When running a business, there are numerous areas demanding your time. Marketing, sales, budgeting, fulfilment, bookkeeping, staff – the list goes on and on. Of course, you only have a finite amount of time (and energy), so why not outsource where you can? One prime area is your bookkeeping. It can be time-consuming, so why …
It’s a harsh fact, but over 50% of new businesses fail within the first five years. That’s why if you decide to become your own boss, the lower your overheads, the better. To help you out, here are some tips about setting up home businesses while keeping overheads super-low. Home office or rented office? Do …
Home Businesses – 7 Tips to Help Keep Overheads Under Control Read More »
One of the biggest issues facing small business owners is getting clients to pay on time. The recent C2FO Working Capital Outlook Survey cites that out of 1800 small business owners across the UK, Germany, France, Italy and the US, 54% said cash flow problems was their biggest barrier to growth. A late payment can …
Technically, if you are self-employed, you do not need to open a separate business bank account. Mind you, having said that, having a dedicated business account is advantageous; we’ll look why in a moment. If your business is a limited company, then the simple answer is that you need a separate business account. That’s because …
Why It’s a Good Idea to Have a Separate Business Bank Account Read More »
Let’s start at the beginning. Cash flow is the money that flows in and out of your business. It’s either: Cash coming in from customers when buying your products or services, or Cash going out of your business in the form of payments for expenses, like rent or a mortgage, in monthly loan payments, and …
The first thing we want to clarify is that financial statements are not the same as bank statements. For starters, a financial statement gives you a clearer overview of how your business is looking. Your bank statement just gives you a list of transactions and, therefore, skirts over the underlying financial position your business is …
Bookkeeping Basics – everything you need to know about financial statements Read More »
The recent budget slapped businesses in the face. Not only are many still reeling from the impact of Covid (and will for many years to come), now they’re faced with the first rise in corporation tax in 47 years. But it’s OK. All the media’s headlines reassure us that the increase will only affect big …
SMEs, Not Big Businesses Will Feel the Corporation Tax Pinch Read More »
As you know, the PAYE (pay as you earn) system is a way of paying income tax and national insurance contributions. The amount you pay is determined by a code allocated to you by HMRC. Your tax and NI are then deducted from your wages at source. But what if you’re self-employed or work on …
Allowable business expenses are a legitimate way to reduce the amount of tax you pay. Many see it as yet another perk for the self-employed. Not only do these elites get rid of their overbearing boss and work the hours they choose (that one will be hotly debated), but their nirvana also means they can …
Are You Claiming All Your Allowable Business Expenses? Read More »
Virtual meetings may have been forced upon you by COVID, but that shouldn’t be viewed negatively. If anything, you should be embracing video meetings. For some, the thought of attending virtual meetings on Zoom, Teams or Skype meeting (other platforms are available) is akin to tooth extraction. However, they are a far better alternative to …
