Welcome to the One Abacus blog.

We are a small firm of accountants specialising in solutions for contractors, freelancers and small businesses. Our mission is to demystify the world of accounts and taxation through our down to earth, straight talking advice. We’ll also aim to keep you informed of significant industry changes and their potential effects on you as and when they arise so please feel free to check in when you can!

Posted on 12/08/2016

Do You Know The Difference Between Bookkeeping And Accounting?

Bookkeeping and accounting are probably two of the business functions that most small- to medium-sized business owners dread. In fact, many are completely oblivious to the difference between the two. That is why here at One Abacus, we offer competitive packages for sole traders, limited companies and those required to complete an annual self-assessment. We understand that bookkeeping and accounting can be a huge headache for those who simply do not know how to tell the two functions apart. Do you?

Posted on 11/07/2016

How Brexit Will Affect You

Freedom of movement is clearly now under threat, particularly given that polls show of the people that voted that ‘One third (33%) said the main reason was that leaving “offered the best chance for the UK to regain control over immigration and its own borders.”’ Given these results as part of the overall leave analysis its hard to see how Theresa May could continue with the policy in the face of her own legitimising general election. The results of this for European workers who don’t yet reside in the UK are bleak but for those already here, things are just very uncertain. Uncertainly however is not the friend of business and so, whilst business has remained calm for the moment, this may start to have an effect on hiring later on

Posted on 09/07/2016

Why You Should Consider Outsourcing Your Accounting And Bookkeeping

If you are setting up a small business, there are a number of things you can do to save you time and money. One of the most obvious ways to save a lot of time is by outsourcing various functions of the business. And when you save yourself time, you can also save yourself money.

If you are spending hours and hours on tasks such as accounting and bookkeeping, then this is obviously keeping you from the things you do best. Not every business owner has sufficient knowledge of bookkeeping and accounting, so it makes sense to outsource this aspect of the business.

Posted on 08/06/2016

How Much Time Do You Waste On Financial Admin?

The research was carried out on 149 entrepreneurs and sole traders, who were asked what their greatest challenges were in managing their company’s finances. Number one was tax calculations, as per 54 per cent of those surveyed. Next was accounting at 51 per cent, followed by keeping track of expenses at 49 per cent, having to use multiple applications to manage different services was 38 per cent, invoicing at 30 per cent, and finally payroll at 18 per cent.

Posted on 05/06/2016

Positive Changes To Flat Rate VAT

Potentially good news for contractors as HMRC has made some changes to its Flat Rate VAT guidance. This is a result of recommendations from several judges following various tribunal cases ruling against the department.

The changes are around the flat rate categorisation and therefore the amount of VAT which will be owed to HMRC. Companies are of course still responsible for telling HMRC which category they fall into, which relates to the amount of tax they should pay. Under the new version of the notice though, consultants are no longer required to select ‘management consultants’, which incurs a flat rate of 14% VAT.

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