A report published by the Business, Energy and Industrial Strategy (BEIS) Committee recently highlighted how 'bad payment practices' have led to the 'failure' of many small and medium-sized enterprises (SMEs). The government's Prompt Payment Code, which was created to address poor payment practices, has 'too often' been 'ineffective', according to the Committee. A 'statutory requirement' … Continue reading Government Urged to Take ‘Tough Action’ on Late Payments
The most worn out phrase in the world of business valuations is that “it’s an art not a science”. This could not be more true, but what does it mean? To put it simply, it means there is no technically right answer when it comes to valuing a business. It is only worth what someone … Continue reading The Art of Valuing Your Business
There are thousands of charities around the UK and, although we often only hear of the few high profile charities that appear in media coverage, there are also many very small charities whose main purpose is to help local causes. Some charities are ‘excepted’ from charity registration providing their annual income is below £100,000, an … Continue reading Should You Be a Registered Charity?
Budgeting is an essential tool used to monitor a business. It allows business owners to monitor what the business is actually doing, compared to what it wants to do. This seems a rather straight forward concept to understand, but it can often be met with scepticism when it comes to setting a budget. The “trying … Continue reading Insight into Foresight
Writing a business plan may sound like a long and tedious process that will lead to very few benefits for your business, but in reality the benefits that can be achieved from business planning are huge. Attracting investors – Business plans give investors a look at what a business expects to achieve in the future … Continue reading Business Planning: Plan to Succeed!
Networking events are more or less everywhere, whatever your field or location. Thanks to social media, it’s easier than ever to set up, plan and run a networking event. But what are our top tips for achieving a successful one? Keep it personal As your events may start to grow, remember to still try and … Continue reading Top Tips: Organising Networking Events
As announced in the Autumn Statement, there are significant changes ahead for companies using the Flat Rate Scheme (FRS) for VAT. The FRS will continue to run, however many businesses will find it is no longer economical to use. Under the FRS, a business ignores VAT incurred on purchases when reporting VAT, with the exception … Continue reading Changes to the VAT Flat Rate Scheme
Starting a business doesn’t come as easy as some people think; there are many things which can try and test you, but if you stick it out and follow these simple tips, you can be sure you are heading in the right direction. When starting up you need to ask yourself the following questions: 1. … Continue reading 7 Essential Tips for Start-ups
If you sell goods or services to customers, it’s likely that you’ll also have to invoice those customers for the work you’ve done. But what information are you actually required to include on your invoices? You must clearly display the word ‘invoice’ A unique identification number Your company name, address and contact information. If you … Continue reading What is an invoice and what should it include?
When a business is operated through premises that are owned or let by the business, claiming for rent, rates and utilities, etc., is all relatively straightforward. However, when the business is run from the home of the proprietor or director (if a limited company), then the expense claim requires a little more thought. If you … Continue reading Tax Relief When Home is The Office