When a customer takes 60 or 90 days to pay an invoice that should have been settled in 30 days, there is another way of looking at the transaction. You are effectively providing the customer with finance, usually without charging them for it. Late payment remains a significant problem for smaller businesses, although the latest […]
For many businesses, broadband has gradually become as important as electricity. Cloud accounting, video meetings, online backups, customer management systems and increasingly artificial intelligence applications all depend on reliable connectivity. The Government’s latest Project Gigabit progress report, published on 22 September, says gigabit-capable broadband is now available to more than 88% of UK homes and […]
Recent employment figures suggest that the number of people on UK payrolls is continuing to fall. That does not necessarily mean your business should reduce its workforce. However, it does provide a useful reminder to look at one of the largest costs faced by many businesses. The important question is not whether other employers are […]
Many successful small businesses have one person at their centre. The owner knows the customers, agrees prices, deals with suppliers, manages the bank account, supervises employees and makes most of the important decisions. Often, this is one of the reasons the business has succeeded. But it can also become a weakness. If too much depends […]
Running a limited company brings with it a considerable amount of administration. The government is now considering whether some of the UK’s corporate reporting requirements can be simplified. A consultation launched in September 2026 looks at modernising corporate reporting, reducing duplication and making reporting requirements more proportionate. For smaller businesses in particular, the proposals could […]
Landlords in England need to be aware of updated Right to Rent guidance taking effect from 1 October 2026. The Right to Rent scheme requires landlords and letting agents to check that prospective adult tenants have the legal right to occupy privately rented residential property in England. Getting the procedure right is important because landlords […]
The new Chancellor of the Exchequer, John Healey has confirmed, in a video message, that the next UK Budget will take place on Wednesday, 28 October 2026. Details of all the Budget announcements will be made on a special section of the GOV.UK website which will be updated following completion of the Chancellor’s first Budget […]
Making Tax Digital for Income Tax became compulsory for the first group of sole traders and landlords from 6 April 2026. HMRC is now taking the next step. From September 2026, HMRC is starting to sign up people who it believes should already be using Making Tax Digital, but who have not registered themselves. If […]
Businesses that register for VAT may be able to reclaim VAT paid on certain goods and services purchased before VAT registration. There are specific time limits for claiming pre-registration VAT. VAT on goods can generally be reclaimed where the goods are still held by the business or have been used to produce other goods that […]
When a sole trader or the partners in a partnership transfer a business to a limited company, Capital Gains Tax (CGT) may arise. This is because business assets are normally treated as being transferred at their market value, which may be considerably more than their original cost. However, Incorporation Relief can allow some or all […]