You’ll be in good company. The vast majority of the UK’s 5.8 million self-employed — 59% — are registered as sole traders. This stands to reason. Registering as a sole trader is easy and inexpensive to do, so it’s the ideal way to test the waters of self-employment.
One of the first and most important decisions you make when you set up a new business is to decide what type of legal structure you should work under. So which business structure is best for you?
Aside from the sole trader route, the limited liability company is the most popular business structure to trade under in the UK.
If you’re thinking about setting up an online shop and want to know the best way to go about it, our step-by-step guide tells you all you need to know.
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There are currently over 900 different businesses operating as franchises across the UK. Some of the more instantly recognisable brand names that offer franchise opportunities in the UK are Domino’s Pizza, McDonald’s and Subway.
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If you are a limited company shareholder, you may have to pay tax on any dividend income you receive. Here we explain how company dividends are taxed and how to calculate the amount of tax due on dividend income.
Used to identify the key strengths and weaknesses of your company as well as any threats and opportunities, a SWOT analysis can help to work out what your business strategy should be.
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Cash flow is the most important thing in your business – more important even than profit. If you imagine cash to be the blood cells of a business, then cash flow is the flow of blood, keeping the business alive.
A healthy person will quickly die without blood. And a healthy profitable business will quickly die if it runs out of cash.
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While nobody likes to think about it, things can and do go wrong when you’re in business, no matter how cautious you are. An employee could get hurt on the job. An unhappy customer could sue you. Or a burst water pipe could flood your premises and damage expensive equipment. (more…)
You’ll be in good company. The vast majority of the UK’s 5.8 million self-employed — 59% — are registered as sole traders.
This stands to reason. Registering as a sole trader is easy and inexpensive to do, so it’s the ideal way to test the waters of self-employment.
(more…)
Data Science, Artificial Intelligence, Machine Learning – all 21st Century “buzzwords” which you now see referenced often in news articles, at virtual conferences, on company social media posts and blogs.
But what do they really mean, and how can you practically apply them in business? (more…)
A dormant company is just a standard limited company that doesn’t trade and has no accounting transactions. There are two main situations where owning a dormant limited company can be useful for start-ups and small business owners;
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There’s no rule that says you must open a separate business bank account when you start working as a sole trader. In theory, you could use your personal bank account to receive client payments, pay your suppliers, and handle other business-related transactions.
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If you’re considering taking on a new member of staff, that’s usually a positive sign that your business is growing. The next decision you face is whether or not to take on a full-time employee. Adding someone else to the payroll on a permanent contract is a serious commitment, especially for a small business and […]
Could 2021 be the year of the small independent property developer? The last 10 months have seen more changes to the planning rules in England than the previous 10 years combined, as the government looks for a way to reach its target of creating 300,000 new homes a year, and simultaneously stimulate the economy as […]
There are several different measurements that will provide you with insights into the health of your business. Profit is certainly one of them. However, even the world’s most profitable enterprises can experience financial difficulty if they ignore their cash flow.
Were you aware that there are currently well over 7.1 million online retailers across the world (1)? Although this figure is staggering in and of itself, there is no doubt that the digital domain will only continue to gain momentum in the coming years. This is why so many freelancers are now choosing to take […]
With lockdown largely forcing the country into remote working, digital adoption has been accelerated exponentially. Of course, this isn’t without its challenges, as businesses struggle to ensure their staff have access to the right tools and technology, are communicating effectively, and continue to offer the same high level of service to clients.
We are all fully aware what the last year has represented. Living through the unprecedented circumstances of 2020 has meant that we have had to adapt. Luckily, because of the nature of who we are, we are adaptable beings. So, if your business wasn’t online at the start of 2020, then you most certainly will […]
As you may expect, soft drink sales tend to skyrocket in summer. In fact, the start of the primary sales season starts as soon as Easter and lasts through to the end of September. With the global pandemic leading to most high street shops temporarily shutting, supermarkets, along with food and beverage retailers, have seen […]
The widespread optimism surrounding the start of the New Year has swiftly subsided. Is it any surprise, when the headlines are dominated by rising death tolls, tougher restrictions and ever-growing Government debt? ‘Normal’ life feels more out of reach than ever, and 2021 looks set to be just as disruptive and unpredictable as 2020.
As a small business owner, you’ve probably heard of the phrase “Intellectual Property”, or IP as it’s commonly referred to. But studies show that despite knowing what Intellectual Property is, many small businesses assume that protecting their Intellectual Property is only something that larger, well-known businesses need to worry about.
It is important for employees to have a work-life balance. Work-life balance is basically how much time employees spend working and how much they spend with family or doing things that they enjoy. At times it is hard for employees to get the right work life balance, however having a good work life balance is […]
Few who decide to become IT contractors live to regret it thanks to the greater financial and personal freedom they enjoy; but that doesn’t mean there aren’t any risks involved.
If you’re setting up your own business, you’ll no longer have to answer to an employer or put up with many of the annoyances of being a permanent employee. But, what about the ‘perks’ you might have enjoyed in your previous life as a member of staff? For people who have been lucky enough to […]
At some point in your journey as a small business, you’ll probably come across a common dilemma – you need an accountant. But what’s the best solution for your business? Should you hire an in-house resource, outsource the work to a third party, or try and manage it all yourself?
One of the first and most important decisions you make when you set up a new business is to decide what type of legal structure you should work under. So which business structure is best for you?
At Bytestart, we receive hundreds of press releases every week. Although around 40% are usually relevant to UK small businesses, out of these we probably only end up using 4 or 5 a week in our news articles. Many are not relevant to our business, some are poorly written, and the majority are not newsworthy.
If you’ve got a business headache right now, there’s a pretty good chance it’s to do with clients owing you money. It’s almost as if the current economic shutdown (late 2020) has become a prime opportunity for anyone who fancies improving their own cash flow to help themselves to better credit terms from their suppliers… […]
When it comes to writing a business plan, there is one single golden rule that dwarfs all others – your business plan must address each of the key concerns of your potential backer.
There are now more online business ventures in existence than ever before. This only stands to reason, as we have already witnessed countless shoppers migrate to the digital community when purchasing everyday goods and services. While this creates opportunities for budding entrepreneurs, there are many challenges to overcome for an online business to become a […]
Although the sole trader route, which is commonly referred to as being self employed, is the most popular way of running a business in the UK, there are significant advantages to operating via a limited company.
In this guide, we look at the taxes you will encounter if you start your own business as a sole trader and other things you should bear in mind before taking the plunge and becoming self employed.
Starting a business may be exciting, however there are a few things that you need to make sure that you get right from the beginning. Here are eight top tips for startup success that business expert, Carl Reader, shares in his new book, BOSS IT;
Incorporation is the process of creating a company structure – a new legal entity which is distinct from the individuals or shareholders who formed it.
Tax investigation insurance will protect you in the event that an enquiry is made into your tax return, or via a PAYE compliance visit. In some cases, this could result in a Tax Tribunal.
Although most professional contractors work via limited companies, a significant percentage prefer to (or have to) work through umbrella companies. Here we look at the pros and cons of contracting via an umbrella.
Bonus payments may have been a bit thin on the ground since the COVID-19 pandemic hit. Hard-pressed businesses, struggling to meet existing commitments, may balk at the prospect of parting with cash. However, the benefits of having a loyal and satisfied staff may prompt them to consider alternatives to the cash bonus.
Starting one’s own business is a desire that many people have. Some harbour the ambition from a very young age, while for others it is something that grows throughout their working lives; for some, the lure is the opportunity to be their own boss, for others there is a very clear issue or gap in […]