Once a contract of employment is in place, notice has to be given by either party to the contract to end it. There are two types of notice periods; statutory notice and contractual notice.
As an employer, if you fail to give the correct notice when terminating an employment contract, you are in breach of contract. This could result in an appearance before the employment tribunal and you having to pay damages.
To help small business owners understand the law regarding notice periods, we asked HR expert, Peter Done of Peninsula Business Services to explain what employers’ need to know about giving notice to end an employment contract; Continue…
When you are launching a new business, it’s fair to say that planning your finances isn’t the most exciting aspect of of being a startup. However, it is a crucial part of understanding whether your business has a chance of succeeding
And the good news is that there are now dedicated software, tools and apps that can quickly and easily produce financial forecasts for you.
So to help you understand more about how planning your finances can help your startup succeed, we asked Ally Bush of Brixx.com to share her experience with us;
Security breaches and cybercrime incidents hit the headlines in 2016, as high-profile news of data breaches, malware, DDoS attacks and compromised systems became mainstream news.
The news reports inevitably focused on cyber-attacks on major corporations, such as the data thefts from TalkTalk, Three and Tesco Bank, as well as the extraordinary autumn story of the attack on Dyn, which made use of IoT-enabled household devices, such as fridges and toasters, to form a botnet that successfully brought down an enormous number of websites, both large and small.
Whilst the past year was eventful, to say the least, in terms of cybersecurity threats, it’s likely that cyber-related incidents will continue to grow in 2017, both in the sheer number of attacks and the level of sophistication used in those attacks.
It’s therefore vital that business owners take steps to educate themselves, and their workforce, on the type of threats they could potentially experience. In this article, we examine some of the key trends for 2017 in the cybersecurity / small business world. Continue…
The craft business boom of the last decade has brought plentiful opportunities for businesses and customers alike.
For entrepreneurs involved, however, managing growth and expansion while retaining the original values and quality that initially propels a business to success can sometimes be easier said than done.
Growing and scaling a craft business presents unique challenges but offers unmissable opportunities and rewards. So to help craft business owners understand how to successfully grow their enterprise without compromising on their principles, we asked Jeremy Torz, Co-founder of Union Hand-Roasted Coffee to share his insight and experiences;
It is vitally important for business owners and managers to understand their duty to comply with UK fire safety regulations, as the consequences are potentially very serious.
All legislation regarding fire safety in business (non-domestic) premises in England and Wales are incorporated in The Regulatory Reform (Fire Safety) Order, 2005. It provides clear guidance for those responsible for implementing safety precautions and procedures, including fire risk assessments and fire safety equipment.
Here, we look at who is ultimately responsible for fire safety on business premises, and lay out the steps that a ‘responsible person’ is obliged to take by law. Continue…
If you decide to work for yourself and begin trading as a sole trader, (self-employed) you will need to set up your accounts to record your income and expenses.
In order to do this you will need to be aware of tax, national insurance and other factors that will affect the records you need to keep as a sole trader.
To help you understand your duties and to get your book-keeping done painlessly, here’s the low-down on setting up your sole trader accounts. Continue…
If you’re running your own small business, or thinking about starting one, then chances are that you’re already creative and putting your ideas into practice.
But as any business owner knows that your initial idea is often just the start. Ongoing creativity is also not an optional extra for companies. It is a crucial component of a successful business. This is because creativity is really about change. It is about thinking differently and challenging the status quo. It is about having the same conditions as other people but coming up with something fresh.
And it is this new thinking and innovation that helps secure the future for businesses big and small, and keeps individuals relevant in a fast-paced changing world.
With creativity being so crucial to business success, we asked Claire Bridges, author of, In Your Creative Element to explain how to harness the creativity, within yourself and your team, to fuel your business growth;
Business owners and leaders looking to get the best out of themselves and their team will frequently spend a lot of time and effort searching for, and trying to improve on their weaknesses.
However, this is a completely counter-productive approach that can lower employee engagement and ultimately damage a business’ chance of success.
Here Jan Mühlfeit, Former Chairman of Microsoft Europe and author of The Positive Leader: How Energy and Happiness Fuel Top-Performing Teams explains why business leaders and owners need to stop focussing on fixing weaknesses; Continue…
Changes are coming to the way benefits in kind are taxed – employers and employees should prepare themselves for the future.
Millions of British employees receive ‘perks’ from their employers: ‘benefits in kind’ (BiK) which include anything from childcare vouchers and mobile phones, to medical insurance and company cars.
Whether administered in addition to an employee’s cash remuneration, or as part of a salary sacrifice arrangement, these benefits may or may not be taxed, and may exempt employers from their National Insurance Contribution obligations.
By saving on income tax and NIC for employees (and NIC for employers), salary sacrifice schemes have, until now, represented a ‘win-win’ arrangement for British businesses. However, things are about to change. Continue…
Having an online presence is crucial for any modern business so that potential customers are able to find you online. However, many small businesses are missing out on the opportunities that being online bring.
So if you’re yet launch your business online, or are thinking of starting a new business and want to make the best of your website, here are a few handy tips and tricks from Li-at Karpel Gurwicz of Wix, to help you do it successfully: Continue…
If you need to submit a Self-Assessment Tax Return (SATR) it’s imperative you get it in on time and free of any mistakes.
There are penalties for not submitting your tax return on time and you may have to pay a fine if HMRC deem you have not taken enough care in completing it.
With regard to the deadlines, paper tax returns need to be filed with HMRC by 31 October and tax returns submitted online by 31 January. So, if you complete your tax return online, you get a few extra months.
This article explains how to get started with your tax return, and how to avoid common mistakes that people make on their self assessment tax return.
As smaller businesses prepare to put their plans for 2017 into practice, there’s one thing that should be on almost every small employer’s radar. I’d say auto enrolment is one of the most important things that employers right around the UK must deal with in 2017, it’s both a legal duty and an important staff benefit.
So what should be part of your auto enrolment thinking in the new year? We asked Paul Budgen of NEST, which has been set up by the government especially for auto enrolment, to share his insight and advice at this crucial time. Continue…
One of the main benefits of becoming self employed is the ease with which you can start up and run your new business.
You can even become a sole trader (another term for self-employed) whilst working as an employee for someone else, so you can test the water and see if you’re suited to working for yourself.
Here are 5 things you need to do when you decide to go self employed: Continue…
Setting up a new business is an exciting, thrilling and all encompassing challenge! Personally, I think it is the best and most stretching form of personal and professional development that a person can do.
Creating and selling your own products and services, building a network of happy customers and managing your own time are just three of the perks that come with starting and running your own business.
But all too often, I meet entrepreneurs who are burnt out, stressed and lacking in sufficient income. This is often because they did not trial their business ideas before they got stuck in. So today, I want to convince you that you should ‘pilot’ your business idea before you launch your new venture for real.
When you are starting a business, you will need to answer many questions. However, one of the most fundamental questions any business owner will be asked is, what is the purpose of your business?
So what would your answer be?
How you answer the question, has a significant bearing on whether your business is likely to succeed, so we asked Jim McGrath, author of The Little Book of Big Management Wisdom to reveal what your answer should be; Continue…
Many small business owners don’t know about the Bank Referral Scheme, but it represents a significant milestone for business funding in the UK.
But what exactly is The Bank Referral Scheme, how does it work, and how will it help businesses? We asked Conrad Ford, Chief Executive of Funding Options, to explain; Continue…
Your new venture might have first spread its wings in the comfort of your own home, but most start-ups need to fly the nest at some point.
Whilst sending emails from your sofa in your onesie undeniably has its charms, there comes a time when moving your business forward requires giving it its own four walls.
Moving into a proper office can make what you do seem a whole lot more real – but it’s a daunting move to make, and with more options available than ever before, it’s unsurprising that many small business owners make the wrong decisions, or delay the move from home entirely.
To help you choose the best route for your business, we compare the more traditional option of renting an office on a commercial lease and the serviced office option. We look at what each one gives you and highlight the benefits and drawbacks of both, so you can come to the right decision.
SEO has become an integral part of online marketing. If you want your business to be seen online, the general consensus is that SEO is absolutely essential.
Committing to a high quality SEO campaign can take up a lot of time and make demands on a startup’s budget that not everyone can meet. But seeking cheaper alternatives could mean you soon find yourself facing a Google penalty (the worst of which is your website being complete removed from their index), which can put your entire online presence in jeopardy.
The good news is that SEO need not always be a lengthy commitment and if you have some in-house capacity, it is possible to take on a large portion of the work yourself.
This in-depth guide explains what you can expect from a SEO campaign, and will help you determine if you can do some of the work yourself or whether you’ll be better off outsourcing everything from the start. Continue…
You have a great business idea and you’re finally ready to make it a reality. However, the next obstacle you need to overcome is to find the funding you need to get your business off the ground.
In recent years, the advent of alternative finance has brought startups new funding options, and driven an explosion in the number of entrepreneurs raising money through crowdfunding. Specialist crowdfunding websites have made it possible for anybody with a business idea to reach out to potential investors. However, crowdfunding success isn’t guaranteed, no matter how good your business idea.
If you’re thinking of raising money to kick-start your business through a crowdfunding campaign, there are some key steps you need to take before you launch your campaign. With so much at stake, we asked Indiegogo to reveal the 6 things you need to do and know before you launch your crowdfunding campaign;