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SETTING UP ACCOUNTS FOR A SOLE TRADER You will be required to pay Class 2 NICs of £3.05 a week (2021/22), if your profits are £6,515 or more a year. You will pay Class 4 if profits are £9,568 or more a year (9% on profits between £9,568 and £50,270 and 2% on profits over £50,270). You must contact HMRC directly to pay your NICs. The easiest way to pay is to set up adirect debit.
BOOK-KEEPING BASICS EVERY SMALL BUSINESS OWNER SHOULD KNOW So here’s what every small business owner needs to know about book keeping. Being on top of your book-keeping will also help you maintain a healthy cash flow within your business, and allow you to spot trends in your finances early on. Being able to spot potential financial problems before they become critical is invaluable as you grow your 6 COMMON TEAM CHALLENGES Here, we look at six common team challenges and provide some solutions and ideas for you to implement to overcome the issues; 1. Take the pain out of meetings. We have all experienced meetings which have been a waste of time and effort. Here are a few tips which you can use the next time you get together as a team; Plan ahead – Make sure FINANCIAL AND MANAGEMENT ACCOUNTS The differences between management and financial accounts. The financial accounts are required by law and describe how your business has performed over the last year. The information in these accounts will be used by external bodies that have an interest in knowing about your business, such as HMRC, any investors and your bank. 10 OF THE MOST COMMON WORKPLACE ACCIDENTS AND INJURIES Of course, even the best prepared among us can still fall victim to accidents at work. But to be forewarned is to be forearmed, so here are ten of the most common accidents and injuries in the workplace; 1. Slips, trips and falls. Whatever your particular work setting is – whether you work in a shop, a factory or an office – you’re likely WHAT IS A DORMANT LIMITED COMPANY, AND WHEN MIGHT ONE BE A dormant company is just a standard limited company that doesn’t trade and has no accounting transactions. There are two main situations where owning a dormant limited company can be useful for start-ups and small business owners; 1. Protecting your interests if you are a business operating as a sole trader, or are thinking ofbecoming self
WHAT ARE THE LEGAL IMPLICATIONS IF YOU CAN’T FULFIL A Frustration is a doctrine in English Contract Law and is defined as an unforeseen event that renders the contractual obligations impossible to perform thereby relieving the parties of their legal obligations. It excuses non-performance and automatically discharges (terminates) the contract. The only exception to this is where the circumstances BYTESTART – THE SMALL BUSINESS PORTAL How to start a business as a limited company owner or sole trader. Understand tax, accounting, and how expenses are treated. SOLE TRADER TAX CALCULATOR Income Tax in 2021/2. You will pay income tax on any profits in excess of your personal allowance (£12,570 for most people in 2021/2). The 20% basic rate applies to income between £12,570 and £50,270. The 40% higher rate applies to income between £50,270 and £150,000. The 45% additional rate applies to income over £150,000. WHAT IS MY BUSINESS WORTH? HOW TO VALUE A SMALL BUSINESS The Price/Earnings (P/E) Ratio represents the value of the business divided by its post tax profits. For example, if your company was making post-tax profits of £100,000 and you were offered £500,000 for it, that would equate to a P/E ratio of 5 (£500,000/£100,000). That equation is simple enough to calculate, however there is nostandard P
SETTING UP ACCOUNTS FOR A SOLE TRADER You will be required to pay Class 2 NICs of £3.05 a week (2021/22), if your profits are £6,515 or more a year. You will pay Class 4 if profits are £9,568 or more a year (9% on profits between £9,568 and £50,270 and 2% on profits over £50,270). You must contact HMRC directly to pay your NICs. The easiest way to pay is to set up adirect debit.
BOOK-KEEPING BASICS EVERY SMALL BUSINESS OWNER SHOULD KNOW So here’s what every small business owner needs to know about book keeping. Being on top of your book-keeping will also help you maintain a healthy cash flow within your business, and allow you to spot trends in your finances early on. Being able to spot potential financial problems before they become critical is invaluable as you grow your 6 COMMON TEAM CHALLENGES Here, we look at six common team challenges and provide some solutions and ideas for you to implement to overcome the issues; 1. Take the pain out of meetings. We have all experienced meetings which have been a waste of time and effort. Here are a few tips which you can use the next time you get together as a team; Plan ahead – Make sure FINANCIAL AND MANAGEMENT ACCOUNTS The differences between management and financial accounts. The financial accounts are required by law and describe how your business has performed over the last year. The information in these accounts will be used by external bodies that have an interest in knowing about your business, such as HMRC, any investors and your bank. 10 OF THE MOST COMMON WORKPLACE ACCIDENTS AND INJURIES Of course, even the best prepared among us can still fall victim to accidents at work. But to be forewarned is to be forearmed, so here are ten of the most common accidents and injuries in the workplace; 1. Slips, trips and falls. Whatever your particular work setting is – whether you work in a shop, a factory or an office – you’re likely WHAT IS A DORMANT LIMITED COMPANY, AND WHEN MIGHT ONE BE A dormant company is just a standard limited company that doesn’t trade and has no accounting transactions. There are two main situations where owning a dormant limited company can be useful for start-ups and small business owners; 1. Protecting your interests if you are a business operating as a sole trader, or are thinking ofbecoming self
WHAT ARE THE LEGAL IMPLICATIONS IF YOU CAN’T FULFIL A Frustration is a doctrine in English Contract Law and is defined as an unforeseen event that renders the contractual obligations impossible to perform thereby relieving the parties of their legal obligations. It excuses non-performance and automatically discharges (terminates) the contract. The only exception to this is where the circumstances WHAT IS MY BUSINESS WORTH? HOW TO VALUE A SMALL BUSINESS The Price/Earnings (P/E) Ratio represents the value of the business divided by its post tax profits. For example, if your company was making post-tax profits of £100,000 and you were offered £500,000 for it, that would equate to a P/E ratio of 5 (£500,000/£100,000). That equation is simple enough to calculate, however there is nostandard P
TAX RELIEFS AND ALLOWANCES YOUR BUSINESS COULD BENEFIT Tax reliefs and allowances your business could benefit from. There has been an array of headlines over the years about how enormous corporations seem to make sales worth billions of pounds yet don’t pay much, if any, corporation tax. The reality, however, is small and medium sized businesses have various specific, legal tax savingavenues
SELLING YOUR SMALL BUSINESS AND CLAIMING ENTREPRENEURS Selling your small business and claiming Entrepreneurs’ Relief (BADR) Tax Guides. Entrepreneur’s Relief can help reduce your capital gains tax bill if you sell your business. In 2020, it was renamed ‘Business Asset Disposal Relief (BADR)’. Currently (2021), you can claim the Relief up to a lifetime limit of £1m, although thislimit had
FINANCIAL AND MANAGEMENT ACCOUNTS The differences between management and financial accounts. The financial accounts are required by law and describe how your business has performed over the last year. The information in these accounts will be used by external bodies that have an interest in knowing about your business, such as HMRC, any investors and your bank.SOLE TRADER TAX
For the 2021/2 tax year, the personal allowance is £12,570. This is the amount you can earn before paying any income tax at all. For income in 2021/22 above this threshold, you will be taxed at the following levels; The Basic Income Tax rate of 20% on income up to £50,270. The Higher Income Tax rate of 40% on income between £50,271and £
EMPLOYMENT STATUS
The importance of employment status. It is important that business owners have a clear understanding of how an individual’s employment status impacts their entitlement to specific employment rights as erroneously withholding an individual’s rights could result in a costly employment tribunal claim. When deciding on employment status A SMALL BUSINESS OWNER’S GUIDE TO CALCULATING HOLIDAY PAY A week of holiday leave is worked out as the number of days the employee usually works per week, e.g. a full-time employee working 5 days a week will get: 5 days x 5.6 weeks = 28 days annual leave. If they work 3 days a week, 5.6 weeks of annual leave will entitle them to 16.8 days off. However, if they work a 6 day week, the maximumstatutory
THE 10 BIGGEST FINANCIAL CRISES IN HISTORY & HOW THEY 6. Great Crash of 1929. Then came the biggie: the 1929 Wall Street Crash, which ushered in the Great Depression. The US by now had a central bank, the Federal Reserve, but it didn’t lend to troubled institutions. The crash was worsened by the rampant borrowing to speculate in Roaring Twenties stocks. COVEY’S MATRIX: THE SIMPLE SECRET TO GREAT TIME MANAGEMENT Covey’s Matrix is a box divided into four areas, or ‘quadrants’ (see image below), with each representing how your work time is divided up according to importance and urgency. The matrix as a whole represents the time you have, so the size of this cannot be changed, but each quadrant can be changed, depending on how much time you spendin it.
THE PROS & CONS OF MICROSOFT OFFICE 365 Boosted productivity. Work productivity can be improved and time saved in two main ways: 1. Seamless team collaboration. For many businesses, being able to collaborate with in-house departments and employees, and third party individuals is an important factor. Office 365’s Co-Authoring tool allows multiple users to collaborate a piece of work BYTESTART – THE SMALL BUSINESS PORTAL How to start a business as a limited company owner or sole trader. Understand tax, accounting, and how expenses are treated. 10 ADVANTAGES OF RUNNING YOUR BUSINESS VIA A LIMITEDSEE MORE ONBYTESTART.CO.UK
BOOK-KEEPING BASICS EVERY SMALL BUSINESS OWNER SHOULD KNOW So here’s what every small business owner needs to know about book keeping. Being on top of your book-keeping will also help you maintain a healthy cash flow within your business, and allow you to spot trends in your finances early on. Being able to spot potential financial problems before they become critical is invaluable as you grow your 6 COMMON TEAM CHALLENGES Here, we look at six common team challenges and provide some solutions and ideas for you to implement to overcome the issues; 1. Take the pain out of meetings. We have all experienced meetings which have been a waste of time and effort. Here are a few tips which you can use the next time you get together as a team; Plan ahead – Make sure SETTING UP ACCOUNTS FOR A SOLE TRADER You will be required to pay Class 2 NICs of £3.05 a week (2021/22), if your profits are £6,515 or more a year. You will pay Class 4 if profits are £9,568 or more a year (9% on profits between £9,568 and £50,270 and 2% on profits over £50,270). You must contact HMRC directly to pay your NICs. The easiest way to pay is to set up adirect debit.
FINANCIAL AND MANAGEMENT ACCOUNTS The differences between management and financial accounts. The financial accounts are required by law and describe how your business has performed over the last year. The information in these accounts will be used by external bodies that have an interest in knowing about your business, such as HMRC, any investors and your bank. HOW TO AVOID CORPORATION TAX MISTAKES You will need to write to HMRC with details of the changes, complete with a declaration that the information is correct and complete to the best of your knowledge. Again, your accountant will advise on the best course of action. If HMRC spots a mistake in your return, it can amend it any time up to nine months from the day you delivered it. A SMALL BUSINESS OWNER’S GUIDE TO CALCULATING HOLIDAY PAY A week of holiday leave is worked out as the number of days the employee usually works per week, e.g. a full-time employee working 5 days a week will get: 5 days x 5.6 weeks = 28 days annual leave. If they work 3 days a week, 5.6 weeks of annual leave will entitle them to 16.8 days off. However, if they work a 6 day week, the maximumstatutory
BUILDING YOUR INFLUENCING SKILLS AND MASTERING THE ART OF The rare but highly prized skill of Building – extending or developing a proposal made by another person. Building is used much less frequently than is warranted. This is usually because the persuader is much more interested in his own ideas and fails to harness the suggestions of others. CAN DIRECTORS BE PERSONALLY LIABLE FOR A COMPANY’S DEBTS One of the great advantages of trading through a company is to take advantage of ‘limited liability’. This means that, unless you have personally guaranteed a liability – for example to a bank or landlord – then as a director you are not responsible for the company’s debts if it goes bust. BYTESTART – THE SMALL BUSINESS PORTAL How to start a business as a limited company owner or sole trader. Understand tax, accounting, and how expenses are treated. 10 ADVANTAGES OF RUNNING YOUR BUSINESS VIA A LIMITEDSEE MORE ONBYTESTART.CO.UK
BOOK-KEEPING BASICS EVERY SMALL BUSINESS OWNER SHOULD KNOW So here’s what every small business owner needs to know about book keeping. Being on top of your book-keeping will also help you maintain a healthy cash flow within your business, and allow you to spot trends in your finances early on. Being able to spot potential financial problems before they become critical is invaluable as you grow your 6 COMMON TEAM CHALLENGES Here, we look at six common team challenges and provide some solutions and ideas for you to implement to overcome the issues; 1. Take the pain out of meetings. We have all experienced meetings which have been a waste of time and effort. Here are a few tips which you can use the next time you get together as a team; Plan ahead – Make sure SETTING UP ACCOUNTS FOR A SOLE TRADER You will be required to pay Class 2 NICs of £3.05 a week (2021/22), if your profits are £6,515 or more a year. You will pay Class 4 if profits are £9,568 or more a year (9% on profits between £9,568 and £50,270 and 2% on profits over £50,270). You must contact HMRC directly to pay your NICs. The easiest way to pay is to set up adirect debit.
FINANCIAL AND MANAGEMENT ACCOUNTS The differences between management and financial accounts. The financial accounts are required by law and describe how your business has performed over the last year. The information in these accounts will be used by external bodies that have an interest in knowing about your business, such as HMRC, any investors and your bank. HOW TO AVOID CORPORATION TAX MISTAKES You will need to write to HMRC with details of the changes, complete with a declaration that the information is correct and complete to the best of your knowledge. Again, your accountant will advise on the best course of action. If HMRC spots a mistake in your return, it can amend it any time up to nine months from the day you delivered it. A SMALL BUSINESS OWNER’S GUIDE TO CALCULATING HOLIDAY PAY A week of holiday leave is worked out as the number of days the employee usually works per week, e.g. a full-time employee working 5 days a week will get: 5 days x 5.6 weeks = 28 days annual leave. If they work 3 days a week, 5.6 weeks of annual leave will entitle them to 16.8 days off. However, if they work a 6 day week, the maximumstatutory
BUILDING YOUR INFLUENCING SKILLS AND MASTERING THE ART OF The rare but highly prized skill of Building – extending or developing a proposal made by another person. Building is used much less frequently than is warranted. This is usually because the persuader is much more interested in his own ideas and fails to harness the suggestions of others. CAN DIRECTORS BE PERSONALLY LIABLE FOR A COMPANY’S DEBTS One of the great advantages of trading through a company is to take advantage of ‘limited liability’. This means that, unless you have personally guaranteed a liability – for example to a bank or landlord – then as a director you are not responsible for the company’s debts if it goes bust. TAX RELIEFS AND ALLOWANCES YOUR BUSINESS COULD BENEFIT Tax reliefs could save you thousands on your Corporation tax bill. If you haven’t yet explored these reliefs, there is no time like thepresent.
WHAT IS ‘TURNOVER’ AND HOW DO YOU CALCULATE IT? Turnover is the total income the business generates over a specified period such as a quarter, half-year, or end-of-year. Profit is a measure of earnings once all costs have been deducted and for the sake of clarity, there are two ways of measuring profit: gross profit and net profit. The first is the sum you’re left with after the cost of HOW TO AVOID CORPORATION TAX MISTAKES In a way, HMRC expects very little of limited companies regarding Corporation Tax. All it asks is that as a director of the company, you comply with all tax laws, fill out your company tax return correctly, file it on time and pay up on time. WHAT IS MY BUSINESS WORTH? HOW TO VALUE A SMALL BUSINESS The Price/Earnings (P/E) Ratio represents the value of the business divided by its post tax profits. For example, if your company was making post-tax profits of £100,000 and you were offered £500,000 for it, that would equate to a P/E ratio of 5 (£500,000/£100,000). That equation is simple enough to calculate, however there is nostandard P
SELLING YOUR SMALL BUSINESS AND CLAIMING ENTREPRENEURS Selling your small business and claiming Entrepreneurs’ Relief (BADR) Tax Guides. Entrepreneur’s Relief can help reduce your capital gains tax bill if you sell your business. In 2020, it was renamed ‘Business Asset Disposal Relief (BADR)’. Currently (2021), you can claim the Relief up to a lifetime limit of £1m, although thislimit had
FINANCIAL AND MANAGEMENT ACCOUNTS The differences between management and financial accounts. The financial accounts are required by law and describe how your business has performed over the last year. The information in these accounts will be used by external bodies that have an interest in knowing about your business, such as HMRC, any investors and your bank. WHAT IS A BALANCE SHEET AND HOW DO YOU CREATE ONE? One of the many pieces of paperwork you will have to generate on at least an annual basis is a balance sheet. HMRC requires you produce one as part of your annual accounts. Most people get their accountant to do this. A balance sheet is different to a profit and loss account (P&L). Your P&L shows you a summary of the trading transactions of the WHAT IS A DORMANT LIMITED COMPANY, AND WHEN MIGHT ONE BE A dormant company is just a standard limited company that doesn’t trade and has no accounting transactions. There are two main situations where owning a dormant limited company can be useful for start-ups and small business owners; 1. Protecting your interests if you are a business operating as a sole trader, or are thinking ofbecoming self
THE PROS & CONS OF MICROSOFT OFFICE 365 Boosted productivity. Work productivity can be improved and time saved in two main ways: 1. Seamless team collaboration. For many businesses, being able to collaborate with in-house departments and employees, and third party individuals is an important factor. Office 365’s Co-Authoring tool allows multiple users to collaborate a piece of work BECOME A BETTER NEGOTIATOR 2. Phrase questions that lead to action. Find the goal – work out want you want to find out from the answer to the question. Be brief and to the point – phrase your question as concisely as possible. Ask only one question at a time – if you ask several questions at once, the person answering can forget, feel confused or, even worse,dodge
BYTESTART – THE SMALL BUSINESS PORTAL How to start a business as a limited company owner or sole trader. Understand tax, accounting, and how expenses are treated. 10 ADVANTAGES OF RUNNING YOUR BUSINESS VIA A LIMITEDSEE MORE ONBYTESTART.CO.UK
BOOK-KEEPING BASICS EVERY SMALL BUSINESS OWNER SHOULD KNOW So here’s what every small business owner needs to know about book keeping. Being on top of your book-keeping will also help you maintain a healthy cash flow within your business, and allow you to spot trends in your finances early on. Being able to spot potential financial problems before they become critical is invaluable as you grow your 6 COMMON TEAM CHALLENGES Here, we look at six common team challenges and provide some solutions and ideas for you to implement to overcome the issues; 1. Take the pain out of meetings. We have all experienced meetings which have been a waste of time and effort. Here are a few tips which you can use the next time you get together as a team; Plan ahead – Make sure SETTING UP ACCOUNTS FOR A SOLE TRADER You will be required to pay Class 2 NICs of £3.05 a week (2021/22), if your profits are £6,515 or more a year. You will pay Class 4 if profits are £9,568 or more a year (9% on profits between £9,568 and £50,270 and 2% on profits over £50,270). You must contact HMRC directly to pay your NICs. The easiest way to pay is to set up adirect debit.
FINANCIAL AND MANAGEMENT ACCOUNTS The differences between management and financial accounts. The financial accounts are required by law and describe how your business has performed over the last year. The information in these accounts will be used by external bodies that have an interest in knowing about your business, such as HMRC, any investors and your bank. HOW TO AVOID CORPORATION TAX MISTAKES You will need to write to HMRC with details of the changes, complete with a declaration that the information is correct and complete to the best of your knowledge. Again, your accountant will advise on the best course of action. If HMRC spots a mistake in your return, it can amend it any time up to nine months from the day you delivered it. A SMALL BUSINESS OWNER’S GUIDE TO CALCULATING HOLIDAY PAY A week of holiday leave is worked out as the number of days the employee usually works per week, e.g. a full-time employee working 5 days a week will get: 5 days x 5.6 weeks = 28 days annual leave. If they work 3 days a week, 5.6 weeks of annual leave will entitle them to 16.8 days off. However, if they work a 6 day week, the maximumstatutory
BUILDING YOUR INFLUENCING SKILLS AND MASTERING THE ART OF The rare but highly prized skill of Building – extending or developing a proposal made by another person. Building is used much less frequently than is warranted. This is usually because the persuader is much more interested in his own ideas and fails to harness the suggestions of others. CAN DIRECTORS BE PERSONALLY LIABLE FOR A COMPANY’S DEBTS One of the great advantages of trading through a company is to take advantage of ‘limited liability’. This means that, unless you have personally guaranteed a liability – for example to a bank or landlord – then as a director you are not responsible for the company’s debts if it goes bust. BYTESTART – THE SMALL BUSINESS PORTAL How to start a business as a limited company owner or sole trader. Understand tax, accounting, and how expenses are treated. 10 ADVANTAGES OF RUNNING YOUR BUSINESS VIA A LIMITEDSEE MORE ONBYTESTART.CO.UK
BOOK-KEEPING BASICS EVERY SMALL BUSINESS OWNER SHOULD KNOW So here’s what every small business owner needs to know about book keeping. Being on top of your book-keeping will also help you maintain a healthy cash flow within your business, and allow you to spot trends in your finances early on. Being able to spot potential financial problems before they become critical is invaluable as you grow your 6 COMMON TEAM CHALLENGES Here, we look at six common team challenges and provide some solutions and ideas for you to implement to overcome the issues; 1. Take the pain out of meetings. We have all experienced meetings which have been a waste of time and effort. Here are a few tips which you can use the next time you get together as a team; Plan ahead – Make sure SETTING UP ACCOUNTS FOR A SOLE TRADER You will be required to pay Class 2 NICs of £3.05 a week (2021/22), if your profits are £6,515 or more a year. You will pay Class 4 if profits are £9,568 or more a year (9% on profits between £9,568 and £50,270 and 2% on profits over £50,270). You must contact HMRC directly to pay your NICs. The easiest way to pay is to set up adirect debit.
FINANCIAL AND MANAGEMENT ACCOUNTS The differences between management and financial accounts. The financial accounts are required by law and describe how your business has performed over the last year. The information in these accounts will be used by external bodies that have an interest in knowing about your business, such as HMRC, any investors and your bank. HOW TO AVOID CORPORATION TAX MISTAKES You will need to write to HMRC with details of the changes, complete with a declaration that the information is correct and complete to the best of your knowledge. Again, your accountant will advise on the best course of action. If HMRC spots a mistake in your return, it can amend it any time up to nine months from the day you delivered it. A SMALL BUSINESS OWNER’S GUIDE TO CALCULATING HOLIDAY PAY A week of holiday leave is worked out as the number of days the employee usually works per week, e.g. a full-time employee working 5 days a week will get: 5 days x 5.6 weeks = 28 days annual leave. If they work 3 days a week, 5.6 weeks of annual leave will entitle them to 16.8 days off. However, if they work a 6 day week, the maximumstatutory
BUILDING YOUR INFLUENCING SKILLS AND MASTERING THE ART OF The rare but highly prized skill of Building – extending or developing a proposal made by another person. Building is used much less frequently than is warranted. This is usually because the persuader is much more interested in his own ideas and fails to harness the suggestions of others. CAN DIRECTORS BE PERSONALLY LIABLE FOR A COMPANY’S DEBTS One of the great advantages of trading through a company is to take advantage of ‘limited liability’. This means that, unless you have personally guaranteed a liability – for example to a bank or landlord – then as a director you are not responsible for the company’s debts if it goes bust. TAX RELIEFS AND ALLOWANCES YOUR BUSINESS COULD BENEFIT Tax reliefs could save you thousands on your Corporation tax bill. If you haven’t yet explored these reliefs, there is no time like thepresent.
WHAT IS ‘TURNOVER’ AND HOW DO YOU CALCULATE IT? Turnover is the total income the business generates over a specified period such as a quarter, half-year, or end-of-year. Profit is a measure of earnings once all costs have been deducted and for the sake of clarity, there are two ways of measuring profit: gross profit and net profit. The first is the sum you’re left with after the cost of HOW TO AVOID CORPORATION TAX MISTAKES In a way, HMRC expects very little of limited companies regarding Corporation Tax. All it asks is that as a director of the company, you comply with all tax laws, fill out your company tax return correctly, file it on time and pay up on time. WHAT IS MY BUSINESS WORTH? HOW TO VALUE A SMALL BUSINESS The Price/Earnings (P/E) Ratio represents the value of the business divided by its post tax profits. For example, if your company was making post-tax profits of £100,000 and you were offered £500,000 for it, that would equate to a P/E ratio of 5 (£500,000/£100,000). That equation is simple enough to calculate, however there is nostandard P
SELLING YOUR SMALL BUSINESS AND CLAIMING ENTREPRENEURS Selling your small business and claiming Entrepreneurs’ Relief (BADR) Tax Guides. Entrepreneur’s Relief can help reduce your capital gains tax bill if you sell your business. In 2020, it was renamed ‘Business Asset Disposal Relief (BADR)’. Currently (2021), you can claim the Relief up to a lifetime limit of £1m, although thislimit had
FINANCIAL AND MANAGEMENT ACCOUNTS The differences between management and financial accounts. The financial accounts are required by law and describe how your business has performed over the last year. The information in these accounts will be used by external bodies that have an interest in knowing about your business, such as HMRC, any investors and your bank. WHAT IS A BALANCE SHEET AND HOW DO YOU CREATE ONE? One of the many pieces of paperwork you will have to generate on at least an annual basis is a balance sheet. HMRC requires you produce one as part of your annual accounts. Most people get their accountant to do this. A balance sheet is different to a profit and loss account (P&L). Your P&L shows you a summary of the trading transactions of the WHAT IS A DORMANT LIMITED COMPANY, AND WHEN MIGHT ONE BE A dormant company is just a standard limited company that doesn’t trade and has no accounting transactions. There are two main situations where owning a dormant limited company can be useful for start-ups and small business owners; 1. Protecting your interests if you are a business operating as a sole trader, or are thinking ofbecoming self
THE PROS & CONS OF MICROSOFT OFFICE 365 Boosted productivity. Work productivity can be improved and time saved in two main ways: 1. Seamless team collaboration. For many businesses, being able to collaborate with in-house departments and employees, and third party individuals is an important factor. Office 365’s Co-Authoring tool allows multiple users to collaborate a piece of work BECOME A BETTER NEGOTIATOR 2. Phrase questions that lead to action. Find the goal – work out want you want to find out from the answer to the question. Be brief and to the point – phrase your question as concisely as possible. Ask only one question at a time – if you ask several questions at once, the person answering can forget, feel confused or, even worse,dodge
BYTESTART – THE SMALL BUSINESS PORTAL How to start a business as a limited company owner or sole trader. Understand tax, accounting, and how expenses are treated. 10 ADVANTAGES OF RUNNING YOUR BUSINESS VIA A LIMITEDSEE MORE ONBYTESTART.CO.UK
BOOK-KEEPING BASICS EVERY SMALL BUSINESS OWNER SHOULD KNOW So here’s what every small business owner needs to know about book keeping. Being on top of your book-keeping will also help you maintain a healthy cash flow within your business, and allow you to spot trends in your finances early on. Being able to spot potential financial problems before they become critical is invaluable as you grow your 6 COMMON TEAM CHALLENGES Here, we look at six common team challenges and provide some solutions and ideas for you to implement to overcome the issues; 1. Take the pain out of meetings. We have all experienced meetings which have been a waste of time and effort. Here are a few tips which you can use the next time you get together as a team; Plan ahead – Make sure SETTING UP ACCOUNTS FOR A SOLE TRADER You will be required to pay Class 2 NICs of £3.05 a week (2021/22), if your profits are £6,515 or more a year. You will pay Class 4 if profits are £9,568 or more a year (9% on profits between £9,568 and £50,270 and 2% on profits over £50,270). You must contact HMRC directly to pay your NICs. The easiest way to pay is to set up adirect debit.
HOW TO AVOID CORPORATION TAX MISTAKES You will need to write to HMRC with details of the changes, complete with a declaration that the information is correct and complete to the best of your knowledge. Again, your accountant will advise on the best course of action. If HMRC spots a mistake in your return, it can amend it any time up to nine months from the day you delivered it. FINANCIAL AND MANAGEMENT ACCOUNTS The differences between management and financial accounts. The financial accounts are required by law and describe how your business has performed over the last year. The information in these accounts will be used by external bodies that have an interest in knowing about your business, such as HMRC, any investors and your bank. A SMALL BUSINESS OWNER’S GUIDE TO CALCULATING HOLIDAY PAY A week of holiday leave is worked out as the number of days the employee usually works per week, e.g. a full-time employee working 5 days a week will get: 5 days x 5.6 weeks = 28 days annual leave. If they work 3 days a week, 5.6 weeks of annual leave will entitle them to 16.8 days off. However, if they work a 6 day week, the maximumstatutory
BUILDING YOUR INFLUENCING SKILLS AND MASTERING THE ART OF The rare but highly prized skill of Building – extending or developing a proposal made by another person. Building is used much less frequently than is warranted. This is usually because the persuader is much more interested in his own ideas and fails to harness the suggestions of others. CAN DIRECTORS BE PERSONALLY LIABLE FOR A COMPANY’S DEBTS One of the great advantages of trading through a company is to take advantage of ‘limited liability’. This means that, unless you have personally guaranteed a liability – for example to a bank or landlord – then as a director you are not responsible for the company’s debts if it goes bust. BYTESTART – THE SMALL BUSINESS PORTAL How to start a business as a limited company owner or sole trader. Understand tax, accounting, and how expenses are treated. 10 ADVANTAGES OF RUNNING YOUR BUSINESS VIA A LIMITEDSEE MORE ONBYTESTART.CO.UK
BOOK-KEEPING BASICS EVERY SMALL BUSINESS OWNER SHOULD KNOW So here’s what every small business owner needs to know about book keeping. Being on top of your book-keeping will also help you maintain a healthy cash flow within your business, and allow you to spot trends in your finances early on. Being able to spot potential financial problems before they become critical is invaluable as you grow your 6 COMMON TEAM CHALLENGES Here, we look at six common team challenges and provide some solutions and ideas for you to implement to overcome the issues; 1. Take the pain out of meetings. We have all experienced meetings which have been a waste of time and effort. Here are a few tips which you can use the next time you get together as a team; Plan ahead – Make sure SETTING UP ACCOUNTS FOR A SOLE TRADER You will be required to pay Class 2 NICs of £3.05 a week (2021/22), if your profits are £6,515 or more a year. You will pay Class 4 if profits are £9,568 or more a year (9% on profits between £9,568 and £50,270 and 2% on profits over £50,270). You must contact HMRC directly to pay your NICs. The easiest way to pay is to set up adirect debit.
HOW TO AVOID CORPORATION TAX MISTAKES You will need to write to HMRC with details of the changes, complete with a declaration that the information is correct and complete to the best of your knowledge. Again, your accountant will advise on the best course of action. If HMRC spots a mistake in your return, it can amend it any time up to nine months from the day you delivered it. FINANCIAL AND MANAGEMENT ACCOUNTS The differences between management and financial accounts. The financial accounts are required by law and describe how your business has performed over the last year. The information in these accounts will be used by external bodies that have an interest in knowing about your business, such as HMRC, any investors and your bank. A SMALL BUSINESS OWNER’S GUIDE TO CALCULATING HOLIDAY PAY A week of holiday leave is worked out as the number of days the employee usually works per week, e.g. a full-time employee working 5 days a week will get: 5 days x 5.6 weeks = 28 days annual leave. If they work 3 days a week, 5.6 weeks of annual leave will entitle them to 16.8 days off. However, if they work a 6 day week, the maximumstatutory
BUILDING YOUR INFLUENCING SKILLS AND MASTERING THE ART OF The rare but highly prized skill of Building – extending or developing a proposal made by another person. Building is used much less frequently than is warranted. This is usually because the persuader is much more interested in his own ideas and fails to harness the suggestions of others. CAN DIRECTORS BE PERSONALLY LIABLE FOR A COMPANY’S DEBTS One of the great advantages of trading through a company is to take advantage of ‘limited liability’. This means that, unless you have personally guaranteed a liability – for example to a bank or landlord – then as a director you are not responsible for the company’s debts if it goes bust. TAX RELIEFS AND ALLOWANCES YOUR BUSINESS COULD BENEFIT Tax reliefs could save you thousands on your Corporation tax bill. If you haven’t yet explored these reliefs, there is no time like thepresent.
SELLING YOUR SMALL BUSINESS AND CLAIMING ENTREPRENEURS Selling your small business and claiming Entrepreneurs’ Relief (BADR) Tax Guides. Entrepreneur’s Relief can help reduce your capital gains tax bill if you sell your business. In 2020, it was renamed ‘Business Asset Disposal Relief (BADR)’. Currently (2021), you can claim the Relief up to a lifetime limit of £1m, although thislimit had
WHAT IS MY BUSINESS WORTH? HOW TO VALUE A SMALL BUSINESS The Price/Earnings (P/E) Ratio represents the value of the business divided by its post tax profits. For example, if your company was making post-tax profits of £100,000 and you were offered £500,000 for it, that would equate to a P/E ratio of 5 (£500,000/£100,000). That equation is simple enough to calculate, however there is nostandard P
FINANCIAL AND MANAGEMENT ACCOUNTS The differences between management and financial accounts. The financial accounts are required by law and describe how your business has performed over the last year. The information in these accounts will be used by external bodies that have an interest in knowing about your business, such as HMRC, any investors and your bank. WHAT IS ‘TURNOVER’ AND HOW DO YOU CALCULATE IT? Turnover is the total income the business generates over a specified period such as a quarter, half-year, or end-of-year. Profit is a measure of earnings once all costs have been deducted and for the sake of clarity, there are two ways of measuring profit: gross profit and net profit. The first is the sum you’re left with after the cost of WHAT IS A BALANCE SHEET AND HOW DO YOU CREATE ONE? One of the many pieces of paperwork you will have to generate on at least an annual basis is a balance sheet. HMRC requires you produce one as part of your annual accounts. Most people get their accountant to do this. A balance sheet is different to a profit and loss account (P&L). Your P&L shows you a summary of the trading transactions of the HOW TO AVOID CORPORATION TAX MISTAKES In a way, HMRC expects very little of limited companies regarding Corporation Tax. All it asks is that as a director of the company, you comply with all tax laws, fill out your company tax return correctly, file it on time and pay up on time. WHAT IS A DORMANT LIMITED COMPANY, AND WHEN MIGHT ONE BE A dormant company is just a standard limited company that doesn’t trade and has no accounting transactions. There are two main situations where owning a dormant limited company can be useful for start-ups and small business owners; 1. Protecting your interests if you are a business operating as a sole trader, or are thinking ofbecoming self
COVEY’S MATRIX: THE SIMPLE SECRET TO GREAT TIME MANAGEMENT Covey’s Matrix is a box divided into four areas, or ‘quadrants’ (see image below), with each representing how your work time is divided up according to importance and urgency. The matrix as a whole represents the time you have, so the size of this cannot be changed, but each quadrant can be changed, depending on how much time you spendin it.
THE PROS & CONS OF MICROSOFT OFFICE 365 Boosted productivity. Work productivity can be improved and time saved in two main ways: 1. Seamless team collaboration. For many businesses, being able to collaborate with in-house departments and employees, and third party individuals is an important factor. Office 365’s Co-Authoring tool allows multiple users to collaborate a piece of workSkip to content
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HOW TO SET UP A PENSION WHEN YOU’RE SELF-EMPLOYED Everything you need to know about setting up a pension when you’re self-employed – whether you’re a sole trader, or running your ownlimited company.
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HOW TO START AN EBAY BUSINESS: WHAT YOU NEED TO KNOW Are you thinking of joining in and trying your hand at becoming an eBay seller? Here’s what you need to know about getting your new business off the ground.Read article →
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WHAT BUSINESS EXPENSES CAN YOU CLAIM AS A SOLE TRADER? Whether you work from your laptop at home or have premises fitted with expensive equipment, every business has running costs. But what counts as a legitimate business expense when you’re a sole trader?Read article →
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