Tag: new business
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Tax advantages for those starting up in business
New businesses can benefit from a variety of tax allowances and reliefs which could cut their tax bill. They include capital allowances for investment in equipment and premises, tax relief and credits for spending on research and development and stamp duty relief on residential properties in disadvantaged areas. But you won’t automatically receive these tax advantages. You need to find out what you…
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Family-run businesses
A family-run business is typically one in which more than half the shares are controlled by members of the same family, or one that has been passed between generations. Starting, leading and working in a family business can bring valuable benefits compared with other businesses – from greater trust between staff to increased flexibility. However,…
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Starting a business: the basics
If you are considering starting up a new business, you need to consider a number of factors to ensure the best chance of success. As well as your product or service, you will need to think about what you will call your business, what sort of structure it will have and how you are going…
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Financial and management accounts: the basics
The accounting needs of your business will vary according to its size, type and sector. As the business owner, it’s your responsibility to make sure your business keeps accurate records and accounts. There are two types of accounting information – financial accounts and management accounts. Financial accounts describe the performance of your business and have…
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Common mistakes when starting up – and how to avoid them
Launching a small business can be risky and success is not always guaranteed. Businesses are most vulnerable to failure during the early years of trading, with 20 per cent of new businesses folding within their first year and 50 per cent within their first three years. These figures should not scare you off, but should…
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How do I survive until my business is off the ground?
It can be a number of months before a new business is profitable and generating a cash surplus. You may need alternative sources of income during this period, if only to cover your outgoings. If your business does make a profit, you may want to re-invest it to help your business develop. This guide gives…
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Research and develop your business ideas, new products and services
Developing your business idea into a viable product or service is a critical part of building a business. Thorough assessment and market research at an early stage will help you to establish whether there is a market for your product or service. Once you begin trading, new products and services will be very important, and…
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Set up a simple profit and loss account for your business
A profit and loss account is a summary of business transactions for a given period – normally 12 months. By deducting total expenditure from total income, it shows on the ‘bottom line‘ whether your business made a profit or loss at the end of that period. A profit and loss account is produced primarily for…
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Set up a basic record-keeping system
Whatever kind of business you run, you are required by law to keep financial records relating to it. There are a number of business benefits to be gained from keeping accurate and up-to-date records. It saves you time, and therefore money, whenever you need to produce financial reports. You can be confident that you’re only paying the…