STARTING A NEW BUSINESS AFTER COVID-19

Not much can stop determined entrepreneurs from building a new business from the ground up, even during such challenging times as a COVID-19 or its ensuing fallout.

The pandemic has proven a huge challenge for businesses, with 396,155 UK firms closing in 2020 according to the Office for National Statistics, as business owners struggled to cope with restrictions and lockdowns.

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COSTS YOU CAN RECLAIM ON THE BUSINESS

If you’re self-employed, your business will rack up various running costs throughout 2021/22. Some of those you’re able to deduct as allowable expenses.

By deducting these allowable expenses as part of calculating your business’s taxable profits, it’s possible for us to reduce your income tax bill in the process.

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STRATEGIES FOR EXPORTS AFTER BREXIT

The UK has left the EU, and for British exporters, that presents both opportunity and uncertainty.
While the new trade agreement places no tariffs or quotas on goods traded between the UK and EU from 1 January 2021, it may come with additional costs and bureaucracy as the UK is no longer part of the single market and customs union.

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BUSINESS ASSET DISPOSAL RELIEF

Last March, one of the headline-grabbing measures announced in what will be the only Budget speech of 2020 surrounded what we knew as entrepreneurs’ relief.
The relief was designed to be an incentive for entrepreneurs to start a new business by reducing the amount of capital gains tax payable when the time came to dispose of (or sell) certain business assets, where conditions are met.

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HOW MUCH IS YOUR BUSINESS WORTH?

Whether you’re making exit plans or you want to give confidence to investors, knowing the value of your business is a vital step. From the inside, it might be hard to say what that value is. You’ve put long hours of hard work into building your business from the ground up, but what does that mean to a buyer or investor in monetary terms?

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POST-COVID-19 SUPPORT FOR BUSINESSES

Since the Budget in March, businesses have seen a stream of different support schemes and policies announced to help them manage the financial impacts of the coronavirus lockdown.

When Chancellor Rishi Sunak stood in the House of Commons again on 8 July, it was in the context of the gradual reopening of the economy, with several lockdown restrictions having been lowered on 4 July.

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DIFFERENT TYPES OF BUSINESS STRUCTURES

You’ve got a business idea, you’ve got the skills, the concept,
the motivation and maybe even someone that’s keen to pay for
your services, but where do you start? What will you call your
business? What business structure will suit it best?

It may be that as your business grows you run through several
different structures, but most firms will set up one way and
remain just that, even as their turnover grows or falls.

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