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Business News England
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Welcome to the DPC round up of the latest business news for our clients for 29th April 2024.
Please contact us if you want to talk with out team of experienced Stoke-on-Trent accountants about how these updates affect your business. We are here to support you!
Avoiding Business Pitfalls: 7 things you should NOT do as a business owner
Don’t sabotage your success
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.
Increasing your profit – why it’s not the same as growing sales
Sustainable Business Growth
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.
Increasing profit is therefore a primary objective for businesses that are looking for sustainable growth and success. But is improving profitability as simple as increasing sales?
Hybrid working – what counts as a business journey for tax purposes?
Clarifications issued
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.
Financing your business – what should you know?
What are your finance options?
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.
Switch to digital landlines
VoIP switchover
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.
The new digital phone lines work using a VoIP service, and you will need to switch to a VoIP service to continue using your landline.
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