5 small business accounting mistakes to avoid if you want to succeed

Mixing personal and business bank accounts: You pop to the shops for office stationery and end up buying a couple of bits for home whilst you are there.
Directors of small businesses are often guilty of mixing their personal finances and business accounts. If you have a limited company, it’s actually a legal requirement to have a separate account, but more than 25% of small businesses don’t have a separate business bank account and this can make it really difficult to track exactly how much money is coming in and out of the business and could result in taxable expenses being omitted or incorrectly categorized. It can also cause issues when applying for a business loan, as lenders will need a detailed and accurate view of the business accounts. If you are someone who blurs the boundaries between personal and business money, break the habit! Get a separate business bank account and you will save hours’ worth of headaches down the line.

Employers guide to the new Coronavirus Job Support Scheme

Many business leaders welcomed the Chancellor’s recent statement where he spelled out the Government’s latest plans to support the economy through the coronavirus crisis. The headline announcement was a new Job Support Scheme that will follow the closure of the furlough scheme.

Rishi Sunak said that the new scheme would “support only viable jobs”. Some business leaders complained that it would not be enough to prevent widespread job losses, particularly in hard hit industries like hospitality and tourism.
To help employers make the most of the new scheme, we have answered some of your most important questions below.

Small businesses blocked out of bounce back loans scheme

Small businesses are struggling to access essential funding through a Government-backed loan scheme because lenders are blocking their applications. The Government-sponsored bounce back loans scheme was supposed to be a lifeline for businesses struggling to make it through the coronavirus pandemic, but reports suggest that many are struggling to get their hands on essential cash.