News and Articles
How much holiday pay to give your staff.
For a 5-day week worker, the entitlement is 5.6 paid weeks or 28 days per annum which can include public holidays. In the case of 6 days per week workers, it is capped at the 28 days. It is calculated from the first day of employment. For those working less than a...
STARTING A FOOD BUSINESS?
STARTING A FOOD BUSINESS? When you start a new food business or take over an existing business, you must register with your local authority. You should do this at least 28 days before food operations start. This applies to food businesses trading: from physical...
How to Distinguish Between a Budget and a Business Plan
How to Distinguish Between a Budget and a Business Plan Budget In simple terms a budget is a financial forecast for you to use internally as a base point against which future results can be measured. It is created based on what you and your team can commit to. It can...
Topping up your state pension – 31st July Deadline
Topping up your state pension - on missing gaps Are you a man born after 6th April 1951 or a woman born after 6th April 1953? If so and, if you have any gaps in your National Insurance record you have a special opportunity to top up contributions back to April 2006...
New Digital Patents service
New Digital Patents service The Intellectual Property Office (IPO) will be launching a new digital patents service soon. The timeline is: September 2023 New patents search service. Spring 2024 Launch of “One IPO” Winter 2025 Further enhancements to One IPO....
New minimum wage rates from 1 April 2023
New minimum wage rates from 1 April 2023 A handy reminder of the new numbers: Age Old rate New Rate %age 23 £9.50 £10.42 9.7% 21-22 ...
Collecting debts in 12 easy steps
When onboarding a new customer and offering credit terms, make sure you have details of the person to contact about payment. Always send a statement electronically at each month end (if monthly terms). This should be easy with modern software. Delegate someone...
Big change to Company Law on the horizon
Big change to Company Law on the horizon The white paper on reform to the Company Register, sets out a series of adjustments for businesses for 2023 to “safeguard our national security and reduce the economic and social costs of fraud,” the white paper laid out that...
Furlough claims – Ooops!
Furlough claims – Ooops! Many businesses have inadvertently made errors in their furlough claims and a small number have knowingly over claimed. HMRC say they are not writing anything off and have legal powers to recover this money up to 20 years after the event....
WHAT IS A DIRECTORS LOAN ACCOUNT? – (DLA)
WHAT IS A DIRECTOR’S LOAN ACCOUNT? If your business is set up as a Company rather than a Sole Trade or Partnership, it is important to remember that the Company is a separate legal entity. It is “Corporate” from the Latin “corpus” meaning body and has its own legal...
Interest rate conundrum
Interest rate conundrum... We have probably forgotten how exceptional the low interest period from 2009 to 2021 was. The Bank of England chart below brings it home. Before the 2008 financial crisis, interest rates were around 5% which was needed to control...
When you own more than one restaurant…
When you own more than one restaurant