Identifying inefficiencies in a business

Avoiding waste, maximising profit Accountants, as a breed, are fans of efficiency. We tend to appreciate optimised systems and abhor waste, whether it’s time, effort or resources being frittered away. The concept of efficiency as we know it today is a product of the industrial revolution. That’s when engineers and manufacturers became obsessed with squeezing[…]

The scourge of late payments

Outstanding invoices compromise your business’s cashflow When you supply goods and services, you expect to be paid, and promptly, but Britain has a deeply embedded culture of late payments. Indeed, for some businesses, delaying payment is an essential part of the business model. Outstanding payments are problematic for various reasons. First, there’s the basic problem[…]

Risk assessment and contingency planning

How to minimise disruption in your business It has been a challenging and eventful three years for UK businesses with a series of high-profile incidents highlighting how situations can change suddenly and often without warning. From the continued pressure of uncertainty relating to Brexit, terrorism, fire, extreme weather and cyber-attacks, how would your business cope[…]

Using pension funds in your business

How your pension savings can help finance your business As traditional loans fall out of favour with increasing numbers of business owners, you may be looking for an alternative route for financing – and your pension could be the answer. Data from the British Business Bank shows that in 2017 the number of small businesses[…]

Capital allowances for plant and machinery

How to minimise business tax in 2018/19 If there’s one thing that keeps us awake at night it’s the thought of how many British businesses are failing to claim capital allowances to which they are entitled – worth billions of pounds across the board, according to some estimates. Capital allowances provide the mechanism for tax[…]

From sole trader to a limited company

What to expect from incorporating your business With a new tax year almost upon us, many sole traders will be reviewing their business structure and considering whether it’s worth switching to a limited company. There’s no denying that incorporating a business proved popular in 2017, with Companies House reporting a 7% rise in the number[…]