Ireland between Great Britain and the Channel Islands between Northern Ireland and countries outside the E and the Channel Islands You can apply for your EORI number in advance and it takes approximately one week. You will not usually need an EORI number if you only: provide services move goods between Northern Ireland and Ireland If you use a post […]

VAT: Are you trading above the VAT threshold but not registered?

filling tax return on desktop

VAT: Are you trading above the VAT threshold but not registered? HMRC has recently been writing to businesses which it believes are trading above the VAT threshold, but who are not currently VAT registered.  If you have received such a letter, this is what to do: Inform your accountant or contact an accountant In a number of cases, HMRC has not sent a copy of the letter to your designated accountant. It is important to advise your accountant and copy the letter to them so that they can advise you […]

Recovery Loan Scheme

The Recovery Loan Scheme The Recovery Loan Scheme was launched om 6 April 2021 and provides access to finance for UK businesses as they grow and recover from the disruption of the COVID-19 pandemic. If you have already borrowed from any of the other coronavirus loan schemes, you are still able to apply for a Recovery Loan Scheme. Up to £10 million is available per business. The actual amount offered, and the terms, are at the discretion of participating lenders. The government guarantees 80% of the finance to the lender. […]

Jointly-owned property – who pays the tax?

Citi Accounts | Accountants for Landlords With a jointly-owned property, the way in which the rental income can be split between the joint owners for tax purposes depends on whether the joint owners are married or in a civil partnership or not. Married couples and civil partners Where a property is jointly owned by a married couple or civil partners, the basic rule is that the rental income is split equally, regardless of the actual underlying ownership. Example John and Lisa are married. They jointly own a flat in which […]

CIS tax refund

CIS tax refund

CIS tax refund What is a CIS tax refund? A CIS tax rebate (also called a refund) is money that can be claimed from the HMRC where you have paid more tax than you actually owe! At Citi Accounts, we are dedicated to winning back your hard earned money quickly and effectively. On average, our clients get an average refund of £2,000 each year. Most self-employed or subcontracting workers in the construction industry are owed a tax refund every year due to the Construction Industry Scheme (CIS). Some of the reasons […]