Whether you are relatively new to the world of business or have been trading for many years, it’s important to make sure you have a good accountant in place to advise and support you. But there are a lot of accountants out there, so how do you know which one is right for you?
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Struggling with cash flow? Many SMEs are. Maybe cash flow is so slow that you’re not able to pay your staff or yourself a wage – 32% of business owners can’t. If you’re struggling to pay staff on time and can’t pay yourself a decent wage, that’s scary.
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Equity Release a way for homeowners over the age of 55 to unlock some of the money (the equity) that is within the value of your home. You don’t need to have fully paid off your mortgage to do this, but you will need to repay any existing mortgage from the money released.
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You wouldn’t believe the number of business owners we meet who misunderstand the concept of cashflow. They often confuse it with turnover. Surely, if your business is busy and you’re sending out loads of invoices, then your cashflow will be great. That money will just flow in. Hmmm … are you sure?
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COVID-19 has taken a terrible toll and will leave a very deep and lasting impact on us, but I am optimistic it will also lead to many positives. Perhaps we are getting a glimpse of the shape of things to come as the world moves towards a sustainable economic future.
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As a business owner, a Self Assessment Tax Return is something that you will be required to complete each tax year to declare your income (and pay over any tax owed) to HMRC. Many individuals and business owners prepare and submit their own tax returns directly to HMRC.
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Invisibility? Being able to fly? Teleportation?
Or how about being able to re-write the law to suit yourself and ensure you are always on the right side?
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As a business owner I’m sure you’re always looking for ways to make more money and in particular profit. One recognized and basic way to do this is of course to focus on increasing your sales and decreasing your costs as what you’re left with is profit.
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I doubt any business owner is totally ready for the pressure that being in charge can bring. It’s hard being the person at the top, particularly when it comes to having money issues.
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This article would have looked vastly different if I had penned it at the start of 2020!
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More people are looking at credit solutions to help their businesses navigate these unprecedented times I thought it would be helpful to understand the different types of credit search and the impact of each on a credit rating. What is a credit search?
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In times of uncertainty, it’s natural and understandable for a business owner be cautious and think twice before taking on any new financial liabilities. While this is often the best strategy, many businesses thrive during economic downturns, and it can be a great opportunity to grow while others are retreating to safety.
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Profit is something we’re all familiar with, but to protect your profits as a business owner you will need to clearly understand what your ‘profit margin’ is, so you can take the steps you need to take.
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They say that money makes the world go round and we certainly all need it. Some are great at saving it, others spending it and in the current climate your relationship to money is something important to consider.
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Small businesses have some great tools to manage these ups and downs, and one of them is cashflow. Done in the right way, cashflow management can save your business from disaster and boost it towards growth when things are going well.
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According to the insurer LV=, the UK worker will change jobs every five years on average. Assuming you have a new pension for every job, the average 50-year-old will have accumulated six pensions.
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So, if you are a business owner, what can you do to limit the impact that inflation and rising interest rates may have on your enterprise?
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The first step in preparing a budget is to identify those boosters. In order to do that you need to run a SWOT analysis to identify the most promising activities or the acutest threats to mitigate. These will be the backbones of your next year’s budget.
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MTD or Making Tax Digital is already in place for VAT registered businesses and has been for some time now. So, what is MTD ITSA? This is Making Tax Digital for Income Tax Self-Assessment and is being rolled out from April 2024.
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ISAs, or Individual Savings Accounts, have been a feature of the personal finance world since 1999, yet I still get asked if they are ‘worth it’?
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