There are three possible financial outcomes for your business, each with their own challenges:
Make a profit
Breakeven, or
Make a loss
Making a profit
Clearly, this will be your goal. If you make profits – and taxation will never eat up all
The detailed Furlough Scheme rules were last updated 4 February 2021.
People who are unable to work can receive up to 80% of their wages. This payment is subject to a monthly maximum amount of £2,500 per employee (for hours not worked). Employers
A recent investigation by the Insolvency Service resulted in the sole director of a Leicester clothing manufacturer being jailed for six months after failing to provide adequate company accounting records.
The investigation found that the defendant
Following the end of the transition period, businesses registered for VAT can account for import VAT on their VAT return, often referred to as postponed VAT accounting. For most businesses, this means that they will declare and recover import VAT on
Claims for the third Self-Employed Income Support Scheme (SEISS) grant closed on 29 January 2021. Under this grant, the self-employed received up to 80% of average trading profits for November and December 2020 and January 2021. This meant that a
The Bounce Back Loans scheme was launched in May 2020 to provide financial support to businesses across the UK that were losing revenue and disrupted cashflow as a result of the COVID-19 pandemic. The scheme allows qualifying small businesses to
Following the end of the Brexit transition period, new rules on tax and duty now apply on goods sent to the UK from overseas. These changes are meant to ensure that goods from EU and non-EU countries are treated in the same way and that UK businesses
Will the Government’s endeavours to nail the COVID virus with the vaccine roll-out have the desired effect of opening up the UK economy, the easing of lock-down and a gradual return to “normality”?
Fingers crossed…
One thing is for
Business owners in vulnerable sectors: predominantly retailers, leisure and entertainment trades, will have seen their hard-won capital all but exhausted by the needs to meet fixed costs when income generation has been restricted or eliminated by
The government has announced a new £1,000 cash bonus to encourage employers to take on new trainees. The traineeship scheme supports young people to gain the skills and experience they need from the very start, helping them to get a job, an