Businesses selling food, drink and physical products aren’t too late to get online and take advantage of a boom in eCommerce.

Some of these companies have been the worst affected by lockdown and many have pivoted towards online sales during the coronavirus pandemic. Reopening is now on the horizon for many businesses, but online sales could provide vital income support for companies that think they may struggle over the coming months.

Nobody gets into because they love accountancy. But if you want your new venture to succeed and grow, you can’t afford to ignore the finances.

Bookkeeping and taxes can be scary for first-time business owners, but it isn’t too tricky as long as you pay attention to the basics.

In this blog post we share some business finance fundamentals that you need to get right if you want to sell online successfully.

FreeAgent have launched their new and improved Partner Programme and CloudAccountant.co.uk have been awarded FreeAgent Platinum Partner status.
FreeAgent wanted to develop a partner programme that meets the expectations of increasingly successful partners like CloudAccountant, with a more rewarding and achievable programme.

If you are self-employed, you can claim back expenses against your income to reduce your overall business profit and the amount of tax you pay.

For example, if you earn £40,000 through self-employment and claim back £5,000 in allowable expenses, your profit will be £35,000, so you will only pay tax on this.

Many of these allowable expenses are obvious. And if you have been self-employed for a few years you will know most of them. But there are certain less obvious expenses that you might not have claimed for.