Every successful business has solid financial foundations.
Accounting software makers FreeAgent has launched a trio of new features, making it even easier for self-employed workers and small business owners to get paid faster.
Late payments are a scourge on the self-employed and small business community. Research from Bacs* suggests that late payers cost SMEs up to £23.4bn every year, which is not to mention the unnecessary stress and anxiety caused to millions of the UK’s smallest businesses.
FreeAgent has been busy over the last few months, quietly rebuilding their multi-award winning iOS mobile app to make it even slicker and more reliable.
The iPhone app has been specially designed for freelancers, the self-employed and other small business owners to use on the go.
When you run a small business, it is easy to get caught up in the daily hustle of grind of winning business, delivering a great service and keeping people happy. But when you are so focused on growth and success in the short term, it can be difficult to think about the next few months, let alone decades.
This may be part of the reason why so many freelancers, limited company directors and other small business owners seem to be so ill-prepared for retirement.
The collapse of the UK’s second largest construction company has, once again, brought late payments to the top of the national news schedule.
In the wake of Carillion’s liquidation, many small firms have been left in an uncertain position – unsure if they will be paid what they are owed.
For some firms, the problem has been compounded by the Carillion group’s punishing 120-day maximum payment terms.
What is the super deduction?
Businesses can claim 130% first year relief on qualifying plant and machinery bought between 1st April 2021 and 31st March 2023. Under the super deduction, for every pound a company invests, their taxes are cut by up to 25p. The government announced this as part of the 2021 Budget in March, in the hope that the scheme will encourage business investment and stimulate economic growth. The super deduction scheme is only available to Limited Companies. Unfortunately sole traders cannot benefit. To give an example of the available savings, if you spend £100,000, the corporation tax deduction will be £130,000. You will save 19% on £130,000, which is £24,700.
We’re still at home – and still working for you!! But from Monday most of the team will be back in our offices, observing the rules, and looking forward to picking up where we left off before we rudely interrupted by a pandemic, with our first class, friendly accountancy service!!
Small business owners have a lot on their plate. And anything that makes their lives a little bit easier can pay huge dividends in the form of business growth and success.
A new breed of tools, which store information in the cloud and allow users to access it from anywhere, on any device, have revolutionised how these busy owners get things done.
The Royal Bank of Scotland has bought Edinburgh-based accountancy software provider FreeAgent, in a deal worth £53 million.
FreeAgent’s share price increased by more than 80% in a single day following the news.
RBS BidCo will acquire all of the issued and to-be-issued ordinary share capital, with shareholders entitled to receive 120 pence for each FreeAgent share held.
The cloud accountancy company directors have reportedly advised shareholders to accept the deal.
This month CloudAccountant are pleased to report that they have attained the prestigious Platinum partner status with award winning cloud accounting software Xero.
Platinum represents the highest partner status achievable and CloudAccountant have worked with the Xero team since back in early 2015 having embraced the platform as the leading player in the cloud accounting market. It was clear early on that this disruptive technology would enable a greater collaboration in real time with our clients and this has certainly proven to be the case.