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.…

Are the costs of freelancing about to rise?

The costs of freelancing are set to rise in the immediate future. This is according to 92% of freelancers surveyed by The Association of Independent Professionals and the Self-Employed (IPSE). It was the headline statistic from their Freelancer Confidence Index, which sampled a large group of UK-based freelancers in May and June 2017 Speculating on the causes…

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…

What is tax investigation insurance?

Tax investigation insurance protects your business from the costs of a tax investigation. It is one of many means small business owners, contractors, freelancers and landlords should be considering to maintain financial stability. However, it is also an additional expenditure that you will need to assimilate into your overall cash flow. So you need to make sure the outlay will be worth it. What…

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…

Should you hire employees or freelancers?

So, you’ve reached the stage where you can’t go it alone any longer, and there’s only one question in your mind: “Should I hire employees or freelancers?” Both present distinctly different benefits. And, ultimately, the answer depends on the unique characteristics of your small business. Employees vs freelancers: the pros and cons To help you…

How will the business rate changes affect small retailers?

This April, business rate changes are coming into effect. This will drastically affect small retailers in the South East, as their rates will soar sky-high. Those in more rural areas may fare better, but there is no doubt that larger Internet corporations will be the ones who profit most from these changes. What are the…