Here are the main tax rates and allowances for 2017/18, that are most relevant to small businesses.
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taxes
In a study conducted by the FSB (Federation of Small Business), it was found that businesses spend £5,000 annually on tax compliance. As well as money, small businesses also lost out on three working weeks in making sure that they had their tax affairs in order. Small businesses are consistently losing time and money over tax payments which is why they are urging the government for a tax reform. The money being drained by tax compliance can be better spent on growing businesses.
Most people can only dream of working from home, but if you have managed it then you will need to set up an office at home. Having a work space in your home will allow you to switch off when you leave your designated work area, because it is essential to switch off after a long day of working. Here are four things you need to do before setting up a home office.
The digital age is upon us. HMRC is planning a total digital switchover which is set to be rolled out from April 2019. For some, this isn’t anything new – Making Tax Digital (MTD) has been in the public domain for a good while now.
When you are a small business owner, going international and expanding your business into the global market may be a distant dream. However, if you’re hungry for the international success, then you will need to get prepared for the challenge ahead. Your home country will seem small compared to the big unfamiliar global market, and you will be leaving behind those home comforts and familiarity, therefore you will need to tread carefully. International growth can be both daunting and rewarding and you will have to see if the positives outweigh the challenges.
As the festive season gets underway, many businesses will start to enter a few weeks of spending on items and events that were unplanned or not in their initial budgets. It can add a significant dent in your profitability if steps aren’t taken to ensure your company doesn’t let spending get out of control. Small business owners need to ensure that they keep Christmas costs in check.
