Everyone has to deal with the taxman at some point; and for many people that’s the most frightening part of setting up and running a business – because they’re worried about paying the wrong amount of tax, or filling in a form incorrectly.
Finding the right accountant for your business is as important as choosing the right business partner. Your accountant becomes a true colleague; someone you can trust and depend on. Someone who, as your business grows, will offer you the financial guidance and advice you need to succeed. But first you’ve got to find the perfect accountant for you – so, how do you find them?
Last year was a record year for new start-ups in the UK, with 502,000 new organisations registering with Companies House, a rise of almost 9% on the 462,402 new companies established in 2012.
Recent times have seen SME’s struggle to access bank loans and overdrafts. Crowdfunding, also known as peer-to-peer or peer-to-business lending, provides a potential alternative source of finance, and is becoming increasingly popular. In an aim to provide enhanced protection for consumers without discouraging the growth of this emerging market, the FCA has recently introduced new regulations.
Gaining access to finance is a well-reported struggle for SMEs. When seeking finance, most small businesses in the current market will automatically approach their bank, but the process can be time consuming and the rejection rate is around 50% . Such a confined lending market is problematic when considering that more than a quarter of SMEs say lack of access to cash is restricting business growth.
You have set up in business as a limited company. Lots of people will offer to help you incorporate a new company but where are they when it comes to issuing share certificates; processing a stock transfer form, and dealing with cancellations, replacements and indemnities? Inform Direct offers a cost effective service to help you manage all of these processes simply and quickly.
Small business owners, directors and entrepreneurs may be very good at providing products and services to their clients but one thing that many fall short on is getting paid on time.
For entrepreneurs and SMEs alike, there are many things to worry about when setting up, from developing your product or service to nurturing your client base and establishing brand awareness. Something that should not be forgotten from this ‘to do’ list is the all-important question of how to take payments.
Whether you’re starting a company or establishing yourself as a sole trader, every penny counts in the early days, and you may not be aware that offering payment by credit and debit card as part of your services could have a major impact on your finances.
Staying on top of your bookkeeping is often a headache for business owners and managers, but failure to keep good records can be the Achilles heel of any great business, and in the long run, not keeping track of things can cost you more in time and penalities. Here I set out my 10 top tips for staying ahead of the game.
Every business, irrespective of size, has employee expenses to deal with. While a small company might just have a fraction of the employees of a huge corporation, it is easy to lose track of outgoings if expenses are not properly managed. Whether these costs account for tea bags or expensive IT software, failure to effectively track expenses can lead to profit dents – especially for small firms with narrow margins.
I have worked at Manchester based chartered accountants Lloyd Piggott as a partner for over 20 years now, and here, in this article, I am going to dispel five common queries surrounding the complex subject of VAT and explain some of the complicated jargon that can often leave us confused.