small_business_expenditure

Average small business expenditure totals £1m per year

New research from American Express has found that UK small business expenditure has risen to an average of over £1m per year. Overview of small business expenditure research findings Small business expenditure includes all outgoings related to asset purchasing, recruitment and operational costs. These are the key findings from the study – conducted in partnership…

UK small businesses waste over 100 days on admin each year

New research from technology firm Sage has identified that UK small businesses spend an average of 120 working days per year on administrative tasks. Small business staff spend an average of 5.6% of their time on back-office tasks. If staff could increase efficiency by the same amount, it would generate an estimated £33.9bn in additional GDP each year. Many administrative tasks are unavoidable.…

4 top tips for increasing freelancer productivity

There are many ways you can increase your freelancer productivity and your operational efficiency with it. When you’re working solo, the phrase “time is money” really rings true. After all, the buck stops with you. If you’re able to make yourself more productive, you can increase your overall profitability without putting in extra hours. We’ve prepared this…

4 common accounting errors small businesses should avoid

Starting out as a small business owner is hard enough without the worry of rectifying accounting errors. That’s why we’ve prepared this handy list of four common accounting errors to avoid: 1. Confusing cash-flow and profit Mixing these up can jeopardise the development of your business by leaving you unexpectedly short of cash. Cash-flow covers both your incomings and outgoings (overheads, supplier…

3 financial tips for becoming an international freelancer

Becoming an international freelancer is an effective means of diversifying your operations. In today’s digital world, working across borders is easier than ever. Your client can benefit from your specific expertise or local connections, while you can make your services available to a whole new market. But, snapping out of the status quo and setting yourself up…

Small businesses sent inaccurate rates bills from councils

Small businesses have been asked by councils to pay significantly inaccurate business rate bills. This is with the promise of being reimbursed later on. Rates have risen by as much as £3,110 for some businesses, and owners were told to pay up or face a hefty fine. Speaking back in March, an unnamed local authority source described the…

Self Assessment tax is almost due: are you ready?

The day that many entrepreneurs dread is almost upon us. Online Self Assessment tax returns must be submitted by the end of January. Whether you’re a freelancer, contractor, specialist landlord or small business owner, this process can be complex and time-consuming, and lead to some major headaches. But, by getting prepared in advance and using…