Every business owner needs to take cash out of the business at some point. But if you’ve just moved from being a sole trader to a limited company, you may get caught out by the different rules around withdrawing cash from the company. Why are the rules different for directors and sole traders? When you’re a sole trader,...
When you start running a business, it’s important to be able to clearly separate your own personal money from the cash that’s been generated by the business. This is why you need a business bank account. One of the simplest ways to do this is to create a separate business bank account. Opening a specific business account gives...
Inflation is hitting businesses and households hard in 2022. Across the world, inflation is running high, thanks to factors like pandemic disruptions, monetary stimulus and supply-chain issues. You’ll see the effects at the supermarket and the fuel pump – and in your business. Eroding each dollar’s buying power Inflation increases prices, which eats away at the buying power...
As an unincorporated business (that’s sole traders, self-employed people and normal partnerships) you have the option of using a ‘cash accounting basis’ when preparing your accounts – rather than the more usual ‘accrual basis’. Preparing your accounts on the cash basis can be simpler and makes your life easier. But, in practice, you will still need to keep...
Getting your head around Business Finances and the basics of bookkeeping, accounting and good financial practice may not come naturally to all business owners. But the better you understand the numbers, the more control you'll have over your business and your decision-making. To get you started, here’s a rundown of some of the main financial terms and how...
Want to get in control of your procurement spending? We’ve got 5 key ways to improve your procurement processes and cut down on the costs. 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,...
Effective goal setting will help you get the very best out of the year. Our 5 goal setting tips will help small business owners reach new highs. Wouldn’t it be great to have your best year ever, this year? Whether you want to grow your business or take more time for yourself, these goal-setting tips can help you...
The 5% reduced rate of value-added tax (VAT) has been in place since 8 July 2020. The reduced rate has been extended on numerous occasions to factor in changes to the affected sectors over the course of the pandemic – and has been a lifeline for many affected companies. But, from 1 October 2021, the 5% rate jumped to a...
The answer to this is yes, however you need to consider if this is the right move for you. If you are already registered for self assessment with HMRC, you don’t need to register again. You simply complete two or more self employment pages on the self assessment form (one for each business). This can get a bit...
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