Selling your business may be the time when you finally get to reap the rewards of a lifetime of work. Or it might be the opportunity to cash in when the conditions are right, before you start your next enterprise. Either way, the sale of your business will be one of the most important things you'll ever do. You only get to do it once, and if you get it right, the financial gains can be considerable. Here are some of the most important issues you will have to consider: Timing the sale When is the right time to sell? In an ideal world, you would sell when the market is booming and before any a ..read more

Summer is often considered a quieter period for businesses, but that doesn't mean you have to sit back and relax, In fact it's the perfect opportunity to take your business to new heights. Here are some ways to get your business summer-ready: Offer seasonal promotions Take advantage of the summer by offering special promotions tailored to the season. Consider discounts or bundled offers on your products or services. Create enticing deals that resonate with customers and encourage them to make purchases during the summer months. Host summer events Organise events that align with the summer sp ..read more

Whether you are starting out or need to borrow money for the next level of growth, as a business owner you should understand if and when a business loan is right for you and your business. Before you consider a business loan, you need to understand what funding sources are available, the application process and what lenders are looking for. You will need a strong business plan and a clear idea of what you need the loan for. Types of business loan There are two types of lending, secured and unsecured loans.  A secured business loan is when your business borrows money and uses an asset as ..read more

Inflation refers to the general rise in the prices of goods and services in an economy. For businesses in the UK, inflation can present a challenge as it can lead to an increase in the cost of raw materials and other inputs, which can have a negative impact on profit margins. When inflation is too high, businesses also struggle to set prices as demand outstrips supply. How does inflation affect businesses? Inflation can have a significant impact on businesses as well as consumers. When the general level of prices increases, businesses may face higher costs and longer wait times for raw materi ..read more

Following the Monetary Policy Committee decision to increase the Bank of England base rate to 4.25%, HMRC has announced increases to both the interest charged on late paid tax and the rate paid on repayments of tax. As HMRC interest rates are linked to the Bank of England base rate, the 23 March 2023 increase from 4% to 4.25% has triggered another increase in rates for late payments and repayment of tax. HMRC has announced that the rate will increase with effect from 3 April 2023 for late quarterly instalment payments. Late payment interest for other late payments will increase from 13 April ..read more

Artificial intelligence (AI) is a rapidly growing field of technology, that is transforming many aspects of our daily lives. It refers to the creation of intelligent machines that can perform tasks typically requiring human intelligence, such as learning, problem solving, decision making and language processing. In this article we will delve deeper into its applications for business in 2023. What is AI? Artificial intelligence is a broad term that refers to any type of computer software that engages in humanlike activities, including learning, planning and problem solving. Machine learning is ..read more

‘Making gin is a relatively simple process…making decent gin is a whole other thing’ In a very crowded market of over 6000 gins in the world (and counting), Brighton Gin are veterans in the craft distilling game. Since setting out in 2013, Kathy and the team have garnered over 20 regional, national, and international awards. Founded prior to gin’s explosion in popularity, Brighton Gin have navigated the stormy seas of Brexit & Covid whilst continuing to grow in Brighton as well as further afield with an international client base. They have always operated by adhering to a firm ethos of su ..read more

Basis period changes You may have heard that HM Revenue & Customs are changing the basis period rules that are used when accounting for tax on business profits. These changes will affect any business that prepares its accounts to an annual accounting date other than 31 March or 5 April, and is therefore likely to affect you. The existing arrangement is that accounting profits are taxed on the ‘current year’ basis, which means that if your accounts year ends on a date such as 30 June 2022, that year’s accounting profits will be taxed in the 2022/23 tax year. The new rules will come into ef ..read more

Last week’s Budget delivered by Jeremy Hunt had a strong focus on pensions, with a considerable volume of analysis and reporting thereafter, and I want to identify the major changes and the opportunities this may now present. In brief, he announced a removal of the pension lifetime allowance (LTA) and the ability to increase annual pension contributions, subject to the tapered annual allowance restriction for higher earners (earnings between £240K - £360K), with effect from 6th April 2023. What opportunities does this present? By removing the current pensions lifetime allowance (£1,073,100 ..read more

Last week’s Budget delivered by Jeremy Hunt had a strong focus on pensions, with a considerable volume of analysis and reporting thereafter, and I want to identify the major changes and the opportunities this may now present. In brief, he announced a removal of the pension lifetime allowance (LTA) and the ability to increase annual pension contributions, subject to the tapered annual allowance restriction for higher earners (earnings between £240K - £360K), with effect from 6th April 2023. What opportunities does this present? By removing the current pensions lifetime allowance (£1,073,100 ..read more