I hope holidays are something which all of us are looking forward to. On 6th April 2020, the reference period for calculating the holiday pay for variable hour workers increased from 12 to 52 weeks. Let us look at the available number of paid leaves in a year for regular employees and part-time employees. Also, what are holiday pay, the number of paid holidays in a year, holiday hours, and leave entitlement
A director is the spine of a company and makes all the daily decisions in managing the company operations. After all, the success of the company depends upon the actions and decisions taken by a director. Therefore it’s fair to say that a director is a responsible position. Let’s take a look at the eligibility and director’s tax responsibilities
The growth and success of a business do not entirely rely on revenue. Yes, revenue is an important component as it maintains the cash flow of the business and allows the business to meet its expenses. However, for any successful business to expand you need to operate the business efficiently and increase the net profit. For properly forecasting and managing your expenses you need to ensure that you have well-maintained accounts. This allows you to understand the present state of your business and action accordingly. Accounting is the language of business, however, it is not a task enjoyed by everyone. Therefore, we take a look at the benefits of using an online accountant.
Entrepreneurship is a dream for a lot of individuals across the globe. However, being an entrepreneur is not an easy task and there are various challenges that arise through the journey. Even though the startup environment has seen great progress over the years, there are still some failures. Therefore it is important that the essential factors for a successful business have been considered before launching. This allows you to create a better strategic plan and a course of action for your business.
Have you heard of the term balance sheet? What does the word bring to our mind suddenly? Something that balances, as it is related to accounting it would be related to business. In accounting balance sheet is one of the most important financial statements. Accountants and businesses across the world use it to view their business position. Hence, it is also known as the statement of financial position.
The identity of all businesses is the name of the organization. Your business must have an appealing name that people must not just feel attracted to but also must remember. If your customers can remember your name then that is a massive success for your organization. The importance of a good name is not a debate. However, choosing one is a hard task for many. There are a lot of factors that you must consider while naming your business. We will take a look at 4 of these common factors.
A sole trader is the simplest type of business structure defined in UK law. It refers to an individual who owns their own business and retains all the profits from it. There is no legal distinction between the owner and the entity. Therefore, you are personally responsible for the business bills, keeping accurate records of your business, and you are personally liable for any losses. We will now dive into the structure, advantages, disadvantages, and tax responsibilities of a sole trader.
There is a perception that profit is the key to success. Profit is an essential stat for the success of the organization and there is no arguing that fact. But for a business to run effortlessly cash flow is a must. Imagine you have orders to fulfill and you need to purchase raw materials for your production and you don’t have the cash to fund the purchase, you won’t be able to fulfill the orders and you won’t generate any profit. Yes, all entrepreneurs work hard to earn profit but understanding the importance and mastering to operate according to the situation boosts your chance of success.