*An asset is something valuable which a business owns or has the use of, such as factories, office buildings, vehicles, computers, stock and so on. A liability is something which is owed to somebody else. A liability is a debt of the business, such as a bank loan or overdraft, amounts owed to suppliers or taxation owed [read more]
How to Save on Accountant’s Fees*If you hire an accountant, you will want to make sure that you are getting value for money. Here are a few tips which may help you bring down your accountancy fees, which may or may not work for your particular business. File your invoices and receipts and reference them to your records. Fill in your cheque book [read more] |
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Other Employee-Related Costs*Here are some other employee-related costs: “Overhead” costs of office accommodation. You will still have a certain amount of costs even if they work from home, such as phone call costs, an internet connection, travel and possible contributions to heating and lighting. Depending on your business, cover for holiday, sickness and absence. Initial training. Ongoing training and [read more] |
HR Cost of Employees*Once you employ someone, you need to consider a whole range of Human Resource issues. Most of these will also have financial implications, whether that be the cost of your time or someone else’s in terms of becoming aware of everything you need to, to the explicit cost of running or oursourcing an HR function. [read more] |
Pensions and Benefits in Kind*On top of their pay, you may offer your employee “perks” such as a company car, clothing allowance, relocation expenses, childcare vouchers and private health insurance, to name a few. Some of these benefits will be taxable in the hands of the employee: that is, the employee will have to pay tax on the financial benefit [read more] |
Gross Pay and Employer's National Insurance Contributions*The cost of employing someone in your business obviously includes their basic wage or salary. It may also include various bonuses and enhancements, such as double-time for working on a Sunday or bank holiday or an attendance allowance to discourage absence through sickness. All of these items add up to the employee’s gross pay. On top of the employee’s gross pay, [read more] |
Naming your Company*I came across this article about naming your company, at Vitamin, by Michael McDermot which identifies five critical steps in naming your company. It recognises just how important naming your company is. You might not agree with everything, but it’s a great starting point. Of course, with some businesses, the name doesn’t matter as much [read more] |
