What is confirmation bias? Confirmation bias is the tendency to process information and interpret it to be consistent with your already existing beliefs. Confirmation bias can lead to errors and is motivated by wishful thinking. Read more about what a confirmation...read more
Most, if not all of your team will have social media, this may be Facebook, Twitter, LinkedIn or Instagram. Some members of your team may even have more than one. So, why not encourage your team to utilise their personal pages to help the business grow? Here are few...read more
To learn more about the Making Tax Digital (MTD) initiative and who must comply - click here. What impact will MTD have on a small business that is not VAT registered? If you are not VAT registered and do not expect your profits to meet or exceed the VAT threshold of...read more
Set out payment terms Ensure you set out clear payment terms from the get go. Make sure your client knows exactly what your terms are and what will happen if payment isn't made. This may be a difficult conversation to have, but the later you leave it the harder it's...read more
What is Making Tax Digital (MTD)? Making tax digital is a government initiative to digitalise financial record keeping. Depending on the size of your business you will need to comply with the initiative on 1 April 2019 or 2020. The deadline is fast approaching yet...read more
In the last budget before Brexit the chancellor Philip Hammond scales to pave the way for a brighter future, whilst delivering tax rates for 2019/20. Hammond like the rest of the UK is waiting to see what will happen as a result of Brexit, he has previously stated...read more
1. Create a business plan Create a business plan before you start your business. The plan will physicalise your idea, it will help you find gaps you may have in your idea. A written document will also play a part in helping you raise finance, banks and other lenders...read more
Many companies question whether they should register for VAT or not. In this blog, I discuss what VAT is as the benefits and drawbacks of being registered. VAT is a minefield and raises many questions, so I have put this blog together to help you decide whether or not...read more
Earlier in the year, HMRC announced that no new childcare voucher scheme could be set up after the 5 October 2018. Octobers deadline a six month extension from the original deadline of 5 April 2018. Employers can continue administrating childcare voucher schemes they...read more
When we think of designing something, most of us tend to think of think of a tangible product, however, the thought process for design can be applied to business. Here are the 4 steps of design thinking: Define the problem Often when we are faced with problems at the...read more
In 2016 the government consulted on a proposed abolition of Class 2 National Insurance contributions (NICs) for the self-employed. This flat rate contribution, currently £2.95 a week is payable by the self-employed in addition to Class 4 contributions based on the...read more
Branding is one of the most important aspects of any business. If you get your brand right your business will have a competitive edge. What is branding? Branding is a way of defining your business, both internally and externally. Your team need to know what your...read more
Over the last few years, we have seen house prices soar. Depending on which side you’re on, this was either a shock or a pleasant surprise. Generations X and those before have witnessed the value of the properties double even triple. So how can these generation tax...read more
Most businesses will have a contingency plan for the loss of data and information on servers and systems. But what if 'knowledge' walks out the door? It is worth making sure knowledge is shared and documented, here are 3 things to take into consideration: ...read more
Who needs to complete the self-assessment? You will need to complete self-assessment if: Your self-employment income is more than £1,000 You've received more than £2,500 from untaxed income such as commission or tips Yours (or your partners) income was over £50,000...read more
A business plan does not have to be large 20 page document with tabs and appendices. Your business plan could be a few objectives jotted down somewhere, now this will not be enough to take into investors office but it is a starting point. What are the benefits of...read more
For most taxpayers the annual tax-free pensions allowance is £40,000. In 2016 the tapered allowance regulation was introduced, lowering this amount for high earners. Who does tapered annual allowance apply to? This regulation applies to individuals with a threshold...read more
In business, you are regularly presented with situations where you need to negotiate. The situations could be informal day to day interactions or formal client/supplier interactions. Effective negotiation requires a combination of interpersonal and communication...read more
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New Business Progress Kit 2018
The Financial, Tax and Accounting Considerations of Starting a New Business
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