As a small business owner you almost certainly need a dedicated business bank account. This can take weeks or even months through the traditional high street banks. However with a Tide business account you can be up and running in a matter of minutes. Accounts like this aren’t for everyone so let’s have a look at some of the pros and cons of a Tide account. Welcome to my brutally honest Tide bank review. Who is it for and who isn’t it for? And is Tide even a bank account?
So you’ve set up in business, you’re making money and everything is good. But have you thought about having your own limited company? There are several advantages of a limited company and in this article we’ll chat about some of the basics.
It’s taken a global pandemic and a potential world war but the UK is finally scrapping the legacy and utterly bizarre National Insurance thresholds. From July 2022 our income tax and NI thresholds will align.
There’s good news and bad news. Income tax rates generally aren’t increasing. However as inflation steadily rises tax breaks such as your Personal Allowance are now locked in until 2026. Coupled with forthcoming rises in national insurance, corporation tax and dividend rates the net impact for small business owners is a substantial and quite sneaky tax increase over the next few years.
Tide have identified a pain point of most small businesses and that’s cash flow management. Cashflow Insights from Tide is a free service that let’s you connect your business bank account to Tide via Open-Banking to help resolve this problem. So what is it and what does it do?
I’m not going to get in to the politics of Brexit – far too busy for that. Like it or not though this is history in the making and it’s very likely to have an impact on your small business. I thought it would be interesting to put together a consolidated timeline of events. An impartial version of the story of Brexit… so far.
The 2021/22 tax year in the UK runs from 6th April 2021 to 5th April 2022. Tax returns for this tax year are generally due by 31st January 2023. Here are some of the most common at-a-glance figures you might find useful for the tax year.
Yes folks, here we are again. We have a 3rd and 4th lockdown grant. The government have announced the UK will be in lockdown from the 5th Nov to 2nd Dec 2020. This will be devastating for a lot of small businesses who were just getting back on their feet. The good news is there’s more money available through the self employment income support scheme grant. The bad news is they will only cover 55% of your profits at best versus 80% for furloughed employees. Oh, and a lot of businesses won’t qualify for them at all. Are self employed folk really 30% less important than employees? Let’s take a look at how it all works.
I’m a big fan of challenger banks in the UK. The big players have caused enough problems over the years and competition is always a good thing. Today, by popular demand, I’m taking a look at Starling Bank. Is this the final nail in the coffin for traditional high street banking?
Here's the spreadsheet I used for the Profit Explanation video. It's what I use to work out the difference between Gross Profit, Net Profit, EBITDA etc.