GDPR – our company policy

The General Data Protection Regulation is effective from 25 May 2018 and we need to let all clients know how we collect, store, use, and retain their personal data – which it is essential for us to do so that we are able to provide the accountancy and taxation services that we do, and so that we at all times remain compliant with the legal obligations under which we operate.

All clients are free to request access to the data that we hold about them, or to request a copy of that data. Clients are also free to object to us holding personal data or to ask us to delete their data altogether from our records. Naturally this might well impact upon our ability to continue to provide a relevant service for them, but nevertheless clients have that right to exercise if they choose to.

Clients are deemed to have consented to us holding their personal data on record by virtue of their engaging us to provide accountancy and taxation services for them. This consent can be withdrawn at any time.

Focussing on Growth Can Lead Entrepreneurs Into Spiraling Business Costs

Entrepreneurs are usually focussed, visioned and enthusiastic individuals. They may have a unique skill or have seen a niche in the market place that they can exploit. A small business is started and through their focussed determination, the business grows rapidly.

All too often the small business will focus on growth and leave overheads to spiral out of control, stifling cash flow. During such tough economic times as we see today, this is a very important area of any business that needs to be managed very carefully.

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Counting The Cost of Filing a Late Tax Return

The Autumn is upon us and with the changing season, a change in Government policy will also take effect. For the 9 million self assessment taxpayers in the UK, the cost of filing late has just multiplied.

Designed to assist HMRC in cracking down on the 1 million or so tax payers who file their returns late each year, the new penalty scheme could see even those owing no tax incurring fines of over £1,300.

Until this recent change, anyone filing a late tax return would incur a £100 fine, increasing to £200 if you had still not filed 6 months later. However, the fine could not exceed the amount of tax owed. So if you owed no tax, you could not be fined for filing your return late.

The newly implemented penalty scheme will now see any late filers incurring an automatic £100 fine, even if there is no tax to pay, though the major change is the clock will start ticking on other penalties. Continue reading

Starting your own business

One of the many tough realities of life in 21st Century Britain is the dreadful shortage of work available to those who want it. There are of course plenty who don’t and we could waffle on for ages about that, but it would simply be a political angle on our modern society rather than a practical one.

So too could we look at the lowering of standards and skills in recent years, pointing to the lack of investment in training and education that has been made.

But let’s be more positive. Let’s take a look at the Can-Do Factor, rather than the Can-Not. Suppose you want to start your own business. Perhaps you’ve been made redundant, or forced into early retirement? Maybe you simply have a business idea burning within you. The question then becomes – how to do it?

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Peter, Music Organised

Amstone were referred to us for their excellence. We have found them to be very efficient, give sound advice, are approachable and extremely helpful at all times – Music Organised

Steve, Vertical Images

As a photographer the last thing I want to worry about is accounting, tax and VAT matters. Since day one I have been extremely satisfied with the services provided by the team at Amstone Management

Craig – Daly Art

I never liked doing my own self-assessment – I struggled to get it completed in time. With Amstone Management, I can just focus on what I do best and know that everything will happen around me. Craig Daly Art

Adam Downey – Ideal Sites (UK) Ltd

Keith at Amstone helped me to make the move from being a sole trader to a Director of my own Limited company, at the same time as going VAT registered. Keith is as nice a chap as you can get, knows the best way of doing things while charging a very reasonable fee to save you money overall! www.idealsites.co.uk

Bookkeeping Tips for Establishing Reliable Financial Projections

Financial forecasting reminds me of the weather – you make your forecast at a moment in time based upon the information currently available. You draw a conclusion and state your financial forecast. But then, the information changes, now it’s raining, and you’re caught without your umbrella!

Financial forecasting, unlike the weather, isn’t a science but it’s not pure guess work either. It is a combination of:

  • Knowing your business
  • Understanding your marketplace
  • Setting goals
  • Using common sense

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Why Double Entry Bookkeeping?

Double entry bookkeeping stretches back centuries perhaps even as early as the 12th century and is now accepted worldwide as the accounting standard to be employed by all companies in recording the financial accounting records. The first written explanation of the accounting system was reportedly by a Venetian mathematician Luca Pacioli towards the end of the 15th century.

The accounting industry has grown somewhat since then and today contains many technical words known but largely ignored by non accountants. The understanding and desire to understand accounting terms is further confused by the banking industry while adopting double entry bookkeeping as standard use what appears to be diametrically opposed terms in the presentation of information to their customers.

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