Value-added tax (VAT) is a kind of tax that is levied on consumption rather than income. It occurs when a product is taxed as it becomes more valuable through the supply chain — meaning from production to the point of sale. Since it is a consumption tax, VAT is applied…

As a business grows, a business owner will need more help professionally and personally to continue its operations, a sample of that would be the key advisors of businesses. Many business owners do not always know whom to turn to grow, manage, and operate a business. This is why it…

The pandemic does not only affect the health and safety of society. It is also crippling the economy of all countries, hurting the livelihood of millions. The mandatory cancellations, distancing, and lockdowns are not conducive for most businesses. To keep their ventures afloat, companies do not have any other options…

As your company grows, you will most likely want to hire a professional to do the real work: managing your finances. A business owner can only do so much. It is an edge and an excellent entrepreneurial practice to know your business’s ins and outs, from the manufacturing process to…

The VAT Reverse Charge (for buildings, construction services) is simply the change of how VAT is handled in the UK Construction Industry Scheme. It applies directly to services and does not include the materials used in the scenario, as this can be provided separately in front of the construction service. What You Need To Do with the VAT Reverse Charge …

Springtime is just around the corner, and we all know what that means — budgets! UK Spring Budget 2021 and grants extension. Oh, were you expecting something else? Kidding aside, let us get down to business. This previous week, Chancellor Rishi Sunak has announced a few updates that will undoubtedly…

The UK economy is, without a doubt, struggling due to the backlash of the extended Coronavirus lockdown period. Just March of this year, an estimated 21,000 more businesses have filed for bankruptcy than in March of last year. While some argue that these businesses would have failed with or without…

In the 1980s, Richard Thaler, the godfather of behavioural economics, came out with the Beer on the Beach Experiment and found that people on a beach were willing to pay more for a cold beer purchased from a five-star hotel than from a rundown grocery store. This goes against what…

Firstly let’s start with what is Gross Margin (also called Gross Profit) It is: Sales — Cost of Goods Sold (or direct costs) = Gross Profit So let’s say that a client pays you £100 a month, and you have to get a new user license for the software, for…