Setting up as a sole trader
Setting up in business as a sole trader is arguably the simplest way of starting and running a business. The advantages of being a sole trader include independence, ease of set up and running your business, and the fact that all the profits go to you.
The disadvantages include a lack of support,
Post Office convictions quashed
Convictions of hundreds of postmasters have been quashed following Royal Assent of the Post Office (Horizon System) Offences Act 2024.
Many postmasters endured financial ruin, the loss of homes, livelihoods, reputation and some even lost their lives as a result of the Horizon IT Scandal which is
Customs declaration deadline
A reminder that businesses must submit all export declarations through the Customs Declaration Service (CDS) by 4 June.
Businesses exporting goods have less than one month left to move across to the CDS, HM Revenue and Customs (HMRC) announced today.
Export declarations must be submitted through
New Companies House powers
The recently introduced Economic Crime and Transparency Act has gifted Companies House a range of new powers aimed at reducing exploitation by corporate entities to pursue illegal enterprise.
The aim of the new reforms are:
Introducing identity verification for all new and existing registered
Business rates relief in England
Business rates are a tax on non-domestic premises, including most commercial properties such as shops, offices, pubs, warehouses and factories. The money raised through business rates is used to help fund local services like the police, fire and rescue services.
Business rates are generally
Free management course for SMEs
The government has launched the new Help to Grow: Management Essentials course; a short online course with practical tips and resources for small business leaders.
It is based on the 12-week Help to Grow: Management Course and is suited for leaders of newer or smaller SMEs, or those who are looking
COVID Bounce Back abuse
The Insolvency Service has recently published information confirming that a total of 831 company directors were banned in 2023-24 for Covid support scheme abuse, up more than 80% on the previous year, and that the average length of director disqualification for Covid misconduct in 2023-24 was almost
Settling energy disputes
Business owners that are in dispute with their energy suppliers will be interested in the free support on offer from the Energy Ombudsman.
In a recent press release the Department for Energy Security and Net Zero confirmed the following:
“Businesses will get free support to resolve issues
What do we mean by profit?
When most business owners refer to business profits, they are likely to mean the difference between sales and costs, and more concisely, that sales exceed costs.
However, the word “profits” can prove to be a moveable feast as HMRC, banks and traders will likely have a different
To register or not to register
In the recent Spring Budget, the VAT registration threshold was raised to £90,000 (previously £85,000) which means that smaller businesses that did not want to register for VAT, now have an additional £5,000 of turnover they can make each year without needing to register for VAT.
Obviously, if you