Maternity Allowance for the Self-Employed Explained

Maternity allowance is a statutory benefit paid to mums to be who are not entitled to statutory maternity leave and pay. When someone is employed, they are usually entitled to statutory maternity pay and leave. Their employer will organise this for them and include it on their payslip before paying it to them on behalf (more…)

4 Business Types Best Suited to Invoice Discounting

Simply put, invoice discounting or factoring is where a business borrows money from a lender who advances the business cash amounts based on their unpaid sales invoices. For this reason, invoice discounting is perfectly suited as a form of finance for certain types of businesses. Recruitment A recruitment business which offers temporary or contract staff typically (more…)

What is the Difference Between Invoice Discounting and Factoring?

Simply put, invoice discounting or factoring is where a business borrows money from a lender who advances the business cash amounts based on their unpaid sales invoices.  Although the process is similar, there is one key difference between invoice discounting and factoring. The Difference between Invoice Discounting and Factoring The main difference between invoice discounting and (more…)

How Does an Invoice Discounting Facility Work?

Invoice Discounting is a widely used form of short term business commonly used across a wide range of industries such as manufacturing and recruitment. What is Invoice Discounting Simply put, invoice discounting is where a business borrows money from a lender who advances the business cash amounts based on their unpaid sales invoices. How Does (more…)

What is Variance Analysis

What is Variance Analysis Variance analysis is the investigation of differences between planned results against actual results. Generally planned results are based upon reasonable estimates, so some level of difference will tend to exist.  Variance analysis is therefore only undertaken where differences are unexpected or above a certain set level. An Example of Variance Analysis (more…)

What is a Business Budget?

What is a Business Budget? A business budget is a forward thinking income and spending plan for a set period of time. Used correctly a business budget is an actionable financial plan, useful for evaluating your businesses performance on an ongoing basis and helping you to achieve your short and long term business goals. The (more…)

6 Simple Ways to Fund Your Small Business

With the growing strain on our economy that has made it difficult to have a good quality life on an average income, it is no surprise that people these days are looking to become self-sufficient. To do that, they’re either taking up multiple jobs or starting their businesses. However, many people will often have a (more…)

Do I Need to Register My Etsy UK Shop for VAT?

The need to register an Etsy UK Shop for VAT comes down to business turnover.  HMRC sets out rules which all businesses must follow that decides whether or not they must be registered for VAT. That being said there are circumstances where a business can choose to voluntarily register for VAT. Regardless of motivation however (more…)

Should I Use a Credit Card to Start a Business?

It can be tough finding the start up capital you need to get your business idea off the ground. Lenders often require business history or for you to personally meet certain requirements to be eligible for borrowing.  So when offers from credit card companies land on your doorstep increasing your credit limits and tempting you (more…)

How Do I Contact HMRC About My Tax Code?

If you have a question or believe there may be a problem with your tax code then get in touch with HMRC by phone on 0300 200 3300. Have your National Insurance ready for this call because HMRC will ask you for this as part of confirming your identity before they can speak to you.