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It’s not personal, it’s business!

A question we are often asked is “Can I use my personal bank account for business?”, the answer is, yes you can, but it’s not good business practice and is frowned upon by HMRC. We often see small business owners dipping into business funds for personal reasons, or using the […]

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Mistakes to avoid on your VAT Return

When introduced into the UK in 1973, VAT was described as a simple tax, but for many small business owners it is anything but simple and if you fall into the trap of making any of the common mistakes we have detailed below, it can be extremely costly. Take a […]


Tax returns, it’s not too early…

Sole traders across the UK will notice letters from the taxman dropping through their letterboxes in the days ahead, reminding them that the tax year has ended and it’s now time to file their Self-Assessment Tax Return. Of course, the deadline for filing is 31st October for paper returns, or […]

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Tax deductions – Don’t miss out!

When completing your tax return a good accountant will check that all of your tax deductions are included. Sadly, however, some are less pro-active and will simply process the details you give them, without looking for extra tax savings. So, to maximise your tax deductions, you need to make sure […]


Get those invoices paid quickly

The problems faced by small business due to late payments have been very much in the news lately, as a business owner you are very aware of the importance of getting paid on time and that payment delays can seriously disrupt cash flow. When searching for ways to speed up […]

Magpie Acc Blog - Get those invoices paid quickly

Magpie Acc Blog - Business Plan vs Business Model

Business Plan vs Business Model

Starting a small business is no small decision. But despite the countless sacrifices and challenges small business owners face, an overwhelming 84 percent of small business owners would do it all over again! When you tell friends and family you are about to take this step you will be inundated […]