Monthly Archives: August 2021

How can leaders get the best out of their team when the pressure is on?

By Clive Woodward on Small Business – Advice and Ideas for UK Small Businesses and SMEs

It’s safe to assume anyone in a management or leadership position has felt the extra pressure over the last 18 months. In a constantly changing and uncertain environment, tasks such as motivating teams, running training sessions or just keeping a clear overview of projects came with their own set of unique challenges. What’s more, working remotely means it’s even harder to ensure team members, and leaders themselves, are working collaboratively and performing to the best of their ability, especially when the pressure is on.

Boris Johnson’s latest announcement means that employees are now able to return to offices across the country, yet three quarters (73 per cent) of Brits are set to continue working from home. It’s more important than ever before for leaders to be prepared to handle pressure, as well as have the ability to coach their team to perform in challenging circumstances too. 

At a recent event hosted by the Executive Development Network (EDN), Sir Clive Woodward, England’s Rugby World Cup winning Head Coach, and Team GB Director of Sport for London 2012 provided his own unique perspective on vital strategies for leading and

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Nearly 300,000 sole traders face increased tax bills

By Timothy Adler on Small Business – Advice and Ideas for UK Small Businesses and SMEs

Nearly 300,000 sole traders face bigger tax bills than expected next year, following the government’s proposal to change the date small businesses report profits.

The move, which also affects partners in accountancy and law firms, would generate billions of pounds for the Treasury years before it would otherwise have received the money.

The changes to tax bills will also eat into the amount of working capital sole traders have for five years as they now have to pay more tax earlier.

>See also: Why the Government’s new insolvency bill is bad news for sole traders

A consultation and draft tax bills legislation published last month revealed plans to alter the 12-month period sole traders use to calculate profits, to bring everyone in line with either March 31 or the end of the tax year on April 5.

What this means is that the date sole traders have to pay their tax bills – which small businesses are currently able to defer by having a later date for their end-of-accounting year – will be brought forward.

According to the Financial Times, the measure is expected to affect 280,000 sole traders, based on

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Cash in on tax credits – how to claim for R&D

By Martin Sharkey on Small Business – Advice and Ideas for UK Small Businesses and SMEs

What is an R&D credit?

Research and development (R&D) tax credits are a government incentive designed to reward UK companies for investing in innovation. They are a valuable source of cash for business to invest in accelerating their R&D, hiring new talent, and ultimately transform your business. The government benefits from increased productivity which impacts the economy and can effect positive change on a global scale. The businesses over the last 20 years have claimed approximately £33bn.

Businesses that spend money developing new products, processes, or services, or enhancing existing processes are eligible for R&D tax relief. If you are spending money on innovation, you can make an R&D tax credit claim to receive either a cash payment or corporation tax reduction. The scope of qualifying R&D is huge – in fact, it exists in every single sector. If you are making a claim for the first time, you can claim R&D tax relief for your previous two completed accounting periods.

What qualifies for R&D tax credits?

From agriculture to construction to fintech, all sectors that have the scope for research and development are eligible to claim tax credits.

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Quickbooks review and pricing: is it worth the cost?

By Alice Feilden on Small Business – Advice and Ideas for UK Small Businesses and SMEs
QuickBooks – best for fast-growing businesses

Parent company Intuit was founded in 1983 and the QuickBooks brand was introduced in 2002, with QuickBooks Online following two years later. Today, QuickBooks has 2.2 million users across 225 countries.
Getting your head around small business accounting software can be tricky. Many small business owners fret about whether they will understand the software, whether it is worth the cost and if they really need the added security. This handy guide will explain some of the reasons QuickBooks is worth its salt for multi-tasking entrepreneurs.
What is QuickBooks and what is it used for?
QuickBooks is an accounting software designed to be used by small businesses. It is one of the most popular software of its kind. Businesses often use it to keep track of their finances and manage income and expenses. It can also be used to invoice customers, pay bills, generate reports, prepare taxes and track cash flows. QuickBooks accounts tend to either be managed in-house by business owners themselves, while others outsource to a bookkeeper. Whatever your choice, QuickBooks offers a number of products to suit any business, from one-man-band

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