Small business tips and news, page 7

Can you confidently account for all the costs involved in reselling or producing items in your inventory? If you don’t know how to work out the cost of sales, it could impact how you make business decisions. That’s because you’ll fail to determine your profits and expenses accurately. It consequently becomes harder to lift your bottom line. The goal of today's article is to help you define the cost of sales. You will see how to calculate it and what it means in the context of business decisions.

An accountant has always been an essential part of any business, even before the inception of the internet. These individuals were professionals who handled every financial activity of small and large businesses.

If you've ever purchased a product and noticed a VAT charge on the receipt, you may be tempted to ask, "what is VAT?". 

In this post, we'll discuss VAT and analyze the pros and downsides of being on the VAT exempt list, as well as how partially exempt firms might register for VAT.

We have now added a new feature to our App, which allows you to share access with up to 2 other people to view your business bank accounts.

GoSolo Invoices allow you to issue an invoice directly from your banking App in 3 clicks, track history of an invoice, set up automatic payment reminders
….aaannnddd now you can get paid faster with our new PAY NOW feature.

Once you’ve got your limited company officially registered, the next thing you’ll need to do is register for Corporation Tax. We've created this simple guide to help you navigate all the steps and documents required to complete this step.

We recently did a review of our Invoices and decided that they are so “2020”. To make them fit for 2021, we completely refreshed their design and the way they work.

As a company that registers companies with Companies House, we get to meet a lot of business owners stuck at their very first step of new company application - naming their business. 

Starting a business at any time carries risk, maybe more so when recovering from pandemic induced economic recession... or maybe not! You'd be surprised to find out that many successful businesses have been founded during a recession. 

There are some situations when it makes sense not to have a separate business bank account for your business transactions. However, our experience shows that for a growing business it becomes an inevitable necessity.