Five types of business tax that you should know about
Tax can be a painful subject and the chances are, you don’t want to pay it. However, in most cases it is essentially just another cost of doing business. What is business tax? If you run a business in the UK, there are various taxes that you are required to pay and they vary depending on whether it’s a limited company or you’re self employed. Many of the questions we’re asked when people come in for a free consultation revolve…
Contractor or employed? How two TV presenters successfully challenged HMRC
Earlier this year we reported how TV’s popular Lorraine Kelly defeated HMRC at an IR35 tax tribunal, successfully appealing a £1.2m tax bill. Now Christa Ackroyd and Helen Fospero are the latest TV presenters to argue against hefty tax bills under IR35 legislation. ITV – contractor ITV’s Helen Fospero has successfully defeated HMRC over her £80,000 tax bill. The Tribunal Judge confirmed that, “In the period in question, Ms Fospero was engaged, through [a personal service company] in a separate business,…
Why being assertive is important for business success
To be assertive is to have the ability to get your message across in a self-assured and confident way without being aggressive. For a business owner, it’s important to be assertive so that you can express your thoughts, feelings and direction effectively. Increasing your assertiveness will, without a doubt, help both you and your business on the road to success. Assertiveness is a vital communication tool to help reduce conflict, build confidence and improve relationships and effectiveness within the working environment.…
Seven steps to prepare your business for Brexit
Whether or not you expected Brexit to go through on Boris’s Halloween promise, the fact is that businesses would be faced with a similar level of uncertainty if the deal had gone through then, if it goes through in early 2020, or if we end up with the dreaded no-deal. New decade, new rules. One thing that is becoming evident is that business confidence has slumped to its lowest level in the past 10 years. This is according to the…
What sets successful business owners apart from the rest?
We all know that running a successful business that creates profits year in, year out is no easy task. The Small Business Association (SBA) states that around 30% of small businesses fail within the first year. So, if you’re still here, well done! The other 70% seem to be doing well enough to carry on for another year. So what is it that makes them so successful? Over the span of 15 years, we have worked with clients from every…
Help your cashflow by staying on top of your accounts receivable and accounts payable
One of the most frequently asked questions in the accounting world is about the difference between accounts receivable and accounts payable. So what do these terms mean? Well, basically, they are terms used to record the money coming into or going out of your business. If you look after your own bookkeeping, these are the cashflow entries you’d make in your company’s general ledger. ‘Accounts receivable’ shows the money owed to your business from customers; this is usually known as…
Nordens’ first annual conference
Do you hold regular meetings to update your team on what’s going on? We’ve always advocated holding regular briefings to keep everyone in the loop about everything relevant – from new clients coming on board to how well you’re meeting your monthly targets and longer-term goals. If you’ve set a clear strategic plan for your business growth, it’s great to let the whole team know where their work fits into this, and how well each department is (or isn’t) performing.…
Married couple’s business splitting for VAT purposes
Two separate businesses run by a husband and wife have been investigated to find out whether they are, in fact, one business that is liable to register for and pay VAT, or two independent businesses. The businesses each involve food – in fact it’s a café and restaurant trading right next door to each other, so it was reasonable to question the business set up. As it turned out, the couple were ruled to be running separate businesses for VAT,…
Escape from your ex-partner’s clutches and quadruple your business’ worth
Do you dream about selling your business? Could you retire to your perfect home, take those magical holidays and generally chill out, content that you’ve got enough in the bank to see you through? Or you may fancy selling up and starting something fresh. Either way, it’s always good to have a well thought out exit plan. James used to sit in his office dreaming his dream – a dream that required him to sell his business for £3m. But…
