Accounting For Beginners – All You Need To Know About Profit And Loss

Understanding whether a business is profitable or not is fundamental to the success of the business. If you are a business owner, you need to know what to do to maximise your profits or whether there are areas that need more attention. This is why regularly creatin and understanding your Profit and Loss (P&L) is so important.

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Sole Trader vs Limited Company – which is right for your business?

Whether you’re just considering a new business idea or already transact as a sole trader, you may wonder if incorporating your business – that is becoming a Limited Company –  is right for you. In order to know the answer, you need to research the differences between the two structures, and we highly recommend speaking to your accountant, as there will be tax implications.

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Changing Accountants: moving to a new accountant

Switching accountants is easy and doesn’t need to cause stress, effort, or disruption to your business. Despite what an accountant may allude to, it can be a simple process. If changing accountants feels like the right move for you, read on

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2023 Autumn Statement: HB Accountants’ Summary

On 22 November 2023, Jeremy Hunt delivered the ‘Autumn Statement for Growth’. The Chancellor is keen to stimulate economic growth and highlighted 110 measures for businesses. In addition, there were significant statements relating to National Insurance changes and also the reform of work-related state benefits.

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A Benefit-In-Kind: Are you clear about what they are and what you need to do about them?

Benefits-in-kind can feel like a minefield for business owners. In this blog we will tell you what you need to know, what you need to do, and show that it is possible to reward your team for doing a brilliant job without being taxed for it!

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Our website is now green!

Proud to share that HB Website hosting is certified green. HB are long-time supporters of doing all we can to reduce our burden on our planet – shifting our working practices and encouraging our team to do the same. We drive electric company cars, have plants in our office, have eliminated single use plastics, and consider our supply chain to ensure we make the greenest decisions possible.  Now our website hosting is green too and it’s why we can now show the Green Web Check logo, which confirms that our website runs on green electricity. 

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Important changes to self assessment criteria for 23-24 returns – threshold raised to £150,000

From the 2023/2024 tax year onwards, the self assessment threshold for taxpayers will rise to £150,000 as long as your only income is via PAYE. This means that you only need to submit a self assessment tax return if your income exceeds £150,000 or you receive income from sources. Other sources of income include but are not limited to self employment income over £1000, dividends, high income child benefit, or rental income.

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A New Beginning at HB Accountants: Sophie’s Journey as a Business Administration Apprentice

I’m delighted to introduce you to Sophie, the latest addition to our HB Accountants team. Sophie has joined Team HB as a Business Administration apprentice. It’s been only two days, but Sophie’s enthusiasm and positive vibes are already making an impact

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Meet Cameron, Our New Trainee Accountant Apprentice

HB Accountants are proud to introduce you to our newest member of Team HB, meet Cameron. Cameron decided that learning whilst gaining valuable experience and making connections along the way, was the path he wanted to take following on from his A Levels. He spotted our apprenticeship on the Government Website and after a successful interview, he officially joined our team, and his first week was nothing short of amazing (our words not his)

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Strengthening Our Team: Building a Vigilant Workforce at HB Accountants

Accountants play a vital role in preventing serious crimes like human trafficking by being watchful and reporting suspicious financial activities. HB Accountants are serious about this responsibility. Strengthening our team and building a vigilant workforce is paramount. Continuous Professional Development (CPD) is a mandatory part of our commitment to professional ethics. We ensure our team stays well-informed by using resources such as the ICAEW‘s AML educational drama, “All Too Familiar.”

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