1. Franchising advantages Franchisees usually start out small and build their way up. They take advantage of economies of scale, buying supplies and equipment in bulk, hiring experts to help them run their businesses efficiently, and leveraging their brand name to attract customers. A franchisor typically provides marketing support, training, product development, and operational assistance…
Business insurance covers many things, including staff injuries, property damage and legal fees. But most small businesses don’t have enough coverage for their workers. And even if they do, it doesn’t cover everything. A good policy will help you recoup costs if something goes wrong. Here are three types of business protection that every business…
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…
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…