How to prevent poor business planning Business planning is one of those things we all know we should do, but don’t always feel like it. This is because most people think of it as a chore rather than an opportunity. But there are some basic steps you can take to make sure you’re getting the…
Businesses often form partnerships because they offer complementary skills, products or services. Partnerships can help businesses reduce costs, increase revenue, improve efficiency, expand markets, develop new technologies, gain access to capital, avoid competition, build brand awareness and strengthen relationships with customers. There are advantages and disadvantages to forming a partnership. Some partners may be able…
Copyright and names Copyrighting is protecting your brand or logo. Trademarking is protecting the name of your company. If you are thinking about registering your business name, it’s important to understand what each one does. When you copyright something, you are giving the creator exclusive ownership over the work. You cannot use it without permission….
Am I employed, self-employed, both, or neither? Self-Employed vs Employed There are many reasons why someone might choose to be self-employed rather than working for another person. Some people prefer to control their own destiny, others like having flexibility around their working hours, some enjoy the freedom of choosing what projects to pursue and others…
Directors owe a duty of care towards the company and its shareholders. This includes keeping proper accounts of the company’s transactions, preparing annual returns and other documents, attending directors’ meetings, and resigning from office if they cease being a member of the board. The Companies Act 2006 says that directors are responsible for ensuring that…
Inheritance Tax is a tax that is levied on estates after someone passes away. This applies regardless of the size of the estate. However, it does vary depending on what level of inheritance tax is being charged. The basic rate of inheritance tax is 20% on anything above £325,000. A further 10% is added on…
A guide to annual filings The UK government has published a list of documents that must be filed annually. These include annual returns, accounts and any other relevant documentation. Companies incorporated in England and Wales must file an annual return no later than 28 days after the end date of the financial year. This includes…
What is asset finance? Asset finance is a type of loan where the borrower gets access his/her assets. These are usually used for purchasing expensive items such as real estate, equipment, vehicles, machinery, furniture, inventory, etc. Businesses use asset finance to buy high value items. They do this because it helps them save money over…
What is a company expense policy? A company expense policy covers all expenses incurred by an individual during his or her employment, including travel, meals, entertainment, gifts, etc. This includes both personal and professional use. These are typically paid out of corporate funds, although some companies offer reimbursement programs. An employee must submit receipts for…
Your credit score affects how much it costs you to borrow money. If you want to buy a car, house, or even just pay off some bills, you’ll likely need a loan. But before you go shopping around for one, you’ll want to know what your credit score really looks like. You might think it’s…