The transition from being a manager to becoming business leader, is one that many new business owners will need to make.
Often, the success or failure of your business depends on how well and how quickly you can adapt to this fundamental role change. (more…)
On Monday 29 October, Philip Hammond delivered his second Autumn Budget. With stronger tax receipts driving better than expected Government borrowing figures, the Autumn 2018 Budget was more generous than most observers expected. So much so, that the Office for Budget Responsibility (OBR) calculates these spending promises to be the biggest Budget giveaway since the independent body was set up in 2010.
However, with the possibility of the UK leaving the EU without a trade deal hanging over the country, the Chancellor did say that he will consider a Spring 2019 Budget should there be a no-deal Brexit.
To help you quickly grasp the major changes, we’ve worked with HFM Tax to bring you a summary of the key points from the Autumn Budget 2018 likely to affect small business owners and self-employed people; (more…)
National Insurance is a deduction from earnings, set up originally to fund various State benefits such as the NHS, the State pension and other welfare-related schemes.
In reality, it is just another tax. In fact, as standard income tax rates have remained constant for many years, NI rates have soared.
In this guide we look at how National Insurance works, and what your National Insurance Contributions (NICs) will be as a small business owner. (more…)
If your new business is going to be operating in a competitive marketplace, it’s crucial that you find a way to differentiate your business from all the competitors out there.
In short, why should customers choose your products or services over what’s already available?
If you can’t answer that question, then you need to read on to find out why it’s essential startups and small businesses find a niche, and how you can spot a potentially profitable gap in the market.
Nobody enjoys failure, but everyone experiences it at least a few times in their life and especially as a small business owner.
While it’s one of those things that most people like to gloss over, failing is actually a hugely valuable experience, as long as you know how to make the most of it.
Leigh Ashton, co-founder of Sasudi, stresses the importance of bouncing back from a disappointment as a small business; (more…)
The simplest way to start a business in the UK is to become self employed. This is also commonly referred to as becoming a sole trader.
There is minimal paperwork to take care of, and you don’t have to pay any company formation costs. However, you do need to formally register as self employed with HMRC, and assume responsibility to pay your own income tax and National Insurance liabilities.
Here are the steps you must take to if you want to become self employed, plus the other aspects you will also need to consider when working for yourself: (more…)
As the name suggests, a dual sim phone allows you to have two sims in a single phone. There are a variety of reasons why people may want access to two different phone numbers on a single device.
A dual sim phone could be of particular use to self employed people, freelancers and business owners who want to be able to handle personal and work calls separately, but don’t want to carry two different phones.
The facility to have separate numbers for work and personal contacts, with tailored voicemail messages can help you to be more professional and create a better impressions with potential customers. With dual sim phones seemingly solving a communications conundrum for many small business owners we asked telecoms expert, Dave Millett, to share his insight into them; (more…)
As a small business owner, you have to juggle many balls and spin a canteen’s worth of plates. You have to simultaneously pay attention to every part of your business; sales, production, cash flow, marketing, accounts and the list goes on.
During a typical day, your attention is pulled in many directions at once and this can make it difficult to focus and get anything done at all.
Sadly, this means many business owners end up being a slave to their own dream business. They could do with another couple of hours each day and another working day a week. How can they hope to get off the bus? (more…)
For millions of UK small businesses, ‘tax season’ represents a costly, time-consuming inconvenience. But Britain’s tax landscape is transforming: in March 2015, HMRC announced its plan to update the self assessment tax payment process – moving away from annual paper returns, and towards a digitized, online system.
The government’s new digital tax accounts system introduces a fundamental shift in the way small business owners – both those working as self employed and those operating as limited companies – report and pay their tax liabilities.
The introduction of digital tax accounts will, within a few years, make the annual self assessment tax return obsolete – so how exactly will the changes affect Britain’s small businesses? (more…)
To help small business owners and company directors stay up to date with all the various tax rates, thresholds and allowances that might be needed for tax calculations, here is ByteStart’s summary of the main tax rates, tax bands, and tax allowances for the tax year from 6 April 2015 to 5 April 2016.
Many small business owners are now tackling Auto-Enrolment for the first time. The subject is throwing up lots of questions, and with deadlines looming, small businesses need to ensure they get their Auto-Enrolment Pension Scheme in place in time.
To help, we asked Paul Budgen of NEST, which has been set up by the government especially for auto enrolment, to answer 5 of the most common questions small businesses are asking about auto-enrolment pensions; (more…)
Your business is growing and you’ve taken on one or more additional staff members – but are you really maximising their skills and getting the best out of them?
Or, if you’re honest, do you find yourself still doing some of the things you employed them to do?
You’ve got to be a bit of an optimist to start a new business. This positive outlook undoubtedly helps you to get through the ups and downs of starting your own business, but it’s worth investing in a bit of negative thinking too.
When astronaut Chris Hadfield described his preparation to go into space, his focus was not on how fantastic it was going to be when he got there but on being ready to deal with the things that could kill him, so he could get to come back again.
This approach has parallels for how we start up too – we can dream of the big fabulous destination, but we have to expect that we will need to overcome challenges to be a success.
Running a startup is about stepping up to run a messy marathon, not hunkering down to run a perfect sprint. We have to make sure we can go the distance and this means we need to talk about embracing failure, affordable risk and filling the weak spots.
People who run their own business have a multitude of priorities to contend with every day. When you’re in the thick of it, it can be easy to lose sight of the simple truth that the people you depend upon for your business’ success are, like you, only human. But they are, and it’s well worth taking a proactive approach to safeguarding their psychological wellbeing. It’s good business.
There are stressful times in virtually every business, and we all know it’s virtually impossible to run a business and not get stressed at all. However, too much stress is bad for us.
And for business owners it can be a double-whammy. It can cause more significant mental health problems for you as an individual and also affect your ability to successfully manage and run your business.
To help business owners understand more about stress, how to spot the symptoms and how to tackle it, we asked Dr Mark Winwood, Director of Psychological Services, AXA PPP healthcare to share some of his knowledge and advice on the subject with ByteStart; (more…)