Build A Better Business – Invoice Promptly & Collect Your Debts!
You wouldn’t believe how common a problem this is. It maybe that once the sale is made you move on to the next sale and also many people find collecting debts a distasteful exercise and so don’t prioritise it. Remember A SALE IS WORTHLESS UNTIL THE MONEY’S COMES IN! There are many businesses that run […]
Build A Better Business – Know Much Real Profit You Are Making
Many businesses do not have adequate systems for identifying the amounts of profit or loss generated by different products and services, or even by the business as a whole, yet this information is absolutely essential if the business is to grow stronger. It is also important to know the costs of different areas of administration, […]
Build A Better Business – Don’t Think The Taxman Is Logical Or Patient
On top of that HMRC makes a lot of mistakes. HMRC themselves in one year admitted that almost 5M people paid the wrong tax under PAYE. Tax evasion is taken very seriously by HMRC and criminal proceedings usually follow. The penalty regime in many cases is extremely harsh for late filings and mistakes. You MUST […]
Keep Proper Accounting Records
Ignore this one at you peril. In many cases it is a legal requirement to keep adequate accounting records and you could find yourself on the end of a hefty fine from HMRC if you don’t. The vast majority of businesses that fail didn’t keep proper financial records. Equally important is a business owners’ ability […]
Build A Better Business – Cash Is King!
It’s vitally important to understand the cash peaks and troughs in your business. It can mean the difference between success or becoming insolvent and business closure. Additionally careful injection of capital at the right time can take your business to the next level. If you are to remember one thing from this report it is […]
Build A Better Business – Set Goals & Have A Plan
Fail to plan, plan to fail. All new business require a well thought out business plan and goals backed up by budgets, forecasts, projections, and a road map of how they are going to get there. Invariably these plans will have market research, competitor analysis, profit forecasts, and cash flow projections. If you don’t know […]
Income Shifting – Are You Paying Your Partner
The tax rules seek to PREVENT someone gaining a tax advantage by arranging to divert his/ her income to family or friends taxable at a lower or nil rate. For example where a husband and wife own equal shares in their own company but the husband is the only earner. This piece of legislation is […]
Closing a Business
There is an important piece of legislation called ESC 16 which basically states that what’s left in a company on closure can be distributed to the shareholders as a capital distribution rather than as a revenue distribution as long as the amount does not exceed £25,000 without the company going through a formal dissolution process. […]
IR35 Personal Service Companies
Anyone that provides their services through a Limited Company needs to consider the legislation known as IR35 which was brought in by the government to prevent people paying substantially less tax and national insurance by operating through an intermediary such as a Limited Company instead of being employed directly by the client. Separate rules were […]
Don’t Mix Business & Personal Expenses
If  you run a small owner managed business it is not a good idea to mix your business and personal expenses. There is a very important principle and that is: A company is a separate legal entity in law even if you own all the shares This means that it is governed by company law. […]
