The importance of budgeting in your small business cannot be underestimated. Not only does budgeting provide a benchmark against your peers, it also allows for variance analysis and performance assessment, leading to improved sales. Are you actively budgeting in your small business? Read on to learn more on budgeting processes that can help your small business.
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If you are planning on selling your small business, the two main options available to you are selling your company shares, which normally includes all the assets and liabilities of the company with no remaining connections to with the company. Or you can sell the business with its assets, name and goodwill usually referred to as an “asset sale”.
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If you are a small business and you are wandering if it is worth your while to voluntarily register for VAT to help with the outward perception of being an established and growing business or if you are reaching close to the compulsory £85,000 VAT registration threshold, then read on for your guide on how to make VAT registration work for your small business.
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The general perception of Inheritance Tax (IHT) is that it is a death tax and therefore should only be given due consideration when thinking about your will and how to distribute your assets when you die. Although this is true, there are other occasions during your lifetime where you need to consider the IHT implications on your assets, for example making gifts during your and also making gifts within 7 years of death.
When considering your IHT position therefore involves a review of your actions whilst alive through various gifting you may do to loved ones to help reduce your estates value, before considering the final IHT due on death.
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Every year, the average UK adult gives around £30,000 in total to charity during their lifetime and this number is only increasing with the rise of social enterprises. The split of giving typically looks like this: 60% giving by direct debit, 20% to collection boxes and 20% by sponsoring friends, family and colleagues.
This blog looks at how you can donate to charity in a tax efficient way.
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An umbrella company is relevant to contractors and freelancers who may take on a short-term contracts or it is a structure that can be used if you are new to contracting and are looking for an easy set-up option to start working and getting paid quickly.
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Cloud accounting software gives small businesses the opportunity to access cutting edge technology for a very low fee that offers both business efficiency and the ability to stay on top of financial affairs from anywhere and at any time. Furthermore, with the government’s plans to move all tax reporting digitally over time, with the first phase coming into force this year for VAT registered businesses, it is time for small businesses to embrace cloud accounting.
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We have written extensively on Payment on Accounts, and as a small business owner or self employed individual you will be familiar with the term, especially as it involves upfront payments to HMRC in relation to your tax liability for a given tax year.
The second Self Assessment payment on account for the tax year 2018/19 is due imminently, by 31 July 2019. Are you prepared? You may not be aware that HMRC’s systems, due to a fault, have not requested payments correctly, and there is now much confusion on individual’s tax liability and what tax is due.
We look here at how to ensure you are safeguarding yourself from HMRC penalties and the process of making voluntary payments in place of payment on accounts, as a result of the HMRC system-wide issues.
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Ponder this: When you head off on a long journey, would you not first check your car is road worthy and check it along the way if you had any concerns on the running of the car? Perhaps a seasoned traveller would wing it a few times – but is it really worth the risk? Imagine if you found yourself stranded in the middle of nowhere, kids in the back, and no phone signal to call for help, what then?
And so it is the same with your business finances. Without due planning or careful thought on how you will reach your end destination, including how you plan to finance your venture, how do you know you will achieve your goals? And why leave it to chance when you don’t have to?
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The concept of a four day working week is not a new one. Indeed, it has become the norm in Netherlands and piloted earlier this year by New Zealand based Perpetual Guardian, a financial services company, who claim a 20% rise in productivity in their workforce, increased profits and improved staff well being. So with such positive indicators in these early days of trialling, is this something you should be considering in your small business?
