Being self employed (a sole trader) is the most common kind of business model in the UK. Don’t let this fool you into thinking it’s always the best decision, though. There are a range of advantages in setting up your business as a limited company, which you could be missing out on. Here are three of the biggest reasons to choose a limited company model. Image: Flickr First of all, there’s a big tax advantage compared to being a sole trader. In most cases, you’re likely to pay considerably less tax than you would operating as a sole trader. All companies are required to pay corporation tax. This was once divided into a ‘small profits rate’ and a ‘main rate’ with a 1% difference. Since 2015, both tax rates are set at 20%.
Jan 25 2016More
Being in debt is never a lot of fun. And it can be very stressful trying to keep all your creditors happy. If things are starting to get out of your control, here are some ideas that might help. Image Source Get Rid of the Credit Cards If you want to reduce your debts and manage them better, the first thing you should do is cut up your credit cards. It’s impossible to move in a positive direction if you’re continuing to rely heavily on credit. It’s not a positive thing, and you should definitely not be doing it if you’re already in a messy financial situation. It might be a difficult thing to do at first. But it will be worth it in the long-term when you are finally managing to pay off your debts and regain financial control. Consider
Jan 19 2016More
Believe it or not, the sugar industry has become even more profitable in recent times. There are different reasons for that, some of which we will discuss in a moment. However, you’re reading this post because you want to get the lowdown and find out how you could make money. Well, there are a few different ways to get started, and we’ll discuss them on this page. When all’s said and done, the sugar industry is similar to all other commodities. So, you can follow the same processes you would use when earning a living from wheat, grain, and other items. Trade sugar stocks and shares Becoming a stock market trader might seem like a big move if you have no experience. Even so, it’s much easier to get involved than most people imagine.
Jan 15 2016More
Every great product came through a long and intricate prototype process. Whether it’s the iPhone, your GoPro, or a simple toothbrush, it all goes through rigorous rounds of testing. If you or your business is thinking about launching a product, you need to do the same. A prototype is essentially a mock product that you’ll use to test. You’ll test its materials, functionality, and usability, and then get feedback on the product. This all helps you craft the perfect design and functionality before launching. So, how do you create one of your own. And importantly, how do you do it while remaining financially stable? 1. Research - Before you even think about building the product or its prototype, you need to engage with the research. The
Dec 15 2015More
Last month, we took a look at the operating costs your business should expect in detail. This time around, we're going to focus on the ways you can drastically reduce these outgoings. Especially in the case of small businesses, financial sustainability is paramount. And sure, you have to spend money to make money, but you still have to live within your means. If you want to achieve any kind of growth as a company, you may need to look at scaling down in the right areas. I know, it seems counterintuitive, doesn't it? But there's a method to the madness here. How can cutting back ultimately help you grow your business to unparalleled heights? Allow me to explain how, by targeting these three areas, you can reduce outgoings and expand simultaneously. Downsizing I'm
Nov 27 2015More