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Running a small business is exciting, but managing finances effectively can be one of the biggest challenges. Even profitable businesses can struggle or fail due to avoidable financial missteps. At Modina Accounting, we’ve seen firsthand how small mistakes can snowball into serious problems. Here are the most common financial mistakes small businesses make and how […]

Many business owners wonder when they should bring in professional accounting support. The truth is, the right time is often sooner than you think. At Modina Accounting, we work with businesses at every stage, from startups to established companies, helping them navigate financial challenges with confidence. When You Start Your Business Getting things right from

For many businesses and taxpayers, July is one of the busiest months of the year for tax compliance. Together with January, it is one of the two peak months for tax returns and payments, making it important to plan ahead and avoid unnecessary penalties or interest charges. The month begins with the deadline for submitting

In the Autumn of 2024, the newly appointed Labour government laid out their plans for 2025 in their first budget as government. Here are some key points as we tumble through Q1 and into Q2 2025. VAT for Private Schools Private schools in England will start being subject to VAT from January 2025, and charitable

Credit control can be an important pillar of running your business. It’s important to keep an eye on your business’s financial health and ensure everything is running as it should. This is where credit control comes in! Keep reading to find out the benefits of credit control for your business.  Improves Cash Flow By managing

Introduction to Bookkeeping Bookkeeping is an essential part of any business, regardless of its size or industry. It involves the recording and organising of financial transactions, including purchases, sales, receipts, and payments. A bookkeeper’s role is crucial in maintaining accurate financial records that can help a business thrive.  But what exactly does a bookkeeper do?

Late payments continue to be a major challenge for small business owners and freelancers across the UK. In the 12 months leading up to June 2024, nearly half (49%) of all invoices were paid late, an increase from 43% the previous year and even worse than the 46% recorded in 2020. The situation is particularly

The Labour Party has taken office for the first time in 14 years, promising significant changes to employment law. With an ambitious agenda to improve workers’ rights, businesses may need to prepare for a potential shift in the regulatory landscape. This article outlines the key changes that might be on the horizon and what employers