Every SMB must make an extra effort when it comes to competing in the online market. The main reason is that the market itself is oversaturated with large companies with large budgets, which makes the competition fiercer than ever.[continue reading…]
Once you’ve started up a new venture, you’ll need to ensure that you have banking facilities in place before you can start trading. So, do you need to set up a small business bank account for your business, or can you use your own personal bank account?
As communities begin to reopen during the COVID-19 pandemic, businesses are looking to take the right steps in preparing for that reopening. Experts are discussing the importance of careful planning during this stage of the pandemic. Business owners will need to be informed about how to properly reopen.[continue reading…]
Salary aside, most limited company directors (and shareholders) typically draw down most of their income in the form of dividends. Dividends are distributed by companies of all types in order to return a proportion of company profits back to their shareholders. Here we look at what are company dividends and how to calculate them.
Readers question: I am one of two company directors in an ltd company. My partner in business has been told by her midwife that she is entitled to 90% of her salary while on maternity leave. For us to pay her, we would need to employ another person to do her job, this would put the business in financial difficulty. Is this the case?[continue reading…]
Franchising is a great way to become an owner of a small business. There are three different types of franchises which you can choose from, they vary in terms of your position, your input into the business and the amount of involvement of the franchisor. The three types of franchises are; the business format franchise, product distribution franchise and management franchise. Each franchise operates differently and in this guide you will find the differences between the three.
Do you remember the time when our main worry was the dreaded B word? Deal or no deal? Then everything changed as Covid-19 challenged us in a dramatic way. Over the last few weeks, many small businesses have been taking on the challenge: making provision for team members working from home; analysing the various forms of government help and evaluating how best it can be applied in our individual organisations; projecting the immediate and the longer-term financial impacts. Simultaneously, we’ve had new plates to spin at home as we home school or do online shopping for elderly relatives etc.[continue reading…]
Many business owners, including contractors, may have found it difficult to secure a competitive mortgage in the past. However, more enlightened lenders and mortgage brokers are happy to provide a mortgage for limited company directors, who may find it hard to prove income on a ‘traditional’ basis.[continue reading…]
If you’re running a limited company, there are certain details you must include on your invoices by law and others which should be included. Your aim is to provide accurate information which fully describes what services are included, and concise company details to ensure that you get paid correctly, and on time. Writing an invoice can be straightforward, once you understand all the details that will need to be featured.
Setting up a business as a limited company is the second most popular way of setting up a business in the UK. In 2019 there were around 2 million trading limited companies. There are both huge advantages and disadvantages of running a limited company, as well as, other structures such as sole traders (which is the most popular business structure, with their being 3.5 million in 2019). It’s important for any aspiring entrepreneurs to understand the range of benefits and pitfalls of different business structures to determine if they are the right fit for their business idea.
With a new tax year come the new tax rates and allowances. Although there has not been a great significant change in the rates and allowances for 2020/21 compared to 2019/20, there have been some changes.[continue reading…]
Pension auto-enrolment obligates companies to automatically enrol employees in a pension scheme unless workers decide to ‘opt-out’. As a result, all company owners should make themselves aware of pension auto-enrolment and how it will affect them when hiring employees.
If you have started a business or are thinking about starting one, then you will need to decide on a business structure. You can choose to create a limited company, work as a sole trader or a partnership. Each business structure varies, especially when it comes to accounts and the bookkeeping. Sole trader owners are classed as self-employed, therefore they have their own set of tax rules and regulations to adhere to.
It’s important to be aware of all the 2020 tax dates and deadlines, especially those that will affect your small business. Some of the tax deadlines such as the self-assessment and VAT tax return take a considerable amount of preparation and time beforehand. So make sure you take note of all the dates that are relevant to you and your small business in order to get prepared.
The Women in Tech Employer Awards 2020 have been launched by the team at WomenInTech.co.uk. They are looking for dedicated employers who are helping to narrow the gender gap in the tech sector. These awards will aim to put a spotlight on those businesses and employers who are doing right by women in tech and encouraging them to thrive.[continue reading…]
When starting a small business, one of the first things to be decided is the legal structure used for the business. It can either be a sole trader or limited company or a partnership. Setting up as a sole trader is the most popular legal structure in the UK, with approximately 3.5 million sole proprietorships in 2019. Sole traders accounted for 60% of small businesses in the UK. There were also 1.9 million limited companies, making it the second most popular legal structure.
There are a number of ways in which you can set up and run your business in the UK. In this guide created by OrangeGenie, we look at the differences between sole trader, partnership, Ltd and PLC. We will focus on explaining what the type of company is, the tax implications, and the advantages and disadvantages of each.
The alternative to setting up a limited company is to become a sole trader or a member of a partnership, for example, if you decide to trade a sole trader you will essentially be classed as ‘self-employed’. In this guide on how to register as a sole trader, you will be made aware of all the relevant taxes, optional taxes you can register for and how to actuallly set up as a sole trader/ sel-employed.