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Is the VAT threshold a barrier to growth for small businesses?
If your business is growing and you are regularly achieving £6,000 per month in sales, you could reach the VAT threshold sooner than you think.
How to Coach and Improve Financial Acumen for Your Business
Designed with clarity and practicality in mind, this guide aims to equip you with the insights and tools necessary to enhance your financial and business acumen.
How differentiating your accountancy firm attracts better clients
There’s so much written about how to differentiate accountancy firms. But most of it is too shallow to help you stand apart from the crowd. So here’s a deep dive into the problem, the cause and a clear plan to carve out your own special place.
Making Data Part Of Your E-Commerce Business Strategy
Embracing a data driven approach is essential for eCommerce success in today’s fast-paced market.
Maximising Business Impact: The Power of ESG
Pathfinder FX has redefined CSR by introducing a groundbreaking CSR revenue share scheme, aligning profit with purpose.
How to Determine an Optimal Product Mix for Profitability
Most small and medium-sized enterprises (SMEs) are familiar with the concept of ‘product mix’, but few truly tap into its remarkable power for driving profitability.
Why charities require specialist accountancy advice
It’s vital charitable and not-for-profit organisations undertake specialist financial advice to not only optimise the value of donations and gifts and build trust with their donors, but remain compliant with the relevant governing bodies including Companies House, HMRC and The Charities Commission.
Understanding Key Performance Indicators for SMEs
Most business failures are due to poor leadership or managerial dysfunction created by unclear objectives, which, you guessed it, could have been prevented through the use of effective key performance indicators.
Are FCA Regulations Enough to Ensure Security of Client Money in Currency Dealing Firms?
Are the FCA regulations enough to ensure the security of client money in currency dealing firms?
Brailsford’s 1% Edge: Transforming International Trade Through Incremental Gains
In the competitive realm of international trade, the difference between success and mediocrity can be razor-thin.
10 Pathfinder trend predictions for 2024
While predicting the future with certainty is challenging, especially in ever-changing global markets, here are 10 PathFinder speculative trend predictions for 2024.
Looking for more time to work on your business? Ask your accountant
At every stage of growth, you’ll come up against the point where your time is maxed out and something needs to give so that you can focus on the other parts of your business.
Financial forecasting for growth: A complete guide for SMEs
Here, we aim to demystify financial forecasting, explain its importance, and provide practical insights on using it as a strategic tool for your SME.
How Artificial Intelligence (AI) can enhance the relationship with your accountant
Let’s address the elephant in the room. Will the use of AI in accounting eventually replace the need for any business to have an accountant?
Why you should consider using an accountant for probate
It is not common for an accountancy practice to hold a licence to provide probate services but for business owners and their families experiencing a bereavement, it can be beneficial in several ways.
Are you maintaining a fit and healthy business? Here’s three tips to help.
As individuals, we maintain a healthy lifestyle by eating a good diet, exercising regularly, and visiting the doctor when we are ill. We need to do the same for our businesses...
Slapping economic downturn in the face
Five insights into tackling potential economic downturn head on…
Five ways WoodWhite Accountants can help your business reach the next level
The world of an entrepreneur can also be a lonely place. All key decisions fall to you.
R&D tax credits changed from April 2023 – find out how it could affect your business
R&D tax relief has long rewarded companies that work on innovative projects in the UK. While that continues to be the case, from April 2023, changes were made to the cost categories and rate changes for both the SME and RDEC schemes. If you work in a data-intensive industry, this could be good news for you.
The key to surviving the ups and downs of entrepreneurship
The world of an entrepreneur can also be a lonely place. All key decisions fall to you.
Why outsourcing should form part of your business growth strategy
Outsourcing is a great way for any business owner to buy back time. You choose the business functions or skill sets to contract out and utilise the time freed up elsewhere.
Why compliance is about more than protecting your business from fines and legal action
Your company accounts, audits and various tax returns are your opportunity to tell your company's story. It is a window to open and let them look in.
Reinventing the world of admin…
If your best people are spending too much time on admin, then they’re not playing to their strengths and can’t fully deliver on their areas of expertise.
Tax exemptions and reliefs – are you making the most of what’s available to you?
Good tax planning is the best foundation for paying the right amount of tax for your business.
Non-disclosure agreements: best practice tips
In this blog, we’re going to give you some information about NDAs – how to get the fundamentals right, and what to concentrate on as the issuer and as the recipient.
Who knows what all the symbols mean anyway?
The way we process map leaves no room for uncertainty and no risk of employees feeling anxious about not understanding, or worse worried about getting something wrong.
Swoop Webinar: Changes in 2023 – Prepare for the end of the fiscal year
This webinar will lead you through all of the updates you need to know as a business owner ahead of the financial year end. Hosted by business experts Andrea Reynolds, CEO & Co-founder, Swoop Funding and Ciaran Burke, COO & Co-founder, Swoop Funding.
The waiting game
Hitting the top of the market can occur by luck rather than judgement, but waiting and hoping for the best is a risky business, as David Huggett, Managing Director of Lucid Financial Markets explains.
R&D in ‘23: the new rules affecting innovative businesses
The government has brought in new rules around R&D which will be enforced from April 2023
Why do you need to know about asset finance in 2023
If your business needs funding, asset finance may not be your immediate first thought. But with the market changing in 2023, it could solve your funding problems.
isme|&|conversation podcast... What makes Dave Huggett, Founder of Lucid Financial Markets, tick?
Dave talks to Ed about what compelled him to leave a secure and successful career in the City Financial Markets to start his own business. And on the way his brilliant business case for 'just doing the right thing..' It's this approach and Dave's tenacity that sets Lucid Financial Markets apart as a genuinely contemporary, in-touch and well positioned proposition.
You'll also be treated to the two best pieces of advice Dave has ever received as well as the worst.
Coming Soon. More valuable and insightful content.
How to grow your business safely in
the "new normal"
PR Masterclass with JournoLink
Business Funding and Finance
Growing a successful business requires time, passion, hard work, a solid understanding of how businesses work. And two other important elements: Business funding and finance!
What is business finance and why is it so important to the success of your business?
Business finance is the organising, managing, and monitoring of your business finances. With careful planning, analysis, control and – crucially – access to the right skills, you can ensure that your business finances are kept in good order.
As a small business, good business finance disciplines are crucial to the development and establishment of your business. At best, poor business finance disciplines could result in you missing out on vital opportunities to develop your business, and or losing out to your competitors. At worse, you risk your business not being financially resilient enough to survive periods of disruption.
Business funding describes the range of funding options available to businesses.
These include business funding to get started, for ongoing operational activities and working capital, to invest in equipment and resources, to finance acquisitions and to fuel growth.
Understanding what business funding is available to you, and how to access, is likely to be key to the success of your business.
isme|&|co has been set up to help your business reach new heights. Providing you with the resources you need in respect of business funding and finance.
Covering topics such as:
● How to fund your business
● Planning and forecasting
● The importance of bookkeeping
● Accounting advice for your business
How to fund your business
If you own or manage a small or medium sized business, you’ll appreciate the importance of having access to the right funding options. Business funding is needed to operate and to invest in your company. Business funding in the UK is available in many forms to help your business achieve its goals. These include small business grants, commercial finance arrangements, equity investment, and business loans.
Grants
A grant is money given to your business which is often to be used for a specific purpose. With a grant, you often don’t need to pay it back so long as you continue to fulfil the conditions of the grant award. There are several types of business grants for small businesses you might be eligible to apply for:
Innovation grant funding
For example, Innovate UK invites businesses to apply for Smart Grants to help fund research and development projects.
Small business grant funding for young people
If you’ve just started your business and you’re between 18-30 years old you might be eligible for a business grant for young people. For example, The Prince’s Trust offers new business funding and a range of training and mentoring opportunities.
Apprentice grant funding
Did you know you can apply for a business grant if you take on an apprentice? The UK government offers funding opportunities for taking on apprentices between the ages of 16-24 who are on Universal Credit.
Business Loans
A common form of Business Funding, often referred to as debt funding. With a business loan you agree to borrow an amount of money from a lender. Which you then pay back with interest over an agreed period of time. In addition to traditional banks, the British Business Bank Start Up Loans scheme provides government backed unsecured personal loans from £500 to £25,000 to start or grow a new business.
Secured Loan
Yourself or your business must provide collateral, usually an asset, to qualify for this loan. A commercial mortgage to help fund the purchase of business premises is an example of a Secured Loan.
Unsecured Loan
Collateral is not required in order to qualify for this type of loan.
Commercial Finance arrangements
Sometimes the right mix of Business Funding for your business may include Commercial Finance arrangements such as:
Factoring/Invoice discounting
This is a facility that allows you to convert unpaid sales invoices into cash, which can grow in proportion with an increase in your turnover.
Asset Finance
Arrangements such as Hire Purchase, Leasing, and re-financing that help you purchase equipment and other assets.
Stock Finance
Another form of asset-based lending taking the value of raw material and finished goods held in stock.
Planning and forecasting
Looking to the future is one of the most important elements of growing a successful business. As a business owner you’ve built your company from an idea into a fully functioning business that people recognise and invest in. Whether that’s through buying your services or products, supplying goods or services to you, or by providing Business Funding.
Creating and maintaining your business plan should be an important part of your management regime. You can use it to track progress against your goals and objectives. As well as serving as a key reference point. Against which you can make important decisions, and measure their impact on your business’ performance. Looking at what worked, and – often more importantly! – what didn’t.
Typically your business plan will cover a number of years, often 3 or 5. It’s good practice to review and update your Business Plan on an annual basis. Using it to set a detailed Budget for the coming year.
Planning and forecasting your revenue, costs, and profit margin helps ensure your business is meeting the targets you’ve set for it. If your performance is not as expected – better or worse – you need to understand why. You need to analyse the data, and then predict what’s going to happen going forward so you can adapt your plans accordingly.
The importance of bookkeeping
Whilst some people consider it to be boring, investing time and effort upfront and on an ongoing basis will ensure your records are always up to date and accurate.
Leaving everything to the last minute and trying to go back and do things at the end of the year will be much harder. And there’s then a much greater risk of making mistakes.
Bookkeeping is the name given to the process of recording all financial business transactions. It’s a vital and fundamental business discipline. It improves organisation and coordination, and provides the information you need to understand how your business is performing.
It helps with future planning. And makes tax and accounting admin far easier. Whether you do it yourself or you decide to employ an accountant or bookkeeper, Bookkeeping is one of the most important investments you can make. And it is a prerequisite for the following:
● Summarising financial transactions in informative reports
● Sending out and paying invoices
● Submitting VAT returns
● Preparing and completing annual financial accounts for your business. In the case of Limited Companies, these need to filed at Companies House.
● Preparing income tax returns and helping you to understand business tax.
● Training relevant employees on how to manage business finances.
Accounting advice for your Business
isme|&|co was set up to provide easy access to the information small business owners and managers need.
The world of tax and accounting can seem daunting to the inexperienced. Especially if you’ve recently established your business, and you’re not a trained accountant or bookkeeper. Whether you like it or not, financial reporting and tax is here to stay, which is why we provide access to helpful insights and articles on subjects such as accounting advice for small businesses and understanding business taxes.
Financial Reporting requirements differ for UK businesses depending on the size of the business. It is important you are familiar with the specific requirements for your business and seek advice from a trained accountant if this is not an area in which you are skilled.
The tax your business needs to pay will depend on a number of factors including the legal structure of your business. As a small to medium-sized UK business you’re likely to need to account for the following taxes:
● Corporation tax
● PAYE
● National Insurance
● VAT
● Business rates
● Dividend tax
Controlling and managing your Business Finances can be daunting and overwhelming. Particularly if you are unfamiliar with it. Or just not very interested in it. Or not very good at it. With so much to consider from banking to business tax, it’s important to be kept up to date on the latest information and seek external expertise as soon as it’s needed.
Business Funding comes in many forms. Being aware of the different funding options available to your business and carefully selecting the right mix, at the right time, could be key to your success.
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