Category Archives: Tips

Understanding Accounting Terms

The accounting world is full of an overwhelming amount of financial terminology and abbreviations.  The number of accounting terms can confuse the most astute business owner. How can you make sure you are meeting all of your legal obligations if you don’t understand what any of it means? Many business owners will be very familiar with a lot of the accounting terms, but not what they mean. With that in mind, we have created a quick guide to de-bunk the most popular terms. A Account A formal record that represents a single aspect of the business i.e. money, assets or resources. […]

Thinking of starting a new business?

Here at KA Farr & Co we are passionate about ensuring every new business succeeds which is why we have put together our top tips for success. Why do new businesses fail? According to Bloomberg, 8 out of 10 new businesses fail within the first 12 months. A whopping 80% crash and burn. Here are the main reasons why: Lack of planning The first steps in setting up a new business are crucial and will give your business the best start, and a firm foundation on which to grow. Businesses fail because of the lack of short-term and long-term planning. […]

Are You Ready for the Changes to Landlord Tax Relief?

Some time ago we brought you the news that changes were coming to the amount of tax relief landlords could claim. A number of the changes the government is set on introducing could have significant effects, so we thought we’d bring you this quick reminder and update on what’s coming.

Our Own Debt Collection Process

Following on from our article last week ‘debt collecting – top tips’ we have received lots of requests from clients for further help/information about this – after all, this time of year is notorious for being difficult to extract cash from customers.

Our Top Tips for Collecting Debts - and Fast!

Are your debtors crippling your cash flow? Are you struggling with chasing payments in from your customers? Could you minimise the risk of bad debts by collecting debt earlier? Why not standardise your procedures and follow our simple step by step guide below to debt collecting? Note: We at K A Farr & Co. have applied these principles & reduced our debt by 50%.

Self-Assessment Deadline - Are You Ready?

It’s that time of year again – are you ready for the upcoming self-assessment deadline? Far too many businesses find themselves caught out time and time again by their obligations in this area, which is why we thought we’d put together this reminder for all our clients.

Christmas Accounting Tips

It’s Christmas time again, which means it’s time to break out the cards and throw a do. Nobody wants to be worrying about the tax implications of doing something nice for their employees, so we’ve laid it all out as simply as possible for you.

A present from HMRC

The new guidelines relating to ‘tax exemption for trivial benefits in kind’ (a bit of a mouthful) means that you can now provide employees with a little something extra – and reduce their tax bill in the process.

The importance of knowing your numbers in business

We all know the importance of managing our accounts and ensuring that our business is running smoothly whilst making us a profit however, many of us struggle to understand which key financial statements and numbers we need to consider.