Britain is a nation of fearless business entrepreneurs, but the likes of Richard Branson and James Dyson didn’t go from rags to riches instantly.
Branson needed a £300 loan to get his magazine up and running after dropping out of school at the age of 16. Dyson produced 5,167 prototypes before inventing his vacuumless dust-buster.
In fact, Government statistics revealed that more than half of businesses founded in 2011 had folded within five years, so the lesson here is to think before you decide.
If you have a bright idea and have spotted a gap in the market, you’ll need to test, prepare and assess the risks and opportunities to give your new business the best chance of survival.
HM Revenue & Customs
November Newsletter
Our November newsletter brings information on the success of small businesses looking for finance, the lack of preparedness by SME’s for a no -deal Brexit, the apprenticeship levy reforms and a roundup from the Budget.
Extracting profit from a business
What are the tax implications of drawing profit from your company?
People run businesses for a variety of reasons from passion to pride, but making a living is high up the list for most people.
How do you go about drawing profit from your business, and doing so efficiently?
October Newsletter
Our October newsletter brings information on the dividend allowance, a change of mind on Class 2 NICs, the decline in apprenticeships and a call for inheritance tax to be abolished. We also highlight ways to withdraw profit from your business tax efficiently and how your pension savings can help finance your business in our business updates.
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.
September 2018 Newsletter
Our September newsletter brings information on HMRC confirming MTD will be relaxed during the first year for VAT-registered businesses, stamp duty tax breaks saving first-time buyers £284m, inheritance tax receipts reaching a record high of £5.2bn and SMEs citing VAT as their ‘biggest administrative headache’
August 2018 Newsletter
Hello August …. whilst the temperature is cooling down a bit, we are keeping super busy and bring you this month’s newsletter with articles about the CEST tool, Tax incentives for longer term lets, a call for delaying the implementation of MTD and MP’s calling for a new tax to help cover the costs of caring …
Principal Private Residence and Letting Relief
If you own more than one property it is very important to understand your tax position prior to selling a property to ensure you aren’t caught out by an unexpected tax bill. There are reliefs available such as Principal Private Residence (PPR) and Letting Relief. Having an understanding of how these work could influence your …
Scottish Budget For 2018/19
Derek Mackay delivered his Scottish Budget speech which sets out the Scottish Government spending and taxation plans which will take effect from 6 April 2018. The Scottish Government has limited powers however has taken steps to amend income tax rates and adjust Land and Buildings Transaction Tax for first time buyers. Scottish Income Tax 2018/19 …
Autumn Budget 2017
Chancellor Philip Hammond delivered his Budget speech and amongst disagreeing with Jeremy Clarkson that electric cars and then driverless cars are the future (so Jeremy being snubbed by May and Hammond) the Chancellor aimed to deliver his vision of a prosperous, modern outlooking Britain.
