Latest News from Red Fish

What Are the Principles of Double Entry Bookkeeping?

Key Concepts Accounts Accounts are really important in double-entry bookkeeping.  They’re labelled folders that help keep track of money going in and out of business.  If you’re running a small business, you might have different accounts for things like the cash you have, the money your customers need to pay you, and the inventory you have in stock. Each account...

Managing Outsourced Payroll Costs Effectively

Are you feeling overwhelmed by the idea of managing outsourced payroll costs?  Handling payroll expenses well is essential for businesses looking to improve operations.  Knowing the main factors involved, such as the number of employees and frequency of payroll runs, is the first step to saving resources.  Let’s help you manage these costs effectively with the right approach so you...

The key to business success in challenging times

Times are tough and they are likely to remain challenging for many businesses. History shows us that only when things are difficult does genuine quality rise to the surface. So what do businesses have to do to ensure that they succeed in the economic environment of the next two years? Put customers first: For the next few years, companies need...

How can businesses benefit from using cryptocurrency?

Perhaps the most obvious way businesses can benefit from cryptocurrency is by accepting it as payment for goods and services. This allows businesses to tap into a global market of customers who may prefer to use cryptocurrency rather than fiat currency. In addition, businesses can avoid paying credit card processing fees when they accept cryptocurrency as payment. What are the...

Six considerations when choosing an accountant

Many business startups think accounting is easy, and that they can do it themselves.  It’s not until things go wrong that they realise that having an accountant is not a luxury, but essential when running a business.  Not only do we keep you within the law, and ensure your filings are made on time, but we can support you in...

What are my key dates?

Again, a question often asked is when do I need to pay my taxes, and submit returns. VAT Returns are usually done quarterly and payment is due one month and seven days from the end of the quarter.  You can change your VAT quarter dates at any time, so if you find that your VAT return is due the same...

How much should I be putting aside for my tax?

This is a question that’s often asked, and the answer is it really depends on how much you are earning. Assuming you are trading as a limited company, you need to distinguish between corporation tax and self-assessment tax when putting funds aside for your liabilities. The minimum you should leave in the company is any VAT charged plus 20% of...

Red Fish Accountancy 6 Rules for Startups

Over the years we’ve supported many start-ups, some that have gone onto huge success on their own (Zoopla is now a household name, PeoplePerHour is an internationally known brand), some that have migrated globally via way of a buy-out (Shutl was the subject of a purchase by eBay) and others that are still in their growth stage with exciting futures....

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