A recession occurs when gross domestic product (GDP) shrinks during two consecutive quarters. Official figures report that GDP shrank by 0.2%. A second consecutive quarter of negative growth, will technically place the UK in a period of recession. Fortunately there are steps you can take to recession proof your business. How to Recession Proof Your Business Beyond these figures, UK businesses are already feeling pressure...
Here we explore how and why to write a business plan, whether this is to attract investment, or for your own strategic development. Even if you are not planning to approach investors for funding, you can write a business plan that will effectively keep you on course and achieving high targets. Whether you are starting out, or even if you have begun trading, these tips...
July 2021 Update – featuring additional news developments from our newsletter series. Stay informed with the latest news in business support and financial affairs. Key Dates Coming Up Payment on Account Due – 31st July If you have a tax payment on account, remember to make your payment on time, which is due by midnight on 31st July Employee Furlough Contributions Rise – 1st August...
Millions of businesses throughout the UK have been closed for months at a time Since March 2020, due to restrictions imposed to help slow down the spread of the virus. Now the future is looking more hopeful, with the government’s roadmap setting out various points when you can safely reopen your business and larger groups of consumers may be accessing a wider range of products...
A dividend is a reward of value, which can be paid out either as cash or in the form of additional product, distributed to the shareholders in return for their investment in a company’s equity. Usually a dividend takes the form of a payment from the company’s net profits. How to Distribute Dividends The majority of a company’s profits is retained within the company to...
Budget day expectations are usually highly anticipated with much speculation in the weeks leading up to it. This year however we are witnessing an absolute clamour for information from a Treasury under pressure for a sustained, rapid response, to continually unfolding events. So here is what to expect on budget day. Support packages will remain a hot topic. Last year’s budget on 11 March 2020,...
Self Assessment Deadline Extension Article Amended on 25 January On 25 January HMRC announced that self-assessment customers will not receive a penalty for their late online tax return if they file by 28 February. Taxpayers are still obliged to pay their bill by 31 January. Interest will be charged from 1 February on any outstanding liabilities. Taxpayers who cannot afford to pay their tax bill on...
Furlough Scheme Extended and Further Economic Support Announced The Coronavirus Job Retention Scheme has been extended for a month with employees receiving 80% of their current salary for hours not worked and further economic support announced. The Chancellor announced that businesses across the UK will be provided with additional financial support due to the government‘s latest plan for the next phase of its response to...
Small businesses in England can access £20m of funding via a professional services grant, which includes accountancy advice. Since the recent announcement of the new winter economy plan, which replaces the autumn budget due to unprecedented economic uncertainty due to COVID-19, we have a clearer understanding of the government’s predictions for the UK’s economy over the coming months. Ministers say they have introduced one of...
September 2020 News Update – featuring additional news developments from our newsletter series Rishi Sunak has revealed his winter economy plan which replaces the autumn budget due to unprecedented economic uncertainty, resulting from the COVID-19 outbreak. These are provided by Credit Safe. Thousands of small to medium businesses in England could benefit from £20 million of government funding to help access new technology and other...
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