Working Capital Loans vs. Traditional Bank Loans

calculator-1516869_640If you thought that getting a bank loan to cover personal debt such as student loans was an uphill struggle, then it’s a proverbial walk in the park if you’re a small business owner without at least two years of flawless personal and business credit history.

Fortunately, there’s an alternative that could be the answer to your small business funding prayers, and it’s called a working capital business loan. Below, we highlight how this business funding option compares to a traditional bank loan.

[Read more…]

How to Appeal an Audit Report to the IRS

income-tax-491626_640First, you thought that being audited by the IRS was terrifying. Now, you’ve received an audit report and a massive (or at least painful) notification that you owe back taxes. What can you do?

[Read more…]

Which of These 4 Things Would You Sacrifice to Afford Healthcare?

stethoscope-1584223_640Not to sound so negative, but the cost for things seem to be rising year after year. Even the middle class cannot seem to pay for basic necessities and have a little extra for the fun things in life.

Pretty common sense here, but nobody should compromise on their health care. If you’re sick, you need care in order to keep working and even keep your family safe. After all, health is wealth right?

However, rising costs of healthcare means that families may be sacrificing more than they’d like in order to make ends meet. In fact, most of these families are forgoing fun things.

[Read more…]

DIY Tips to Set Up New Company’s Payroll

calculator-1156121_640It is tempting to hire someone to get all your payroll problems sorted out for you. However, some small business owners may want to setup their company’s payroll themselves, without any external assistance. And the good news is that the process is a lot simpler than you think. While you do have the chance to use an external company’s help, it is not always necessary. You can learn how does our payroll service work, but we have also compiled a guide to show you how to set up your new company’s payroll in a DIY manner.

PAYE

The first thing you have to learn when you are setting up your company’s payroll is that you will be working within the PAYE system, which is used by the HMRC to collect income tax and insurance from people who are employed at companies across the UK. Unless your small business has no employees earning more than 112 pounds per week, you are required to register for PAYE. Luckily, the process is not difficult, and you can do most of the work online.

Payroll Provider or Software

You have two options when you are working within PAYE. You can either use a payroll provider, such as an accounting firm, who will take care of everything for you. Or, you have the option to use a payroll software and other online tools to setup and run your company’s payroll.

Registering and Choosing Payroll Software

The first few steps involve registering as a provider with the HMRC, which you can do online. Then you must choose a payroll software that is approved by the HMRC, and utilize the software to include all relevant details about your employees, how much they are paid and how many hours they work. This information is updated every payroll period, which is usually biweekly.

If you go the software route, you have two options. If your company has ten or fewer employees, you may use a free payroll software and the HMRC will have no issues with your payroll. However, if you are employing more than 10 people and you do not wish to use a payroll provider, you must buy and download payroll software that is tested and approved by the HRMC. In case you are worried, there are plenty of reliable options within this list. Software made by suppliers such as ABC Software, Accu-Man or Concur UK will be fine for running your payroll.

Reporting Regularly and Honestly

The final step in the process is to make sure you are diligently collecting and updating the information within your payroll software when each pay period is over. Failure to include this information will not only prevent you from paying your employees on time, but it can also put you in trouble with the government for tax reasons. The government depends on your faithful and regular uploading of payroll information to collect the necessary taxes and insurance money from each employee you pay. If you continue to update your payroll each cycle, you should not have any issues.

ps_menu_class_0

Working Capital Loans vs. Traditional Bank Loans

calculator-1516869_640If you thought that getting a bank loan to cover personal debt such as student loans was an uphill struggle, then it’s a proverbial walk in the park if you’re a small business owner without at least two years of flawless personal and business credit history.

Fortunately, there’s an alternative that could be the answer to your small business funding prayers, and it’s called a working capital business loan. Below, we highlight how this business funding option compares to a traditional bank loan.

(more…)

How to Appeal an Audit Report to the IRS

income-tax-491626_640First, you thought that being audited by the IRS was terrifying. Now, you’ve received an audit report and a massive (or at least painful) notification that you owe back taxes. What can you do?

(more…)

Which of These 4 Things Would You Sacrifice to Afford Healthcare?

stethoscope-1584223_640Not to sound so negative, but the cost for things seem to be rising year after year. Even the middle class cannot seem to pay for basic necessities and have a little extra for the fun things in life.

Pretty common sense here, but nobody should compromise on their health care. If you’re sick, you need care in order to keep working and even keep your family safe. After all, health is wealth right?

However, rising costs of healthcare means that families may be sacrificing more than they’d like in order to make ends meet. In fact, most of these families are forgoing fun things.

(more…)

DIY Tips to Set Up New Company’s Payroll

calculator-1156121_640It is tempting to hire someone to get all your payroll problems sorted out for you. However, some small business owners may want to setup their company’s payroll themselves, without any external assistance. And the good news is that the process is a lot simpler than you think. While you do have the chance to use an external company’s help, it is not always necessary. You can learn how does our payroll service work, but we have also compiled a guide to show you how to set up your new company’s payroll in a DIY manner.

PAYE

The first thing you have to learn when you are setting up your company’s payroll is that you will be working within the PAYE system, which is used by the HMRC to collect income tax and insurance from people who are employed at companies across the UK. Unless your small business has no employees earning more than 112 pounds per week, you are required to register for PAYE. Luckily, the process is not difficult, and you can do most of the work online.

Payroll Provider or Software

You have two options when you are working within PAYE. You can either use a payroll provider, such as an accounting firm, who will take care of everything for you. Or, you have the option to use a payroll software and other online tools to setup and run your company’s payroll.

Registering and Choosing Payroll Software

The first few steps involve registering as a provider with the HMRC, which you can do online. Then you must choose a payroll software that is approved by the HMRC, and utilize the software to include all relevant details about your employees, how much they are paid and how many hours they work. This information is updated every payroll period, which is usually biweekly.

If you go the software route, you have two options. If your company has ten or fewer employees, you may use a free payroll software and the HMRC will have no issues with your payroll. However, if you are employing more than 10 people and you do not wish to use a payroll provider, you must buy and download payroll software that is tested and approved by the HRMC. In case you are worried, there are plenty of reliable options within this list. Software made by suppliers such as ABC Software, Accu-Man or Concur UK will be fine for running your payroll.

Reporting Regularly and Honestly

The final step in the process is to make sure you are diligently collecting and updating the information within your payroll software when each pay period is over. Failure to include this information will not only prevent you from paying your employees on time, but it can also put you in trouble with the government for tax reasons. The government depends on your faithful and regular uploading of payroll information to collect the necessary taxes and insurance money from each employee you pay. If you continue to update your payroll each cycle, you should not have any issues.