As legal entities, limited companies are subject to strict taxation requirements. These requirements can be very complex; whilst it’s possible to file the appropriate returns yourself you may wish to hire a professional accountant to take on the administrative burden.

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Starting up a business is a monumental and scary step for any would-be entrepreneur to take. Whether it’s identifying and refining the service that you’ll be providing to clients, compiling a comprehensive list of specific customer targets, or setting out your ambitious business strategy plans for the future, there are many months - and often years - of hard work involved in getting your vision off the ground.

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Many entrepreneurs find money management difficult, especially during in the early days, and yet it is something that is absolutely critical to the success of your venture. Here are some of the most common money management mistakes that entrepreneurs make and how you can avoid making them yourself.

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Fifty percent of start-up businesses fail in the first year and 95 percent fail within the first five years but despite the economic downturn, the SME market continues to grow. While no one knows if a business will succeed or fail - you can take steps in order to help your business get off to the absolute best start.

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On the 25th of January, SME owners and entrepreneurs alike joined at Club Workspace to attend a free finance workshop presented by FreeAgent.

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Large businesses are notoriously bad at paying the invoices of smaller ones. However, one option to speed up cash flow is invoice factoring. However, there are pitfalls as well as benefits.

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All business owners want their business to turn a profit. However, they also want to be sure that the accounts accurately reflect not only the income; but the expenses too. Claiming the correct expenses, will mean that your profits are accurate and therefore, your tax bill is no more than you are legally obliged to pay. Knowing what to and what-not-to claim can be tricky though.

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When someone is running their own business and eventually the business is generating enough money for the owner to be able to draw a salary, a dilemma appears. How much should I pay myself? Am I paying myself too much or too little? Unfortunately, there are no right or wrong answers to these questions.

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There’s never a time when a business shouldn’t seek value for money, but when economic conditions are uncertain and consumer confidence is low, it’s more important than ever. Many SMEs are finding sources of working capital difficult to access and need to search for innovative ways of managing their cash flow.

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Tax is taxing. You may feel especially so if you’re a small business. HMRC have been seen to be cuddling up with the big players such as Goldman Sachs and Vodafone and all the while smaller businesses in recent years have come under the spotlight subjected to spot checks on paperwork with hefty fines attached.

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Small businesses owners place an enormous amount of trust in their accountants. The working relationship between SMEs and accountants is one often one of confident reliance, and rightly so. Accountants can be the most valuable and trusted source of business advice, from company formation, to accounting and bookkeeping support, payroll services, cash flow, investments, business performance and tax. Accountants can manage the financial side of the business, freeing small business owners to concentrate on serving customers and growing their business. Hamish Edwards, co-founder Xero, looks at how small businesses can best tap into the expertise of their accountant.

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2011 was a pretty toxic year for most people and left the UK economy reeling. Suddenly, major high street names are falling like nine pins and there seems to be no end to the ‘butterfly effect’ caused by the irresponsible actions of a few reckless and greedy people in the banking sector. However, there are ways that smaller businesses can protect themselves from the effects of the financial crisis and, while not making themselves exactly recession-proof, the shrewd entrepreneur can certainly put in place measures to limit damage and indeed nurture increased revenue streams.

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Once again late payments are making the headlines. As politicians and journalists come forward to identify small and growing businesses as an integral factor in rebuilding the UK’s economy, it is unsurprising that the issues of late payments and cash flow have been brought to the fore.

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The January bookkeeping blues are looming, as small business owners across the UK are crunching the numbers and getting their books in shape to submit tax returns by January 31. This is the deadline for online submission of Self Assessment tax returns. Those New Years Eve revellers who don’t meet the deadline could be slammed with a fixed fine from HM Revenue & Customs (HMRC), of £100, for being just one day late. Diana Flier, senior compliance analyst, Intuit UK, examines the risks.

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What the UK Government defines as micro and small business communities (less than £440,000 turnover and ten or fewer employees) constitute approximately 60 per cent of all companies registered at Companies House, plus there are the tens of thousands of sole traders and partnerships in Britain. So, it is no surprise – and indeed it is good news – that the Government is looking at how it can help small businesses play their part in steering the nation away from an economic abyss.

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There’s been a lot of talk recently about how the great new lifeblood of the UK - and worldwide - economy is going to be fuelled by small businesses.

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Becoming self-employed is a big step to take, but it can provide many benefits such as freedom, intellectual fulfilment and flexibility. There are also financial benefits as some self-employed people earn more than they would as an employee. However, there are also higher risks and disadvantages if you are not prepared…

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Setting up your own business is easy in some ways (announce you’re in business and, well, you are!) and really quite challenging in others. Finance is often seen as one of the more challenging parts of running a business, but as your business develops, you just can’t afford to be getting it wrong. But if you’re not an accountant, how do you know if what you are doing is correct?

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In the current economic environment with many companies in financial turmoil, having to cope with budget cuts and austerity measures, a good cash flow is the lifeline of any business. If there is problem in cash flow and the company is having trouble collecting cash, and using it wisely, there is every likelihood that the company will struggle to survive in the current economic environment. There is why the old adage ‘CASH is king’ is particularly true in the business world of today.

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The profit and loss account forms part of a business’ financial statements. It summarises the trading results of a business over a period of time (typically one year). In contrast, the balance sheet is a ‘snap shot’ of the assets and liabilities of the business at a particular point in time.

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