Category Archives: Business challenges

Do I need funding for my business? How do I get it?

Research carried out by the British Business Bank in 2019 taught us that 56 per cent of SMEs used finance in the previous three years. Most commonly, this finance is made up of bank overdrafts, credit cards, and loans from individuals, closely followed by bank loans and commercial mortgages.  Since 2020, you’ll know from your […]

What do I do if I have undeclared rental income?

There are thousands of landlords in the UK, owning and renting out second properties. The majority of these landlords declare their income and pay taxes on the profits on their tax return.  But what do you do if you have rental income that you have not yet declared to HMRC? Whatever the reason for it, […]

How full financial support helped Subvision Surveys propel from side hustle to £1.2 million in turnover in seven years

When we first met Jim, Subvision was a growing side hustle, turning over £40,000 as a result of weekend and evening work. At the time, the business was being run solely by Jim with the support of Subcontractor Keith – now a partner in the business. Most business owners in the early stages will relate […]

What is the Domestic Reverse Charge and how does it affect my construction business?

You may have already heard about the Domestic VAT Reverse Charge that came into effect from 1st March 2021. This is a change in the way contractors and subcontractors in the construction industry will account for VAT, specifically aimed at VAT registered businesses working under the Construction Industry Scheme.  These changes can often feel complicated […]

What if I can’t pay my Self Assessment Tax in full by April 1st?

If you missed the payment deadline for Self Assessment on 31st January, there’s good news.  HMRC are giving you more time to pay your Self Assessment Tax due to the impact of Covid-19.  Although the deadline didn’t change in 2021 despite the financial hardship faced by many businesses in the Covid Crisis, taxpayers will have […]

I deferred VAT payments due to Covid 19, how and when do I have to make payment?

Many business owners took advantage of the opportunity to defer VAT in 2020 as a result of the Government’s Covid-19 business relief. While we’re not out of the woods with lockdown just yet, it helps to know when you are required to make repayments, and how you can go about doing that.  The good news […]

How can I cut costs in my business without losing productivity?

Cashflow problems can cause any businesses to fail. Making these small changes in your business will help you stay afloat when every penny counts.