Financial Control – Managing Financial Risk

Financial Control – Managing Financial Risk

Managing financial risk: What every growing SME needs to know In the wake of the global pandemic, and with continued market turbulence across many industries, business risk is quite understandably one of the biggest challenges that SME business owners report they’re...
Financial Control – Get paid on time!

Financial Control – Get paid on time!

Financial Control – How to get paid on time – 10 top tips for SMEs Getting paid, on time, by your customers should be the norm but yet for many SMEs, it can be one of their biggest challenges and one of their greatest financial stresses. “But I don’t want to...
Profit vs Cash Flow

Profit vs Cash Flow

Profit vs Cash Flow – Why you should care and how to improve both! Editors Note: Expert content needs an expert content writer and Yorkshire Powerhouse is pleased to publish this business advice article on SME Accountancy and Management Accounts, kindly written by a...
Taking card payments

Taking card payments

Taking card payments, negotiating the minefield There is no doubt that the movement from cash to card payments continues to move forward rapidly, it is anyone’s guess when the world will become cashless, but almost all businesses will require the ability to take...
Invoicing

Invoicing

Invoicing First rule is to get the invoice itself right as this document is your route to cash. Invoices – what they must include You must clearly display the word ‘invoice’ on the document. An invoice must include: A unique identification number / invoice number Your...
Bookkeeping Best Practice

Bookkeeping Best Practice

Bookkeeping Best Practice To run a successful enterprise and be compliant to the legal aspects of running a business, you must keep clear and accurate records of all the income and expenditure associated with your activity. In this article, we will talk about...
Personal Liabilities

Personal Liabilities

Personal Liabilities and Personal Taxation In the UK, everybody who earns over the Personal Allowance (£12,570 for 2022/2023, but you can check rates on HMRC) must pay income tax. You also get a tax-free allowance for income relating to savings interest and dividends...
Corporation Tax

Corporation Tax

Corporation Tax Welcome to this introduction to corporation tax, which hopefully you will find useful. At its simplest, corporation tax is only paid by companies who are registered in the UK.  If you’re operating as a sole trader or partnership you don’t need to worry...
VAT – an overview

VAT – an overview

VAT – an overview VAT came to the UK in 1973 when we joined the EU – even though we have now left the EU, sadly we have not left VAT…. For an idea of importance to the treasury, in 2019 – 2020 VAT accounted for £148 billion from VAT, for a comparison...
Crowdfunding

Crowdfunding

Crowdfunding: Getting other people to fund your new product development When you are launching a new product or a new company the hardest thing is to find out if people will actually buy it. Your friends will often tell it is a great idea but that is not the same as...
Types of Finance

Types of Finance

Types of Finance The biggest issue most people face when starting a business is knowing how much money is needed to successfully start and sustain the venture and how to raise the funds. How much do you need before starting? How much do you need to launch? How much do...
Insolvency and how to avoid it!

Insolvency and how to avoid it!

How to Avoid Insolvency and Manage Cashflow Success in business and avoiding insolvency is all about managing your business risks. This can be achieved by focusing on 4 key areas Ensure that you have sufficient working capital at all times to maintain the business...
Good Debt Collection Practice

Good Debt Collection Practice

Debt Collection & Recovery – The D Word! There are very many cloud-based accounting packages available these days such as Xero, QuickBooks, and Sage. If used to their full potential, they can cover the full credit control escalation process and chasing cycle, all...
Tax

Tax

Business Tax – an overview At Yorkshire Powerhouse, we provide advice to startups, and small and medium-sized businesses to support them and help them grow.  An element of that is to be as tax efficient as possible.  This is not only about reducing the overall tax...
Collecting Payment

Collecting Payment

Collecting Payment It is unfortunately common for really profitable businesses to go bust because they have a poor cash flow model or because they don’t collect the debts due to them. This is not just a case of ‘not collecting payment’ though. A good business...
Bookkeeping

Bookkeeping

Bookkeeping Keeping accurate bookkeeping records is absolutely essential to comply with the law and to keep peace of mind – but knowing your numbers and recording your numbers accurately is a business discipline that strong businesses practice constantly. There are...
Choosing the Right Accountant

Choosing the Right Accountant

Choosing the Right Accountant The vast majority of small businesses use an external accountant. Complying with HMRC and all the legal filing regulations is a complex and ever changing task. It is perfectly legal (and possible) to do it yourself, but very few...
Why do I need an accountant?

Why do I need an accountant?

Why do I need an accountant? Editors Note: Expert content needs an expert content writer and Yorkshire Powerhouse is pleased to publish this business advice article on SME Accountancy, kindly written by a real expert in her field – Victoria Wainwright, Managing...
Raising Finance

Raising Finance

Raising Finance Raising Finance is generally the most difficult task for start-ups and SMEs (“small medium enterprises”) capable of scale-up and significant growth. This is despite the fact that successive governments, the major banks and other lending institutions...
Grants & Funding FAQ’s

Grants & Funding FAQ’s

Grants & Funding FAQ’s If you are interested in seeking grants or financial support for your business then also read our full advice article on grants and funding. To help you with the basics, here are some commonly asked Grants & Funding FAQ’s: I heard grant...
Self Employed Expenses

Self Employed Expenses

A Guide to Self Employed Expenses FACT: Self Employed Expenses can be confusing “Can I claim for the computer I just purchased?” “I travel to my customers – how do I reclaim for fuel? “I took a customer out for lunch – is it tax deductible?” These are just some of the...
Steps to maximise your cashflow

Steps to maximise your cashflow

Steps to maximise your cashflow Working Capital When starting a business it is crucial to secure adequate working capital from sources such as personal funds, grants, loans or possibly outside investors to ensure there is always sufficient cash resource to support the...
Dealing with Creditor Action

Dealing with Creditor Action

Dealing with Creditor Action How company directors can minimise the costs of dealing with creditor claims and ensure the survival of their company when threatened with creditor action. If you are the director or adviser of a company dealing with a large business...
Personal Bankruptcy: The basics

Personal Bankruptcy: The basics

Personal Bankruptcy: The basics Personal Bankruptcy is a formal mechanism within English Law which allows the assets and liabilities of an insolvent individual to be dealt with. A trustee will be appointed to administer the bankruptcy estate and will realise the...

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