In his opening remarks, Jeremy Hunt said his priorities are stability, growth and public services. Stability – Stability is about reassuring the market. The Chancellor announced the following new, ‘fiscal rules’ that public sector debt must be falling as a percentage of GDP by the end of a rolling 5 year period, and net public sector…
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Business tips: Outlining your ideal customer Customers form the beating heart of your startup. Without a stable customer base, you can’t generate sales, bring in income or create a viable business model. So, it’s vital for your new business to have a very clear and fleshed-out idea of your ‘ideal customer’. Your perfect customer may…
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Business tips: Making it easier to get paid Making sure you get paid on time is crucial to your success. The process of making sales and generating revenue lies at the heart of any business model. But you can’t manage your cashflow effectively or raise any profits if customers don’t actually pay their invoices. The…
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Taking cash out of my business as a Director One of the most confusing things for many new company Directors, especially those that have previously been self employed sole traders is how they take cash out of their business. Let’s start with some basics. Every business owner needs to take cash out of the business…
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Setting up your business foundations To trade as a business, you need to meet the right compliance requirements. It’s certainly not the most exciting part of creating a business, but setting up the right legal, accounting and tax compliance foundations ensures that you’re doing everything by the letter of the law. Here are the main…
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How to improve your essential business spending One of your biggest areas of business expenditure will be buying the goods and services that are needed for the company to operate. Whether these are raw materials, wholesale goods or cloud services, you need someone to be in control of this procurement process. Managing your business spending…
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Keeping your business cash liquid – the difference between cashflow and profit The foundational goal of any business is to make a profit. As a business owner, that’s one of your key financial aims – to make enough sales, at a big enough margin, to generate profit from your enterprise. But how does profit differ…
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Back to Basics: Registering for Value-Added Tax (VAT) When first setting up your business, there are multiple decisions to make – and a key consideration will be whether to register the business for Value-Added Tax (VAT), the tax that’s added onto the price of certain goods and services. When does VAT registration become mandatory? When your…
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Back to Tax Basics: Tax for unincorporated businesses You don’t have to be a limited company to trade as a business. It’s possible that you’re operating already as an ‘unincorporated entity’ (usually as a sole trader, or a partnership). And the way that limited companies and unincorporated entities are taxed is very different. Here’s how…
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What is bank reconciliation – and why should you be automating this process? Good bookkeeping is all about recording and matching your financial transactions. Over the course of a usual week of trading, you’ll have a range of payments being deposited into your bank account and a host of operational expenses being withdrawn from that…
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