The number of self-employed individuals in the last year was recorded as 4.97 million in the UK, as reported by the Office of National Statistics (ONS), a continued rapid rise year-on-year.
The ONS also reported that the number of female entrepreneurs is steadily increasing with the number of women registering for self-employment soaring to 51,000.
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Have you made the positive move to partner with an accountant who better suits your needs?
If so, you may be thinking, what next? How quickly will the move of accountants take and how long will it take for my new accountant to get up-to-speed with my financial affairs?
Switching accountants may seem like a daunting and long-winded process, especially if you have been with your existing accountant for a long time. The good news is that the process of switching accountants is very easy and requires very little work by you. Read on to learn how to take that all important next step.
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Starting a small business is a lot like raising a child. You nurture it, spend sleepless nights taking care of it and giving your all with all the energy and love you can physically and mentally muster. Slowly but surely, you start to reap the benefits of all your hard work and begin to get something back.
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A recent survey by Hampshire Trust Bank (HSB) shows that small business owners have increased their cash holding by 78 percent in their business current accounts in the past two years, in anticipation of another credit crunch brought on by Brexit.
UK manufacturing businesses, both large and small, have already been stockpiling raw materials ahead of the original Brexit deadline back in March this year and have started doing so again, with the new Brexit deadline coming up fast at the end of October.
The need for surplus cash to buy supplies for stockpiling was the main contribution for the increase in current account balances, according to the HSB research.
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The UK government is preparing for a no-deal Brexit on 31 October. What does this mean for your small business and how can you best prepare? Here we share survival strategies for small businesses in the increasingly likely scenario of a no-deal Brexit.
If you are trading between the UK and the EU you could be bracing yourself for disruption in October and perhaps with little idea of what to expect when Brexit finally takes hold.
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Draft legislation has been published for 21 new tax measures to be implemented for the new Finance Act 2020 (FA 2020) to come into force in the tax year 6th April 2020. Most of the new tax law is due to take effect then but the final details and confirmed dates of commencement could be changed following a consultation, closing on 5 September 2019. It is also worth remembering that all of this could in theory change with the appointment of the new Chancellor of the Exchequer, Sajid Javid, who may have some fresh ideas on the proposals. We have highlighted the most important of these planned tax changes that could affect you and your small business, below.
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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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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?
