Atek Accounting’s Blog

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 [...]

A scam warning was issued to 12 million self assessment taxpayers. Self assessment taxpayers must be on the lookout for scam texts, emails, and phone calls from fraudsters, HMRC has warned. HMRC has received more than 130,000 reports about tax scams in the past year, with 58,000 of those offering fake tax rebates. With [...]

The number of transactions paid for with cash rose for the first time in a decade in 2022, according to data published by UK Finance. According to UK Finance, the total number of payments made last year increased to 45.7 billion from 40.4 billion in 2021. 50% of all payments in the UK were [...]

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 [...]

Small firms will look to the upcoming Autumn Statement for signs that the government understands their operating concerns, says the Federation of Small Businesses (FSB). The business group said that UK businesses need urgent action in the Autumn Statement to help stem the issue of late payments. It says that large corporations use late payments [...]

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 [...]

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 [...]

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 [...]

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 profitable customers and the next steps to [...]

HMRC gives £1.8 million a year to charities to help excluded taxpayers. This summer, the voluntary and community sectors can apply for grants from HMRC to support their work with taxpayers who need extra assistance with their tax affairs. Eligible organisations need to bid for the funding, worth £1.8 million a year from 2024 [...]

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 [...]

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 [...]

Underpricing can lead you to work harder for less money while your competitors are growing. Here's how you'll know if your pricing needs adjusting. 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 [...]

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, and we owe it all to our incredible clients who have entrusted us with their financial needs. As we continue to expand, we [...]

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 [...]

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 [...]

New company car advisory fuel rates have been published and will take effect on June 1, 2023. The guidance states: ‘You can use the previous rates for up to one month from the date the new 2023 advisory fuel rates apply’. The rates only apply to employees using a company car. Calculating fuel rates [...]

Are you leveraging these 5 great 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 [...]

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. But it can become problematic if it persists over a long period of time, is overwhelming, or stops us from [...]

As your business grows, it will encounter new and increasingly complex financial problems. In this day and age, outsourcing your CFO function might just be the answer to your prayers. Consider these six key points when it comes to outsourcing the CFO function: 1) Time As a business owner, you are constantly juggling many [...]

The FSB issues a stark warning as energy costs rise. The end of the Energy Bill Relief Scheme (EBRS) on April 1 could threaten the future of hundreds of thousands of small firms due to rising energy costs, according to research by the Federation of Small Businesses (FSB). The Energy Bill Discount Scheme (EBDS) [...]

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 [...]

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 [...]

In the Spring Statement 2023, Chancellor Jeremy Hunt delivered a ‘Budget for Growth’. After the Office for Budget Responsibility forecast a stronger than expected performance from the UK economy this year with inflation continuing to fall, the government outlined its plans to invest in infrastructure, support small businesses, and create jobs to further stimulate [...]

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 [...]

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, [...]

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 [...]

Many small firms in the UK face challenges when it comes to finding and applying for funding, according to a report published by the Federation of Small Businesses (FSB). The FSB's report found that 'widespread uncertainty' exists among small businesses in regard to where to get information on the types of finance available to them. Two-thirds [...]

The Business Confidence Monitor reflects continued challenges for UK businesses. The UK's business confidence has dropped to a 13-year low, according to a survey conducted by the Institute of Chartered Accountants in England and Wales (ICAEW). The ICAEW's latest Business Confidence Monitor (BCM) showed that record high inflation and rising costs, including energy and [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

On November 17, 2022, the government issued its third fiscal statement in as many months, against a backdrop of rising inflation and an economic recession. The Chancellor laid out three core priorities in the autumn statement: stability, growth, and public services. The government sought a balanced path to support the economy and return to [...]

VAT businesses must be ready for Making Tax Digital filing by November. As a Xero Certified Partner, Atek can ensure you are 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 1 November. By law, all VAT-registered [...]

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 [...]

Chancellor brings forward further medium-term fiscal plan measures. As the saying goes, a week is a long time in politics. However, recent events have been unprecedented. On 23 September, the chancellor, Kwasi Kwarteng,  delivered a statement called ‘The Growth Plan’ - aiming to tackle energy costs to bring down inflation, back businesses and help [...]

Are you confident that your Performing Arts business can weather the times? 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 – [...]

HMRC has raised interest rates on tax debt from 11th October, following the 0.5% increase in the base rate. This means that the late payment interest rate has now increased to 4.75%, starting from October the 11th, 2022. The rate last increased to 4.25% on August the 23rd. This is the highest interest rate [...]

Chancellor Kwasi Kwarteng’s ‘Mini Budget’ was preceded by a stream of policy announcements that provided insight into the plans for energy support for businesses and households, bankers’ bonuses, investment zones and reversals to NICs. And although the government said that the Chancellor’s statement would not be subject to a forecast from the Office for [...]

New company car advisory fuel rates have been published and took effect from 1 September 2022.  The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. So, you must now be using the new rates. The fuel rates only apply to employees using [...]

Management Accounts… Do we have to have them? If you’re looking for a simple 'Yes or No' answer to the above question, then the short answer is "No" - A business does not have to have management accounts. But the actual answer to 'Should they be taken seriously?' is "Yes" - That is, if [...]

What do businesses need to know about Rishi Sunak's Spring Statement? The Chancellor has presented the government's 2022 Spring Statement stating “We are on people’s side at this difficult time.”  Below are four areas announced that are relevant to businesses. I’m not sure how many of us will benefit from solar panels or wind [...]

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 working on an innovative project, you might be sitting on a potential claim that can help boost your business and drive results.   A [...]

What is in the Autumn 2021 Budget? Chancellor Rishi Sunak presented the Autumn 2021 Budget on the 27th October 2021. In his third Budget speech he set out the plans to "build back better" with ambitions to level up and reduce regional inequality. Main budget proposals Tax measures include: a new temporary business rates relief in England [...]

Small Businesses can get inspiration from Worzel Gummidge. After taking a break in 1981, Worzel Gummidge, the magical scarecrow with interchangeable heads, came to life again in 2019 through the very talented acting and directing of Mackenzie Crook.  The stories tell of a scarecrow who lived in Ten Acre Field and came to life, befriending [...]

In today's competitive business world, it’s not uncommon for people to do their own bookkeeping and accounting. There are many reasons why this is done - the most common being that you can save money doing so. Of course, saving a couple of hundred pounds on retainer fees is an enticing prospect, but there [...]

Running out of cash is a small business’s biggest risk. It’s not surprising really, as planning cash flow can be tricky.  There are so many variables that determine how much money is needed for operations. You might borrow more than you need or you may have funds in the business that are unnecessarily idle.  [...]