This is often a question that many organisations are faced with before trading can commence, however it is not a decision that needs to be permanent throughout the life of a business. Without much thought, many will simply choose their accounting year end date as the end of their first 12 months of trading. Whilst … Continue reading How do you choose your accounting year end?
Many of us partake in hobbies which are purely for our own pleasure. Sometimes, however, particularly if those hobbies are of a creative nature, they can be appreciated or utilized by third parties, which often means they are accompanied by a monetary transaction. Is this type of income taxable? It depends. WHAT IS YOUR INTENT? … Continue reading When is a hobby not a hobby?
Small business owners must understand that in order to be successful they need to compare the activites and thought process of their business to others. This is the idea of benchmarking and is a necessity in today's business world. The most basic kind of benchmarking is comparing your company's costs with the costs other companies … Continue reading How Benchmarking Can Benefit A Small Business