5 ‘resolutions’ to help your small business finances in the new tax year
While cutting down on chocolate or hitting the gym are the classic resolutions for January 1st, have you thought about changes you’re going to make for the new tax year on the 6thof April? The new tax year is just around the corner, so it’s…
The autumn 2018 budget: what it means for your small business
Consider yourself, in chancellor Phillip Hammond’s words, a striver or a grafter? Then, the autumn 2018 Budget was aimed at people like you. With a number of specific concessions and incentives targeted at small business owners, the budget offers a fair few benefits to entrepreneurs…
Do I need professional indemnity insurance?
One of the most exciting parts of launching a business for the first time is the learning curve involved. There’s a certain amount of making it up as you go along, discovering things by trial and error and working out what does and doesn’t work….
5 practical steps: how to manage cash flow in a small business
You could have the best business idea ever. You could have major customers queuing up at the door. You could have a huge order on the books which would make you a millionaire. But, if you don’t know how to manage cash flow in a…
Would your business cash reserves see you through a rough patch?
Picture this scenario. There’s a downturn in the economy. Your two biggest clients tell you they have to cut spending and can’t work with you anymore. And while you still have some projects on the go, you know you won’t be paid for at least…
IR 35 explained: what contractors need to know
Fancy losing about 20% of your income and paying up to six years’ worth of back taxes? Thought not. However, if you’re working as a contractor but are deemed to be flaunting the IR 35 tax avoidance rules, you could be subject to a long…
3 business growth strategies for a sustainable future
If your start-up is going through a period of rapid growth, it seems counterintuitive to view that as something to worry about. When sales are skyrocketing, marketing is bringing in countless new leads and you’re hiring staff left, right and centre, only a real killjoy…
Employing staff for the first time? Five financial matters to sort
So, you’re employing staff for the first time? Well done! It shows you’ve tapped into a demand in the market and that your customers want more of your product or service. Hiring your first employee is an exciting time in any business. But, it also…
What the autumn 2017 budget means for small business owners
If you run a small business, Chancellor Philip Hammond had a message for you last week in his autumn 2017 budget: “This Conservative government is listening to our small businesses“. A cynic might see this as a response to the backlash following the spring budget…
How should your business owner ‘salary’ be paid?
According to job site Indeed, the average UK business owner salary is just under £38K – almost £10K more than the average for employees. That’s good news if you’re an entrepreneur, but working out exactly what you should pay yourself and how can be a…
Applying for small business bank loans? Here’s what to take to your meeting
Small business bank loans are a great way of getting a quick injection of cash into your business. Whether you need to invest in some new premises, machinery, vehicles or equipment – credit can kick start your growth. After the financial crisis, regulatory changes meant…
What business plan financials do SMEs need to prepare?
Are you one of the 53% of UK SMEs that doesn’t have any kind of business plan in place? Tut tut! Many small businesses grow out of a hobby, or something the business owner does in their free time. As things grow, you never quite…