Freelancing holds many advantages for both the individual and company. There are relaxed hours for the worker. often from the comfort of home, whilst the employer will be streamlining costs by appointing someone on an ad hoc basis.
However, what if one of those clients chooses to cancel their agreement? There are generally no legal rights to reinstatement if this happens and much depends upon the terms of a contract, if indeed one has been signed at all.
Businesses in the UK have a responsibility to complete tax returns accurately and on time. If discrepancies are found or deadlines aren’t met, the HMRC will impose penalties on the company depending on the amount owed and degree of lateness.
Value Added Tax is a levy added onto most transactions of goods and services in the UK. It is a consumption tax collected at every stage of production and distribution, charged only by VAT-registered companies.
The difference between an investment and an expense can be defined as follows;
Cash flow is the most important thing for a small business, especially in the early stages of its existence. Without it, the company won’t be able to grow and the threat of insolvency could soon become reality. Sadly, the truth is that the majority of all start-up businesses will fold within their first year. Read more ›
Start-up companies are susceptible to a whole host of legal mishaps that can damage the progression of the business. Even if the mistake is completely unintentional, serious legal issues are something all business owners want to avoid. Read more ›
For the majority of business owners, dealing with monotonous accounting figures isn’t what they imagined when setting up the company in the first place. However, it is a compulsory part of the job and required by the HRMC for tax purposes. Without accurate accounts in place, you’re liable to make poor decisions that will cost the business in the long run. Read more ›
No matter the size of your business, a suitable plan must be in place which outlines the company’s basic objectives and how they can be achieved within a certain timeframe. This plan should determine your long term goals and can be referred to throughout your journey as the business owner.
Setting up a pricing model for any product or service can be a tricky one. Whilst it is important for a business to be making a profit, the prices also need to be fair and in line with the competition. One of the main decisions that need to be made is whether to charge a fixed fee for services or a flexible contract.
The sensible option for many smaller businesses is to rent their required products or services at a cheaper price. This makes perfect sense as a short term solution and is a widely used practice across the UK. On the other hand there are also advantages for owning all aspects of your business outright, not least the stability it brings, rather than renting on a temporary basis. Read more ›
