Recent surveys of UK business owners show us to be under pressure. This is no surprise. As a business owner, you’re constantly juggling multiple responsibilities and facing a myriad of challenges. While there are countless strategies for success, it’s equally important to be aware of potential pitfalls that could derail your efforts. In this article, we’ll explore seven common mistakes that business owners should avoid at all costs.

The so-called Micawber principle, as stated by Wilkins Micawber in Charles Dickens’ novel David Copperfield, says: “Annual income twenty pounds, annual expenditure nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.” This widely used quote on personal finance is just as relevant for business finance. For any business to be successful and sustain itself over the long term, it must make a profit, i.e. revenue must exceed costs.

HM Revenue and Customs (HMRC) have updated their guidance on what qualifies as ordinary commuting and private travel for tax purposes to include hybrid or flexible working. Generally, where an employee works at home as an objective requirement of the job, then HMRC will usually accept that the employee is entitled to tax relief for the expenses of travelling from their home to another workplace, such as the office, when this is in performance of the duties of their job.

Growing a business often requires capital. If you don’t have that capital personally or already in the business, then one option is to get finance from a bank. What types of finance are available? How can you present a request to a bank and have it accepted? We will endeavour to answer those questions in this article.

Since it was decided in 2017, landlines across the UK are being updated by telecom companies to new digital technology using an internet connection. The switchover should be complete by December 2025. The old analogue system, referred to as Public Switched Telephone Network (PSTN), has reached end of its serviceable life, and telecom companies are now finding it difficult to source the parts they need to continue maintaining it.

Larger corporations often have dedicated purchasing departments to handle procuring supplies, services and other business purchases. The government recently published a press release congratulating its procurement department on its 10th anniversary for saving taxpayers £3.8 billion last year. Specialising in this way allows for finding or negotiating the best deals for purchases and can save businesses considerable amounts of money.

According to the latest figures released by the Office for National Statistics, the Consumer Prices Index (CPI) rose by 3.2% in the 12 months to March 2024. This is down from 3.4% in February. The main reason for the change was that prices for food are rising by less than a year ago.

HM Revenue and Customs (HMRC) have published guidance on a new online service to help businesses with their import duties and VAT accounts.
If you or your business are involved in importing goods into England, Scotland, Wales and Northern Ireland, you can use the new service to get your import VAT statements and certificates; manage your payment accounts; and manage or view authorities.

New guidance has been published by HM Revenue and Customs (HMRC) to help legal representatives find out what they need to tell HMRC to calculate the lump sum death benefit charge. When someone passes away and their estate includes certain financial products like pensions or life insurance products, any lump sum death benefit received by the beneficiaries might be subject to inheritance tax.

HM Revenue and Customs (HMRC) are running a campaign to help people avoid being caught out by tax avoidance schemes. This is particularly relevant to those who are contractors, agency workers, or are working through an umbrella company.

From 1 May 2024, the VAT road fuel scale charges will be updated. The new rates will need to be used from the start of the next VAT accounting period that begins on or after 1 May. So, if your next VAT quarter starts on 1 June, you will begin using the new rates for the quarter that begins on 1 June.

New employment laws came into force on 6 April 2024 that apply to all businesses. This article provides a brief summary of the changes for flexible working, carers leave, pregnancy and family leave and paternity leave.

The Labour party has published their plan to close the tax gap – the gap between tax owed and tax paid – which is estimated at £36 billion. The plan broadly proposes to do this by boosting tax compliance. Labour plan to be able to raise up to an additional £5 billion a year as a result of their proposed measures.

DPC accountants Stoke-on-Trent understand the importance of leveraging technology to drive efficiency and innovation in business operations. In this article we will introduce you to the concept of generative artificial intelligence (AI) and the transformative power it could have for your business. Now, you might be wondering, what exactly IS generative AI?

New Disability Confident guidance has been published to help managers recruit, retain, and foster the progression of disabled people and those with health conditions in the workplace. The Disability Confident scheme is voluntary and helps employers make the most of the opportunities that can come from employing and developing disabled people.

A new consultation has been launched to find out how the law could be updated to make it easier for organisations to apologise more when they make mistakes. Many organisations are reluctant to apologise because they are concerned that it will be interpreted as an admission of fault.

Prior to the tax year starting each 6 April, HM Revenue and Customs (HMRC), will issue new tax codes to employees, usually where there is a change of tax code. These tax codes, a series of letter and numbers, allow employers to deduct the right amount of tax to be deducted from each employee when the payroll is run.

It has been a difficult winter for many farmers with flooding and extreme weather damaging agriculture and property and equipment. Some farmers have suffered uninsurable damage to their land as a result. A Farming Recovery Fund has now been opened by the government to support these farmers.