Keeping a close eye on your company’s financials is essential in planning a business strategy. Here are the crucial steps to do just that. Every company should pay attention to its current financial state. It can be of immeasurable value for future business ventures and financial projections. Not to mention serve as an orientation point…
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It takes a lot to run a business and it’s essential to manage your time well. Building a business undoubtedly requires you to put a lot of hours in, but the real key is to work smarter, not longer. By carefully managing your time, you can ensure that you achieve your goals without suffering from…
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The payment deadline for self assessment is 31 January and interest is charged from 1 February on any amounts outstanding. Normally, a 5% late payment penalty is also charged on any unpaid tax that is still outstanding on 3 March. But this year, because of the impact of the Covid-19 pandemic, HMRC is giving taxpayers…
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Making Tax Digital (MTD) has been with us for VAT purposes for over a year and a half and is due to be extended to income tax self-assessment from April 2023. But until very recently, it wasn’t clear when, or even if, corporation tax would be brought within the MTD fold. That all changed with…
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The Chancellor of the Duchy of Lancaster, Michael Gove, has announced a £20 million SME Brexit Support Fund to help small businesses come to terms with changes to trade rules with the EU. New import controls will come into force from April and July, as set out in the Border Operating Model which can be…
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Businesses that took out government-backed Bounce Back Loans to get through Covid-19 will now have greater flexibility to repay their loans, the government has announced. Bounce Back Loan borrowers will now have the option to tailor payments according to their individual circumstances with the option to delay all repayments for a further six months. Pay…
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The government has given businesses much-needed breathing space with extension of insolvency measures under the Corporate Insolvency and Governance Act to relieve pressure on businesses dealing with coronavirus. The government announced it intends to extend the power (granted through the Corporate Governance and Insolvency Act) to make temporary amendments or modify the effects of corporate…
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Not sure why your bottom line isn’t pretty? Sometimes, overspending can hurt your profitability despite your record sales. Profitability doesn’t only come from sales numbers. And a profitable business isn’t always the one with the most customers and the highest sales. The sign of a business profitable depends on what’s left in the account at…
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Your business needs a budget but when you’re starting out it can be tempting to skip this step. That would be a mistake, because a budget is a powerful tool to ensure the financial health of your small business. A realistic budget enables you to make confident financial decisions and save money for future investment…
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HMRC are reminding married couples and people in civil partnerships that they may be able to take advantage of the marriage allowance and claim a tax refund before the end of the current tax year. Marriage allowance offers individuals the chance to transfer part of their personal allowance to their husband, wife or civil partner,…
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