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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LOW-RISK WAYS TO START A BUSINESS

So you’ve got a business idea, and you think it might be a runner.
But then again, just as you’ve geared yourself up to commit, all
sorts of midnight worries start to creep in.

Is now the time? Are people spending money? What about the
sluggish housing market? What about Brexit? And the state of
the local high street – does anyone even go there anymore?

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IDENTIFYING INEFFICIENCIES IN A BUSINESS

Accountants, as a breed, are fans of efficiency. We tend to appreciate optimised systems and abhor waste, whether it’s time, effort or resources being frittered away.
The concept of efficiency as we know it today is a product of the industrial revolution. That’s when engineers and manufacturers became obsessed with squeezing out maximum profit by the smart use of new machinery and the automation of processes.

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RISK ASSESSMENT AND CONTINGENCY PLANNING

It has been a challenging and eventful three years for UK businesses with a series of high-profile incidents highlighting how situations can change suddenly and often without warning.
From the continued pressure of uncertainty relating to Brexit, terrorism, fire, extreme weather and cyber-attacks, how would your business cope if it was affected by something similar?

Read the full article here.

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Capital Allowances for Plant and Machinery

If there’s one thing that keeps us awake at night it’s the thought of how many British businesses are failing to claim capital allowances to which they are entitled – worth billions of pounds across the board, according to some estimates.

Capital allowances provide the mechanism for tax relief on certain types of capital expenditure (the purchase of assets such as office furniture, or equipment) essentially providing a deduction against profits. (more…)

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