There is no simple answer as to how businesses can increase profit margins during these tumultuous times. Whether you function as a small or corporate company, optimism needs to prevail to get the desired profit margins. Ordinarily, how you reduce costs will lead to more revenue growth for your business. Several businesses, for instance, are...
Despite many added perks for freelancers in the UK, the tax challenges can be overwhelming. And that is because freelancers often have to figure out complicated tax guidelines on their own. However, the flexibility to work on preferred interesting projects is perfect. For freelancers, every penny is valuable to support themselves. Freelancers, for example, have...
You can never tell with the current situation when you might need a loan from your own company. Although you may think you have complete power over how you run your company, you have to take into account certain legislative considerations before borrowing money. In simple terms, you have to make sure that you acknowledge...
A company car could be any vehicle such as a van, motorcycle, or car. Primarily, business owners offer luxury to the employees. And employees get the complete freedom to utilize the vehicle for personal and business travel. That said, the previously announced rates will be different in the coming months because of the havoc wrecked...
Who doesn’t dream of starting a business to become self-independent? It shouldn’t come as a surprise that self-employed individuals are more than ever. However, starting a business means you have to deal with financial, legal, and other risky elements. Here are some of the most practical considerations that you should take into account before starting...
Limited companyRental IncomeSelf employedCOVID-19 Business Measures – Job Retention and Tax Deferrals
Amidst a global pandemic, many businesses in the UK are temporarily halting their operations as per government compliance. The situation might seem grim, but the businesses still can offer the usual services and make the most out of relief packages from the government. As the COVID-19 wreaks havoc to small and big businesses, the government...
Although the National Minimum Wage rates of 2020 are somewhat similar to 2019 Living Wage rates, the entitlements, however, are different. In any case, employers have to pay the designated National Minimum Wage to prevent a hefty penalty. For the most part, the minimum amount of hourly wage depends on two underlying factors. The first...
It is true – using contractors is advantageous for employers who do not want to indulge in paying National Insurance or offer additional benefits. As of now, the government has postponed the implementation of the IR35 until next April because of Coronavirus pandemic. However, you should still be aware of the assessment of IR35 tax...
The employee contract and handbook are some of the most important documents. It offers employees with policies and information related to their employment. Technically, it highlights the nature of operations of your business and staff expectations. Generally, the policies usually involve disciplinary actions, email usage, attendance management, flexible working hours, and use of the internet....
You are always on the home stretch when it comes to the health of your annual finances. Technically, the year-end represents the start and end of your financial time. Primarily, it involves rigorous tax planning as per deadlines. Now, several strategies can improve your retirement savings, government entitlements, and even avoid possible penalties to decrease...
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