How much does it cost to start a business in the UK?

Natalie Sieberichs Uncategorized

Full article with thanks to https://www.tide.co/blog/business-tips/how-much-does-it-cost-to-start-a-business/#:~:text=According%20to%20this%20study%2C%20new,their%20gross%20revenue%20on%20marketing. But, how much exactly does it cost to start a new business? This figure varies widely depending on your chosen industry, location and venue—launching an online freelance writing business will cost significantly less than opening a brick and mortar retail store. On average, UK startups budget £5,000 to launch. Further, the average UK startup spends  £22,756 in their first year, according to a study commissioned by Geniac. But, as only 42.4% of SMEs survive past their first five years, the key is budgeting enough to not only launch, but survive and thrive in the long-term. In this article, we’ll explain the importance of calculating business startup costs, define the types of startup costs you may encounter and provide tools to help you calculate and organise your small business finances to boost your chances of long term success. Why do you need to calculate business startup costs? Financial preparedness …

What is IR35 and how can I prepare?

Natalie Sieberichs Uncategorized

Full article with thanks to https://www.starlingbank.com/blog/what-is-ir35-and-how-to-prepare/ Please be aware that on the 17th March, the government announced that IR35 tax reforms will be delayed for one year, due to the huge challenges faced by businesses at the moment. The measures will now come into effect on the 6th April 2021. If you’re a freelance contractor providing your services through a Personal Services Company (PSC), you need to know about a tax regulation called IR35. The new rule, which kicks in on 6 April, ensures that private sector clients will determine the tax status of their contractors, rather than the contractor setting it themselves. The aim is to bring the private sector into line with the public sector. It is likely to be the biggest change to how certain SMEs, agencies and contractors get paid and pay their tax in 2020. Following concerns from some contractors on implementation, the government has …