Alchemy blog
Honest opinion and illuminating comment
At Alchemy, we believe in clarity and honesty, and the blog is where we put that into practice. We’ll keep you updated on the latest developments in tax law and government legislation, unpicking what each change really means for you and your business.
How to set up an architecture practice from structure to systems
Did you know the Swiss-French architect Le Corbusier went solo when he was 25 years old? Sir Norman Foster – a North West of England lad, from Stockport – was 28 when he co-founded his first practice in 1963. Zaha Hadid, whose temporary Bach concert hall in Manchester...
Coronavirus scams: What to look out for as a business
We’ve all seen our fair share of spam emails - including myself. Whether we’re being requested to send an inordinate amount of money to someone in another country, or we’re being hounded by the TV licensing company again, there’s plenty of opportunists out there. But...
Why timesheets are important for smaller marketing agencies
I can already sense the inaudible moans when I mention ‘timesheets’. From extra work for office managers and administrators, to badgering your employees to get them completed, timesheets are often seen as an unnecessary evil. But with easily accessible technology,...
From side hustle to main gig: why you should treat both as legitimate businesses
Whether you’re a drummer, copywriter, personal trainer, or have discovered an invention to stop your glasses from sliding down your nose, having a side hustle is a great way to earn some extra money, whilst still working full-time. But what happens when that side...
How to align staff KPIs with your business objectives
Don’t have KPIs for the sake of it – understand how they can drive the success of your business and make sure they’re tightly tied to your goals and objectives. First, just in case, I ought to explain what KPIs are, though most of you can probably skip this bit. KPI...
VAT for beginners: when to register and how to complete a return
Accountants love VAT – it’s about the only bit of what we do with any good jokes. Are Jaffa Cakes biscuits? Should sleeved-blankets, AKA slankets, be zero-rated? Is banana-flavoured Nesquik rated the same as chocolate flavour? There’s just something funny about the...
Every firm will gain from customer relationship management software
In the past few months most of us have had phones ringing off their hooks as we strive to keep in touch with clients and suppliers during an unsettling crisis. The more conversations you have, and the more complicated they are, the more important it is to have a...
Why your business needs a cycle-to-work scheme
Cycle-to-work schemes allow employers to rent bicycles and associated kit to employees as a tax-free benefit. Or, in effect, to let them buy a bike at a discount, paying in instalments. The UK Government launched the framework for the UK’s cycle-to-work scheme in 1999...
Tackling late payment of invoices: how to get what you’re owed
When the COVID-19 crisis kicked off back in March, a lot of businesses put immediate restrictions on payments to build up a cash buffer. In my view, that knee-jerk reaction is bad news, not only for individual businesses but for the economy as a whole. Some of my...
Starting and growing an agency: taking on your first employee
When your creative agency or professional practice gets to the point where you can’t handle the work without expanding your team, you know you’re heading in the right direction. For the first time, everything isn’t on you. You can start to delegate, collaborate and...
What Spring Budget 2020 means for the North West, the creative sector and tech
Rishi Sunak, who has been Chancellor for less than a month, made his first Budget speech on 11 March, and, like most accountants, I was glued to the TV, taking notes. I’ve also dug through the supporting paperwork to see what was hidden there, because there’s always...
Online accounting has only just begun to change the world
If you weren’t already using online accounting software at the start of 2019, you’ve probably heard a lot about it since – especially if you’re running a VAT-registered business that was included in the introduction of Making Tax Digital (MTD). The new rules, which...
What’s the difference between a contractor and a freelancer?
Last month the UK’s self-employed population passed five million for the first time, and many of those – certainly in the North West – are contractors or freelancers. According to IPSE, around 8% of the UK’s contractor population is based up here, which is hardly...
5 mistakes people make when they try to manage their own bookkeeping
Bookkeeping is the bedrock of good business accounting. If you have tidy, up-to-date books then your monthly or quarterly management accounts and end-of-year financial accounts will not only be more accurate but also quicker and easier to produce. Many businesses have...
Why you should choose a smaller accountancy firm
There’s a lot to be said for choosing a smaller accountancy firm, from a personalised service to real local knowledge. Whether it’s artisanal wool from the Ribble Valley or traders at Preston’s street food market, small, independent and local are values that matter...
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