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Cash and profit are not the same thing – forgetting that can cost you dearly

The vast majority of businesses, particularly those in their early stages, go bankrupt through lack of cash, not from lack of profits. However, many business owners don’t truly understand the difference between having cash and having profit, and…

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Top ten bookkeeping mistakes and how to avoid them

Here are our Top 10 mistakes that people make when doing their own bookkeeping: Letting it all build up This seems obvious, but some people still leave everything to the very last minute and let the bookkeeping build up. …

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What’s the difference between a realised gain and an unrealised gain?

Many businesses deal in more than one currency these days, both buying and selling, and this results in realised or unrealised gains or losses in their accounts.  But what is the difference between realised and unrealised, and how…

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What can HMRC find out about you?

What can HMRC find out about you?  You’ll probably be surprised to find out it’s a lot more than you think. When meeting potential new clients we often hear “Well, HMRC won’t find out about that” – and…

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