Accounting Blog for Small Businesses
We offer a range of articles and advice for small businesses on how to get control of their finances, improve efficiency, and grow. Have a question that we don’t cover in our blog? Just give us a call, and let’s chat.
Understanding Eligible Expenses for Theatre Tax Relief
Are you claiming all eligible expenses for Theatre Tax Relief? Theatre Tax Relief (TTR) is a valuable incentive that allows Theatrical Production Companies (TPC) to claim a portion of their qualifying expenditure as a tax credit. If you are looking to claim Theatre Tax Relief, it's important to know what expenses are allowed under the [...]
The 4 Questions To Consider When Pricing Your Products or Services
As a small business owner, pricing your products and services can be tricky. You want to make sure you are charging enough to cover your costs and make a profit, but you also don't want to price yourself out of the market. In this blog post, we’ll discuss four questions you should ask yourself when [...]
Corporation Tax and Associated Companies
Rates and rules you need to know about corporation tax for associated companies. The main rate of corporation tax increased to 25% on April 1, 2023, but, as always with tax, things are not quite as simple as that, and there may be deductions your business is overlooking. Here are the corporation tax rules [...]
Key Metrics for SaaS Companies to Monitor
In the competitive and rapidly evolving world of Software as a Service (SaaS), success hinges on the ability to effectively measure and analyse the right performance indicators. By closely monitoring key metrics, SaaS companies can gain valuable insights into their business performance, customer satisfaction, and growth potential. Here's the key metrics for SaaS companies [...]
Key Rules to Know About Tax and Business Motoring
Few business decisions impact your tax bill more than motoring decisions — whether you’re self-employed, a partner, company director or other employee. And with motoring tax rules changing year on year, keeping your business up to date matters. From the government’s about-turn on double cab pickups, to the latest benefit in kind rates for [...]
5 Ways a Good Accountant Can Save You Money
How a good accountant can help you save money and boost profitability Today we are revisiting one of our most popular blog posts, “5 Ways a Good Accountant Can Save You Money," covering a topic we feel strongly about. If you have a good accountant working with you, you can improve your business results [...]
Atek’s Quick Guide to Theatre Tax Relief
Many production companies are missing out on Theatre Tax Relief, which currently has the highest rates (until next April). Do you know if you are eligible to claim? See our Quick Guide for more details > What is Theatre Tax Relief? In 2014, the government initiated a new tax relief for theatre production companies. [...]
What Are the Financing Options for Your Small Business?
Starting a small business is an exciting venture, but it can also be daunting, especially when it comes to financing. There are a number of different financing options for small business owners to consider, but it can be difficult to know which one is right for you. In this blog post, we will discuss [...]
How to Manage Negative Cashflow in a Tech Business
When you’re running a tech business, the words “negative cashflow” certainly don’t sound like much of a cause for celebration, and truthfully, they often aren’t. However, negative cashflow isn’t always a cause for concern, and even when it is, there are steps you can take to rectify and manage the situation. What is Negative Cashflow? [...]
The Best Invoicing Practices for Events Management Businesses to Follow
Why Event Management Businesses Must Follow Best Invoicing Practices Unpaid invoices are bad news for the cashflow of your events management business, to say the least. Invoicing may not seem very exciting, but it’s important to put the best practices in place so that you can make the process as smooth as possible, improve [...]
Thoughts from Kerrie: Spring Budget Impact on Performing Arts Businesses
The 2024 spring budget brought forth encouraging developments for the creative and performing arts sector, marking a significant boost for its growth and sustainability. Our director, Kerrie Jenkins, shares some initial thoughts about how it will impact performing art companies in the UK. The Chancellor stated in his budget speech, “In recognition of their [...]
Spring Budget 2024: Key Information to Know
The Growth-Focused 2024 Spring Budget Chancellor Jeremy Hunt delivered his ‘Budget for Long-Term Growth’ on Wednesday, March 6. In his 2024 spring budget speech, he promised 'more investment, more jobs, better public services, and lower taxes’. Lowering taxes The Chancellor made further changes to National Insurance Contributions (NICs), following the cuts [...]
How to Regain Control of Your Rapidly Growing Business
They say that speed kills, and this can be true when it comes to managing rapid business growth. Rapid business growth can be overwhelming, and if you can’t keep up with your current rate of expansion, then you need to act before your business suffers real damage. Let’s take a look at some growth [...]
3 Challenges Every Growing Tech Business Faces (And How to Tackle Them)
Is your business ready to tackle the challenges that come with growth? Businesses in the tech, digital and creative space have so much potential for growth - which is exciting, but business growth also comes with a myriad of challenges. It's important to be aware of these obstacles so you're prepared to address them [...]
How to Analyse Your Production Company’s Financial Position
Regular financial analysis is crucial for your production company's ongoing success. Financial analysis is essential for maintaining the strength and success of a production company. It helps you identify strategic investment opportunities, create effective budget plans, and keeping costs in check. This analysis is crucial for determining the profitability of different productions and assessing [...]
Case Study – Resident Advisor: Do We Outsource or Build Inhouse?
Could an outside accounting firm really understand the business and provide enough support? How Atek Supported Resident Advisor's Rapid Growth Resident Advisor, the online magazine and community platform for electronic music, was growing rapidly. With that success came the need to make sure they had a full understanding of their finances to make smart [...]
Monetisation Strategies that Drive Revenue for Tech Companies
Effective monetisation strategies are crucial for tech companies to maximise their revenue potential. In the rapidly evolving landscape of technology, simply offering innovative products or services is often not sufficient. Companies must strategically implement monetisation models that align with their target audience, market conditions, and the value they provide. If you're looking to boost [...]
National Insurance Changes Ease Burden for Self-Employed
National Insurance Changes 'ease burden on strivers' The FSB warmly welcomed the changes to National Insurance Contributions (NICs) announced by Chancellor Jeremy Hunt, indicating that the alteration will play a pivotal role in 'easing the burden on strivers up and down the country.' In response to the recent Autumn Statement, the Federation of Small [...]
Fix These 4 Poor Financial Habits That Could Be Hurting Your Business
Habits are everything. From getting up early to working out and eating healthy, habits are what differentiate successful people from others. The same applies in business – entrepreneurs who have good financial habits, such as budgeting wisely and investing strategically, tend to make better decisions than those who lack them. Recognising and breaking free [...]
Tech Companies Need Proper Scalability Planning
One of the biggest challenges faced by businesses in the tech sector is keeping up with the pace of business growth. Many businesses don't focus on proper scalability planning - a crucial step to sustaining growth and keeping their competitive edge. It's vitally important to take the time to plan for how you will [...]
How Performing Arts Schools Can Stay on Top of Their Business Transactions
If you're running a dance studio, a theatre training programme, a stage school, acting classes, a film school, or any other type of performing arts school, then you have a multitude of transactions occurring on a daily basis. As a business owner, it is important to stay on top of your financial transactions. This [...]
7 Things You Didn’t Know Your Accountant Could Do
Do you know that your accountant can do more than just help you with your taxes? In fact, accountants can help you with a variety of tasks, including bookkeeping, financial planning, and even business consulting. If you're not taking advantage of all the services your accountant has to offer, you're missing out on valuable [...]
Business Stagnation: What To Do When You’re Stuck in a Rut
As a business owner, there’s nothing worse than the feeling of being stuck in a rut. You’re exhausted, your creativity is lacking, and you feel as though you’re slinging spaghetti at the wall, but it’s just not sticking. You find yourself clutching at straws and hoping for a different outcome. Stagnation is never great [...]
How To Identify Your Most Valuable Customers (and what to do next)
When it comes to running a business, it's important to focus on the customers that are the most profitable Not all customers are created equal, and some customers may even be dragging your business down. In this blog post, we will discuss how to identify your most valuable customers and the next steps to [...]
Three new Creative Enterprise Zones in London
At Atek, we are pleased to see the news for London creative businesses as Brent, Islington, and Westminster are named as three new Creative Enterprise Zones. What are creative enterprise zones? Creative Enterprise Zones are small, designated areas of London where artists and creative businesses are supported. The zones offer incentives to retain and [...]
How to Manage Cash Flow in a Seasonal Events Business
Cash flow management is crucial to the financial health of your business, but it can be especially tricky to handle for events management businesses that are seasonal. Peaks and troughs can have you wondering how you’re going to survive the slow months, let alone grow and improve your business. Fortunately, we have several strategies [...]
Performing Arts Businesses: Four Signs Your Pricing Is Too Low
Are Your Prices Are Lower Than They Should Be? There are several reasons Performing Arts businesses can end up pricing their products or services too low. To start with, it can happen out of a lack of experience, the desire to establish a more substantial presence in the marketplace, or the fear of losing [...]
Atek’s New London Office
We are excited to announce our new London location! We have opened an office in Soho - at 36 Soho Square, London, W1D 3QY This is a big step for Atek Accounting, and we owe it all to our incredible clients who have entrusted us with their financial needs. As we continue to expand, [...]
Apprentice Accountant Job in Weybridge
We are hiring and currently have a job opening for a full-time Apprentice Accountant to join our friendly team in our Weybridge office At Atek, we pride ourselves on our personal and forward-thinking approach; therefore, the successful candidate will happily get to know their clients’ businesses inside out. The apprentice accountant role would suit [...]
Why Getting Your Accounting Right Helps Your Small Business Succeed
Are you a small business owner? If so, then you know how important it is to keep your finances in order. After all, your business's success depends on it What you may not realise is that your accounting also has a huge impact on the fate of your enterprise. Good accounting is essential for [...]
Top 5 Automation Features That Xero Offers
Are you leveraging the best automation features that Xero offers? In the world of accounting, Xero is widely regarded as the gold standard of cloud software. Not only is it cost-effective and easy-to-use, but it also offers a range of automation features to save you time and give you access to all the data [...]
4 Ways to Cope with Anxiety as a Small Business Owner
This week is Mental Health Awareness Week, and the theme for 2023 is anxiety Anxiety is a part of our body’s natural ‘fight or flight’ response that helps us react quickly to potential threats. However, for a small business owner, anxiety can become problematic if it persists over a long period of time, becomes [...]
Should You Outsource Your CFO Function? Key Benefits and Considerations
As your business grows, it will encounter new and increasingly complex financial problems. These days, outsourcing your CFO function could be the perfect solution. A Chief Financial Officer (CFO) is the person in charge of managing a company's finances. This includes overseeing financial planning, risk management, record-keeping, and reporting. This role plays a critical [...]
Tax Deductions Your Small Business May Be Overlooking
Are you missing out on tax deductions that could be saving you money? They say that only two things are certain in life: death and taxes. Paying tax is inevitable, but there are things you can do to reduce the percentage of your income that the taxman takes. As a small business owner, you [...]
A Quick Guide to Operating Profit Margin
Do you know your operating profit margin? When running a business, you need to keep a close eye on profits - but profit isn't a one-size-fits-all term. There are several different profit margins you need to know about, including the operating profit margin. But what is it, and how does it differ from gross [...]
We Are Hiring a Practice Accountant
We are looking for a part-time practice accountant to join our friendly team during this exciting period of growth for the company At Atek, we pride ourselves on our personal and forward-thinking approach, and therefore, a successful candidate will happily get to know their clients’ businesses inside out. This practice accountant role would suit [...]
Why You Need An Accountant For The Growth Of Your Small Business
Small businesses often put off hiring an accountant until they’ve grown bigger, but that could be a mistake that actually delays growth Do small businesses need an accountant? The services of an accountant extend beyond simply minimising your tax bill, although that’s an undeniably valuable advantage. In addition to saving you time and money, [...]
6 Accounting Mistakes That Can Be Costly to Your Small Business
We know that accounting is never a small business owner’s favourite task. It is, however, vital that you keep on top of your accounts to prevent money from leaking out of your company. The following accounting mistakes could mean that your small business is losing profits without you even knowing about it. Once you [...]
R&D Tax Relief Review
The government launched a consultation this month to simplify the UK’s R&D tax relief system The 8-week consultation for the R&D Tax Review, which continues until March 13, 2023, presents proposals for replacing the two current R&D tax relief schemes – the Research and Development Expenditure Credit (RDEC) and the Small and Medium Enterprises [...]
7 Easy Ways to Reduce Your Business Costs
Expenses grow along with your small business, so it’s always in your interest to consider where you can reduce business costs. But, overzealous cutting in the wrong areas can lead to a myriad of problems. Keeping costs low is important to maximise your profits and protect your small business against inflation - you need [...]
6 Steps to Ensure That Your Business is Financially Fit and Healthy
As we start a new year, many people are setting new personal fitness goals for themselves. However, as a business owner, you also need to be looking to ensure that your company is financially fit and healthy. Do you fully understand the strength of your financial situation and the areas that need focus? Here [...]
Why Cash Flow Forecasting Is Critical for Event Management Firms
Cash flow forecasting can show you the ups and downs in your events management business. If you want to know what action to take, this is one tool that can help A few budgeting tips here and there might help you remain profitable in the long run. And they can even help you achieve [...]
5 Simple Ways to Recession-Proof Your Small Business
With high energy and food prices, elevated inflation, rising interest rates, and global economic weakness, the Bank of England is expecting the UK economy to be in recession until the middle of 2024 - the longest recession in history. As is often the case, small businesses are likely to feel the biggest impact, which [...]
Cash Flow vs Profit – Which is More Important?
It’s the age-old debate: cash flow or profit? While the two are undoubtedly related, they are certainly not the same thing, and business owners must often sacrifice one at the expense of the other In the long term, a business needs both positive cash flow and profit to continue operating, but which one should [...]
Making Tax Digital November Deadline – Are you Ready?
All VAT businesses must prepare for the Making Tax Digital deadline. As a Xero Certified Partner, Atek can ensure you are fully compliant HMRC is reminding businesses that they will no longer be able to use their existing Value Added Tax (VAT) online account to submit VAT returns from November 1, as part of [...]
Can EIS Help Tech Firms with Recruitment Struggles?
Have you considered how the Enterprise Investment Scheme (EIS) can support your recruiting efforts? Eight in ten small businesses are finding it difficult to recruit staff, according to a report published by the Federation of Small Businesses (FSB). The FSB's 'Scaling Up Skills' report found that over 80% of small firms are flagging a [...]
The Energy Relief Bill Covers Performing Arts Companies — But What Now?
Rising costs are one of the greatest challenges facing all small businesses, with soaring energy costs particularly concerning for performing arts companies The extension of the Energy Bill Relief Scheme to cover businesses from October 2022 through March 2023 should help – but companies still need to plan appropriately for the year ahead. Are [...]
HMRC Raises Late Payment Interest
HMRC has raised late payment interest rates on tax debt as of October 11, following the 0.5% increase in the base rate This means that the late payment interest rate has now increased to 4.75%, starting on October 11, 2022. The rate last increased to 4.25% on August 23rd. This is the highest interest [...]
4 Ways Management Accounts Can Help Your Business
What are management accounts? Management accounts are a set of financial reports and summaries that provide a clear snapshot of a company's financial performance and position. Unlike traditional financial statements, management accounts are tailored for internal use, helping business leaders and managers make informed decisions. These reports typically include key financial indicators, such as [...]
Research and Development Tax Relief: Are You Sitting on a Potential Claim?
Could you be claiming for Research and Development (R&D) tax credits for your business? If you are engaged in Research and Development (R&D) activities within your innovative project, you might be sitting on a potential claim for R&D tax credits that can help boost your business and drive results. What is the Research and [...]