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[…]

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[…]

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[…]