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For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

Advice on protecting your wellbeing, self-confidence and mental health from the pressures of starting and running a business.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

A social enterprise is a business that trades to tackle social problems, improve communities, people’s life chances, or the environment.  A social enterprise is a business, not a charity, that makes money and profit. 

Five common myths about accounts and taxation

As an accountant, often I'm flabbergasted by some of the myths that exist about accounts and taxation. I'm not sure where they come from, but most of them are very wide of the mark. So, what's the reality? Time to dispel five common myths about accounting and tax

1. There are ways to avoid paying tax if you set up a limited company?

My polite response is, if this were the case, everyone would do it. Personally, I think confusion arises from the fact there's no income tax to be paid on dividends up to the dividend allowance. Dividend income over the dividend allowance threshold is taxed at the rate applicable to your income tax band (8.75% basic rate, 33.75% higher rate or 39.35% for additional rate tax payers 2022/23). There is no national insurance paid on any dividend income. It is worth remembering that dividends would have been paid to the shareholders after corporation tax had been deducted, so tax has been paid, albeit by the company.

2. You have to be good at maths to do accounts?

Well, you must be able to add up and subtract some numbers, but with some user-friendly software packages this really isn't too difficult. However, I would recommend that you agree your accounting system with your accountant in advance. You would be surprised how much of an influence this could have on your fees.

3. Your accounts have to be prepared by a qualified accountant?

Not only is this incorrect, but your accounts can be prepared by anyone. In fact, anyone can call themselves an 'accountant'. Accountants who are members of the recognised accounting bodies (eg ICAEW, AAT, ACCA, ACA to name a few) are regulated. Fact is there are no overall regulations in place that govern whether someone can call themselves an accountant. So how do you ensure your accountant knows what they're doing? Well, like anything, I would suggest going on recommendations.

4. HMRC get everything right?

I once received a call from a client who had received a tax bill for £67,000. It was clearly wrong and the matter was sorted out in minutes. Don't just assume that all correspondence from HM Revenue & Customs is correct. Like anyone, they make mistakes, so it's always worthwhile checking - especially if the bill is higher than you expect. Your accountant should always verify the tax calculation and advise on any amounts due. So don't be afraid to query tax bills - HMRC aren't always right.

5. All companies need an audit

Not true at all. In fact, most companies would be classified as 'small' and would not require an audit. So, what is small? Generally, if your company has a turnover of no more than £10.2m and a balance sheet total of no more than £5.1m, no audit is required. There are some exceptions, so it's worth checking, but an audit should be one less thing to worry about.

Written by Elaine Clark, founder and managing director of Cheap Accounting.

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