Recent content by EnhanceAccountancy

  1. EnhanceAccountancy

    Xero Payable invoices submitted report

    Hi. You can view/export unapproved bills: Business > Bills to pay > Awaiting Approval Hope it helps. Gareth
  2. EnhanceAccountancy

    VAT cancelation

    As you've deregistered online, HMRC will notify you via your online portal. See https://www.gov.uk/vat-registration/cancel-registration If not received within 3 weeks, the official guidance is to contact HMRC's VAT General Enquiries teamfor confirmation of the official deregistration date.
  3. EnhanceAccountancy

    Liabilities on Balance Sheet

    It is possible that the accountant has differentiated work that has been invoiced out with some of the income to be recognised in the future year (deferred income - e.g. sale of an annual software licence that straddles the company's financial year end) with money received from customers in...
  4. EnhanceAccountancy

    Advice on how to keep growing business

    Congratulations on the business growth. You are knocking on the door for compulsory VAT registration (£85,000 sales in the last 12 months) so you may need to think about registering soon (if you have not already done so voluntarily). See https://www.gov.uk/vat-registration-thresholds
  5. EnhanceAccountancy

    Market research brick wall

    To assess demand, why not take a look at the number of local planning applications made on your local authority’s website? Or new build rates? What is the medium/long term housing requirement plan in your area?
  6. EnhanceAccountancy

    Advice on how to keep growing business

    Why not get in touch with all local window cleaners? I’m sure they can spot old, broken blinds as they are going about their work. Offer a commission for every lead/lead that converts or look out for dirty windows in return! Take a look at my blog post - section “reciprocal referral...
  7. EnhanceAccountancy

    Advice for starting a new business

    I would recommend that your priority, after registering through an appropriate business structure, is to do a bit of research on bookkeeping portals out there. Xero, Quickbooks Online, Sage One are 3 of the main players. We prefer Xero ourselves due to it's relative simplicity for clients...
  8. EnhanceAccountancy

    Does vat work like this or am I crazy

    It is also worth considering whether the Flat Rate VAT or Retail schemes will be worth joining (if you are eligible). This will depend on what you sell, how much you sell and what expenses you have though.
  9. EnhanceAccountancy

    Thoughts and opinions on marketing a website

    Why not try and get a contract (perhaps in a particular area at first if more realistic) with some of the national online estate agents? Having said that, the margin may be lower for you as more competitive market for them (Purple Bricks, OpenHouse etc). Is there anything that positively...
  10. EnhanceAccountancy

    Potential startup - shipping issues

    Take a look into the virtual offices that are around your area. The scope of their services differ wildly. Some allow you to use their address as your business and registered office address and receive unlimited post (or at least an unspecified amount of post) as part of the low fixed fee. You...
  11. EnhanceAccountancy

    Advice for starting a new business

    Hi. The structure can be self employed or Limited Company. However, there are pros and cons of both options - depending on various factors (the biggest being liability for debts and tax rates on profits). Can I ask where you are expecting to sell to? Solely UK? EU? Outside EU? The VAT...
  12. EnhanceAccountancy

    Biggest frustrations with Starting up

    Biggest frustration when starting up: Being able to reduce the need for every single semi-important business decision to be made by the business owner. Most business owners spread themselves thin trying to do everything, when they should be bringing in appropriate support. As a result the...
  13. EnhanceAccountancy

    Looking for an Accountant

    I second Nicola's comments. Do some reading around, get to know the firms on the different platforms that they frequent, check qualifications of accountant, get multiple quotations and compare like-with-like. This should tell you if they are a good fit for your business. Good luck!
  14. EnhanceAccountancy

    Current VAT registration timescale

    It is likely to take longer if your business is involved in property too as additional checks and questionnaires are required to be completed as the VAT law in this area is often more complicated (e.g. 'option to tax' property).
  15. EnhanceAccountancy

    Sole trader photographer

    Something that hasn't been mentioned yet is that, if you do make a loss in the first year and you are employed elsewhere (under PAYE as a 'normal' employee) where you have had income tax taken off your pay (see payslip for 'tax to date' figure or P60/P45) - then you can offset your losses from...
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