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Archives / 248 post/s found

Business Tips: Setting KPIs and measuring performance

by M Tombs
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Once you begin trading, you’re faced with a new challenge – successfully managing the course of your brand-new business and making sure it’s a profitable enterprise. It’s easier to manage your startup’s sales and finances when you have access to the best possible information and data about your performance. Tracking specific metrics and key performance indicators (KPIs) allows you to see how you're performing against your targets – so you can take action to improve performance, sales, growth and profitability. But which KPIs should you be tracking? Sales and conversion rates An obvious metric to track is the number of [...]

Should you choose a company van over a company car?

by M Tombs
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Having a vehicle to use for business purposes adds to the efficiency of your business. But should you opt for a company car or a company van? Company vans are taxed in a far more favourable way than passenger cars, in most cases. Both company tax relief and personal benefit-in-kind tax charges are more tax efficient for vans and, partly because of this, many business owners choose a van over a car. What personal tax do you pay on a van compared to a car? Personal tax for use of a company car is charged on an annual amount of [...]

How the increased minimum wage will affect your business costs

by M Tombs
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Business costs are on the rise as we near the second quarter of 2022. Supply chain costs are increasing, energy prices are rising and labour costs are getting more expensive. These soaring costs mean higher expenditure and lower margins on your products and/or services. If left unchecked, that could mean a dip in your predicted profits for the quarter. The good news is that by acting now to manage these increases you can stay on top of these costs. And with a proper financial plan, you can keep your business turning a profit. A rise in the National Living Wage [...]

Spring Statement 2022: Your summary of the key points

by M Tombs
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The Chancellor, Rishi Sunak, delivered his Spring Statement on 23 March. Faced with the task of creating a ‘strong economy’ for the UK, against the challenging background of high inflation, rising costs and the threat of conflict in Europe, he announced a raft of new measures. So, what was in the Spring Statement for your business? And how will these announcements, government measures and new initiatives affect the business landscape in the coming year? The challenge of creating a stronger UK economy As we head into the second quarter of 2022, your business is facing a demanding economic landscape. Inflation [...]

High inflation: What does it mean for your business?

by M Tombs
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High inflation is hitting businesses and households hard in 2022. Across the world, inflation is running high, thanks to factors like pandemic disruptions, monetary stimulus and supply-chain issues. You’ll see the effects of inflation at the supermarket and the fuel pump – and in your business. Eroding the power of your pound Inflation increases prices, which eats away at the buying power of your pounds. For business owners, that means you’ll encounter higher costs from your suppliers. Materials are more expensive, transport has become far more costly, and basics from office supplies to utilities are all rising in price. In [...]

Are employee parties tax-free?

by M Tombs
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Not sure if your annual staff function is tax-deductible? Come and talk to us. We’ll explain the rules and can help you claim against your company party costs.
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Managing projects in a remote team

by M Tombs
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We’re living in a world where remote and hybrid working are now the norm. Driven by lockdowns and the pandemic, businesses have been forced to adopt a ‘working from home’ approach. And this ability to work remotely has driven productivity and efficiency for some companies but can create its own challenges. Designing your workflows for remote working When a whole team, or even a percentage of a team, are no longer sitting in the same office space, there are some very specific considerations to bear in mind. How do they access the systems they need? Where is all the company [...]
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The reduced rate of VAT has gone up – are you ready?

by M Tombs
in VAT
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The 5% reduced rate of value-added tax (VAT) has been in place since 8 July 2020. The reduced rate has been extended on numerous occasions to factor in changes to the affected sectors over the course of the pandemic – and has been a lifeline for many affected companies. But, from 1 October 2021, the 5% rate jumped to a new reduced rate of 12.5%, a change that could have significant cashflow implications if you’re one of the affected businesses. Why was the reduced rate of VAT needed? The hospitality, hotel and holiday accommodation sectors have been particularly badly hit by the impact [...]
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Reduce your corporation tax bill by offsetting pension contributions

by M Tombs
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If you’re looking for ways to minimise your corporation tax bill, it’s worth considering if there are deductible expenses you can claim. One key area to think about is your director pension contributions, as these can be offset against your taxable profits. Pension contributions for directors of up to £40K per annum can be deducted from your taxable profits. With a tax saving of 19% of your pension contribution, this could potentially save you £7,600 per company director – a nice helping hand if you’re aiming to cut your tax costs. How do I offset my pension contributions? Being able [...]
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Making data meaningful in your business

by M Tombs
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Raw data describes the facts and figures that a business processes every day. Over time, every business hoards a certain amount of data and it only becomes meaningful to a business after it has been processed to add context, relevance and purpose. For example, in a restaurant, every order will be recorded. However, a restaurant won't learn much by looking at each one in isolation. However, analysis of the orders will reveal trends and patterns, such as peak dining days or biggest-selling menu or bar items. Knowledge of the business comes from the relationship between the singular pieces of information. [...]