As a small business owner, there will be a number of business insurances that you will consider getting, from professional indemnity insurance to private healthcare insurance. Another type of business insurance you might consider getting is Keyman insurance, also known as Key person insurance.
From production to customer service, almost every aspect of running a business involves a process. Processes are an integral part of any business operation; they are like blueprints for an organised and systematic flow of procedures aimed towards achieving ends efficiently.
I started out in the organic products business when there were hardly any organic products! Now it is possible to get every food imaginable in organic format, and in ever increasing quantities. When we first had organic brown rice the world beat a path to our door. Now it’s a commodity and you can get many different kinds; short grain, long grain, basmati, red, black – all organic.
Colours have a way of captivating the senses and evoking emotions, from the calming blue of the sky to the cheerful golden glow of the sun. Many studies have pointed to colours as great influencers of human behaviour. [read the full article]
Business mileage is the most significant single expense type for companies in the UK. It’s estimated that over 2 million employees make mileage claims annually, driving more than 10 billion business miles every year in the UK alone.
When your early or growth stage company needs essential funding, equity crowdfunding can be an excellent way to achieve this.
The tax on dividends is paid at a set rate that is set by the HMRC. Every new tax year, as with other taxes, the rates change. The biggest change in the last couple of years is the tax-free dividend allowance being reduced from £5,000 to £2,000.
Readers question: I was wondering if I could get some advice about being self-employed and living abroad. I want to open a business account as a sole trader in the UK and pay my national insurance and pension to the UK. However, I live in Slovenia with temporary residency, as I am a British citizen. I live here as I got married to a Slovenian. I wanted to know how can I open as a sole trader as I work from home online teaching on a platform based in Asia. They just pay my salary nothing else. What would I have to pay to Slovenia as I live here and would I have to pay double social security? Or claim my benefits from the UK when I need them. Also, would I need a virtual office in the UK? My students, I just interact with them from the website the company provides.
In a recent study carried out by insurance provider Qdos, it was found that self-employed are exposed to financial risk, as they avoid getting insurance cover. There are numerous reasons for this, from business owners thinking they don’t need it to them still being in the process of considering it.
We all want to keep our businesses taxes as low as possible and one way is to claim all legitimate expenses. But the general rule that says you can claim all expenses incurred wholly and exclusively for the purpose of your business is, sadly, not entirely straight forward.
The tax season for 2019 in the UK is officially defined as the period between 6 April 2018 and 5 April 2019. Each tax season, all businesses, regardless of size, must provide their employees, contract workers, and others, with tax documentation that is required by the HMRC so that workers can file their tax returns. Unless an extension is requested, all tax paperwork must be postmarked or filed with HMRC by no later than 31 January 2020.
Readers questions: My partner and I have between us around 30,000 thousand pounds worth of tools/equipment as a sole trader, can we take them over to the ltd company or can the ltd company pay for them? We don’t want money out, we would like to offset our tax bill, can it be done?
For much of history, the concept of a safe workplace was one which was free from physical hazards. While this is still very definitely the case, there is a growing awareness of the need to protect employees’ mental health as much as their physical health.
Whether you own a retail store, a restaurant, or an e-commerce site, EPOS (Electronic Point of Sale) systems are beneficial for you because they present a more efficient way of running your business. They can be programmed to perform any process. Plus, they run on handy peripherals such as tablets or iPads for maximum mobility.
There’s a lot more to human resources than just handling personal functions such as hiring and firing. HR is also responsible for managing talent and supervising the entire lifecycle of employees. Therefore, to ensure that your business flourishes, a successful talent management strategy is key to helping your employees reach their full potential within the workplace. After all, a firm’s most valuable resource is their people, so, the role of talent management should be considered an essential part of your organisation’s strategy.
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There are many reasons why people want to get into the street food industry. For most people, it’s the fact that they can cook their own delicious food, be their own boss, change location whenever they want, and it’s not too expensive to start up. You can work cooking your own food, watch peoples’ faces when they take a bite out of your culinary speciality and make a living from your own talent.
With rising electricity costs and a significant decrease in the cost of solar systems, solar power has become an extremely cost-effective energy alternative for many businesses. Whatever industry you’re in, solar power could potentially lower your energy costs and give you a competitive advantage, by showing your commitment to supporting sustainable energy practices.
Contrary to popular belief, workplace diversity is not a ‘modern trend’. For centuries, tradesmen have known that establishing contacts with strangers and employing people from different countries would contribute to their business. The model has survived until this very day because it is more than successful. Nowadays, the term “workplace diversity” has a much broader semantic scope as it includes people of other political views, religions, age, gender, experience, and other factors not directly related to work.
Scott McGohan, CEO at McGohan Brabender, claims that the lack of communication is every company’s major challenge. Effective workplace interaction is possible as long as productive staff members are in their proper places. Besides, small organisations usually feature unstable internal structure (at the beginning of growth), lack of cash and resources.
Office relocations should be an exciting time for all business owners. You’re moving into a shiny new building, with new views and new facilities. In order to make sure your team is hitting the ground running, your IT infrastructure needs to be flawlessly installed first and foremost.