How to Find a Good Chartered Accountant for Your Account Audit

When it comes to managing finances, it’s important to have a reliable, chartered accountant to audit your accounts. An accountant can help you keep track of your financial records, ensure compliance with tax laws, and provide valuable advice on how to grow your business. However, finding the right accountant can be a daunting task, especially[…]

AI in Finance: Benefits, Pitfalls, and Future Prospects

We have all heard of ChatGPT, and clients are now asking me how AI will benefit their business. In this month’s article, I will explore the benefits and pitfalls of AI in finance, its prospects, and its legal and ethical implications. I will produce articles for different industries over the coming months. As artificial intelligence[…]

How to build an effective business plan

Businesses at any stage in their life cycle can benefit heavily from creating and implementing a business plan. Not only is a business plan there to map out your goals and aspirations, but also to identify any financial risks and operational challenges you may encounter. According to research conducted by Fundsquire, 20% of small businesses[…]

Card Reader and Card Machine

Debt Collection – 12 Steps to Success

Effective debt collection is essential for maintaining a healthy cash flow and ensuring the financial stability of a business. Debt collection is a critical process for businesses of all sizes. It involves systematic and organised efforts to recover outstanding debts from clients who have failed to make timely payments. Here are 12 critical elements of[…]

An entrepreneur reduces their taxable profits with tax relief schemes such as capital allowances and super deduction.

Capital allowances and the super deduction

Capital allowances are an expenditure a business may claim against its taxable profit. When a business incurs costs, such as salary payments, it can usually deduct them as expenses from its taxable profits. This reduces the tax due. However, when it buys assets for operational purposes, things are not quite so straightforward. There are HMRC[…]

A graph showing a decrease in business confidence, with the curve pointing downwards

Business Confidence – A Significant Decrease

A new survey from the British Chambers of Commerce (BCC) reveals that business confidence declined significantly in Q3 compared to Q2 of this year. 5,200 firms that took part in the BCC’s quarterly economic survey. 39% of those businesses believe they will see a fall in profits over the next 12 months. Inflationary pressures are[…]

An office building for a business savings program

Business savings during a recession

Nobody wants one, but a recession in the UK is looming. The Bank of England (BoE) and British Chambers of Commerce (BCC) predict the UK will enter one before 2023. The monetary policy committee of the BoE wrote: “The latest rise in gas prices has led to another significant deterioration in the outlook for activity[…]

Business exit strategies: How to leave your business in good hands

A business exit strategy is a plan for what will happen when you want to leave your business. Many people think of an exit strategy as a plan to guard against disaster or something that has to be carried out right away after its conception. But this usually isn’t the case. Instead, it’s a plan[…]