Running a business can be expensive. From the cost of supplies to employee wages, it’s easy for business costs to get out of hand quickly. If you want your business to succeed in the long-term, then there are some steps that you need to take in order to control these costs and keep them under […]
Getting ready to launch a small business is an exciting venture that many people dream of. Yet before you go into it blindly, there are some important tasks that need to be completed first. In this blog, we’ll discuss the things you really must do before launching your small business to make sure everything goes […]
Please note that as of 13th January some dates have changed. VAT penalties will be introduced on 1st January 2023 instead of 1st April 2022. Points do not mean prizes with the new Penalty Regime… Paying your tax bill on time can be a struggle. The HM Revenue & Customs’ (HMRC’s) penalty regime exists, […]
You’ll no doubt have seen the news of a rise in both employees’ and employers’ National Insurance contributions (NICs). It’s been a contentious move by the Government, with some people seeing the policy as a necessary way of generating extra revenue for the NHS and social care, and others questioning if a tax on workers […]
Value-Added Tax (VAT) is a consumption tax that is levied on goods that have had value added at each stage of the supply chain. Businesses with turnover of £85,000 in a rolling 12 month period or more have to register for VAT. But even if your sales are below that level, you can register on […]
Are you self-employed? Or are you a partner in a trading partnership? If you are, you should be aware of the proposed changes to the accounting period for unincorporated businesses. HM Revenue & Customs (HMRC) is proposing to change the way that unincorporated businesses (Partnerships and Sole Trades) are taxed, moving from a ‘current year’ […]
If the rules around social functions are followed, staff events like your end-of-year party, or your summer barbecue are tax-deductible for you, as the employer, and tax-free for your staff. This means you can claim back some of the expenses you incur when putting on a social event for your team, while also helping to […]
Business owners tend to focus on increasing profit and driving down costs. While this is important, you must not neglect your Balance Sheet. Profitable businesses can and do go broke; your Balance Sheet is a key indicator of how solvent your business is. Here are four key areas of your Balance Sheet to focus on: […]
You might think that offering discounts is a great strategy to use when sales are falling. In reality, you’re likely to be more profitable by holding your price and accepting the reduction in sales volume than discounting a product. Let’s look at an example to show the difference in your gross profit if you […]
The impact of Covid-19 has shown us that even profitable businesses can go broke if they run out of cash. Understanding and managing your working capital cycle frees up your cash and helps you build a cash war chest to get you through tougher times. Your working capital cycle is the number of days your […]
