Business Knowledge Hub - Posts

Unlocking the VAT Flat Rate Scheme: Is It Right for Your Business?

Posted by Emma on 27th Feb 2025 Reading Time:

Imagine running a small business and facing the quarterly dread of VAT calculations—hours spent sifting through receipts, tallying up sales, and wrestling with HMRC forms. What if there were an … read more

How to Talk to Customers About Fish Prices – Free Printable Guide

Posted by Emma on 15th Feb 2025 Reading Time:

Fish prices are climbing, and customers are asking questions. Some businesses react by posting bad news online or putting up negative letters or posters, but that’s not the answer. Well-inf … read more

Maximise Your Fish & Chip Shop's Profits with These Helpful Business Calculators

Posted by Emma on 30th Jan 2025 Reading Time:

Running a successful fish and chip shop isn't just about great food—it's about mastering the numbers. With rising costs and tight margins, making wise financial decisions has never been more importa … read more

Legal Distinction: Composite vs. Separate Supplies

Posted by Emma on 19th Oct 2024 Reading Time:

The distinction between composite supplies and separate supplies under VAT law is at the core of the KFC dip pot VAT case—and many similar cases. Composite Supply: A composite supply occurs whe … read more

How Pro-Rata Works for Pay and Holiday Entitlement

Posted by Emily on 19th Oct 2024 Reading Time:

Employers often encounter the term “pro rata,” especially when dealing with part-time or temporary employees. But what does it mean to pay someone on a pro-rata basis? In essence, pro-rata pay invo … read more

Breaks at Work: What Are Your Employees Entitled To?

Posted by Emily on 19th Oct 2024 Reading Time:

Every business owner has an obligation to provide employees with certain rights regarding breaks. While the law doesn't require that breaks be paid, it's essential to understand what break entitlem … read more

Corporation Tax in the UK: A Comprehensive Overview

Posted by Emily on 19th Oct 2024 Reading Time:

Corporation tax is charged on the profits of companies and other organisations operating in the UK. It’s paid annually based on a company’s taxable income, which includes earnings from trade, inves … read more

Navigating the New Sexual Harassment Law: What Employers Need to Know

Posted by Emily on 13th Oct 2024 Reading Time:

Recent headlines about sexual harassment have put a spotlight on workplace culture, reminding employers across sectors of the importance of proactive policies. The introduction of the Worker Protec … read more

Saving For Tax

Posted by Emma on 22nd Apr 2024 Reading Time:

Managing taxes efficiently is crucial for both limited companies and sole traders. A proactive approach to saving for taxes ensures compliance and enhances financial strategy. For limited companies … read more

Why Keep a Cash Reserve

Posted by Emma on 21st Apr 2024 Reading Time:

The COVID-19 pandemic underscored the importance of maintaining a cash reserve for unexpected situations. A robust cash reserve provides flexibility, allowing your business to seamlessly navigate d … read more

Understanding Gross Profit and Net Profit

Posted by Emily on 16th Apr 2024 Reading Time:

Gross profit and net profit may seem like technical terms, but they are crucial in assessing your business's financial performance. Let's explore what each means and why it matters. What is Gr … read more

Profit Margin vs. Markup: A Clear Distinction

Posted by Emma on 16th Apr 2024 Reading Time:

Profit margin and markup, though often confused, are distinct financial metrics crucial for effective pricing strategies. While both rely on revenue and costs, they serve different purposes in anal … read more

The Business Guide to Dynamic and Surge Pricing Models

Posted by Emma on 2nd Mar 2024 Reading Time:

Dynamic pricing and surge pricing are pivotal strategies in the modern business landscape, offering flexibility and responsiveness to market demands. Understanding the nuances between these models … read more

Full Expensing: Transforming Capital Investment in the UK

Posted by Emily on 1st Feb 2024 Reading Time:

Starting from 1 April 2023 until 31 March 2026, UK corporations can benefit from a significant tax advantage. Full expensing allows a complete first-year tax deduction on qualifying plant or machin … read more

Why Management Accounts are Crucial for Your Business

Posted by Emily on 24th Jan 2024 Reading Time:

Just as you wouldn't drive a car without consulting its dashboard, navigating a business without management accounts is equally risky. How else would you know the speed and direction of your busine … read more

Understanding EBITDA: Understanding Its Role in Business

Posted by Emily on 24th Jan 2024 Reading Time:

EBITDA, or 'Earnings Before Interest, Taxes, Depreciation and Amortisation,' is a key profitability metric. It limits a company's core performance by excluding non-core financial elements. However, … read more

Understanding Rent Reviews in UK Commercial Leases

Posted by Emma on 16th Jan 2024 Reading Time:

As a business owner, managing financial commitments is vital for sustainability. Rent for your business premises is a key expense, typically consistent in amount and frequency as outlined in your c … read more

Easy Guide to TUPE

Posted by Emma on 29th Oct 2023 Reading Time:

TUPE is like a safety net for workers when another business takes over the company they work for. It makes sure that employees don't just lose their jobs or rights because of this change. Brea … read more

Behind the Numbers: Mastering The Balance Sheet

Posted by Emily on 29th Oct 2023 Reading Time:

In the UK, businesses must prepare and submit balance sheets annually. But what exactly is a balance sheet, and why is it crucial? This easy-read guide breaks it down for you. What Is a Balanc … read more

Are Your Food Deliveries Properly Insured? A Must-Read Guide

Posted by Emily on 6th Sep 2023 Reading Time:

In the bustling world of food delivery, there's a growing concern that many businesses might not have adequate insurance coverage. If an accident happens, not only could your business be on the hoo … read more

Guard Your Fish & Chip Shop Against Fires: Essential Tips

Posted by Emily on 10th Aug 2023 Reading Time:

For every fish and chip shop owner, the fear of seeing their business, their pride and joy, up in flames is ever-present. Beyond the economic implications, a fire threatens the well-being of staff, … read more

Considering a Loyalty Scheme? Here's What You Need to Know.

Posted by Emily on 10th Aug 2023 Reading Time:

Have you ever considered setting up a loyalty scheme to show appreciation to your dedicated customers? Loyalty programmes not only incentivise repeat business, but they're also a powerful marketing … read more

Thinking of Letting Someone Go? Key Considerations Beforehand

Posted by Emily on 8th Aug 2023 Reading Time:

Making the decision to dismiss an employee is seldom straightforward. Even seasoned managers might find it difficult to part ways with a longstanding team member. Nonetheless, reshaping your team c … read more

Credit Cards for Business: Pros, Pitfalls, and Perks

Posted by Emily on 8th Aug 2023 Reading Time:

Hey there! I bet loads of you whip out a credit card for your personal shopping. But ever thought of having one just for your business? If you're savvy, using a business credit card can be a r … read more

Understanding Essential Accounting Terms For Your Business

Posted by Stelios on 8th Aug 2023 Reading Time:

As a business owner, you shouldn't rely solely on your accountant for financial insights. Even though diving into accounting terms might seem low on your priorities, understanding the basics can be … read more

Beyond Price: Getting Comprehensive Business Insurance

Posted by Stelios on 8th Aug 2023 Reading Time:

When renewal season approaches, the question is often: "Where's the cheapest? Insurance" While it's natural to want a fair price, the cheapest doesn't always mean the best. Remember, every business … read more

A Guide to Buying a Fish & Chip Shop

Posted by Emily on 7th Aug 2023 Reading Time:

With an influx of aspiring entrepreneurs eager to dip their toes into the fish and chip industry, it's no surprise that we're frequently sought for advice. The thrill of acquisition can quickly bec … read more

The Profitable Equation: Your Business + the Right Accountant

Posted by Emily on 7th Aug 2023 Reading Time:

A frequently asked question is whether hiring an accountant is a worthwhile venture. In simple terms, the answer is yes, it is worth it. Now, let's delve into the process of selecting the righ … read more

Considering Selling Your Fish & Chip Shop?

Posted by Emily on 6th Aug 2023 Reading Time:

It could be that you're contemplating selling your cherished Fish & Chip shop. Perhaps you're yearning for a grander venture, planning for a serene retirement or maybe even aiming to downscale. Reg … read more

A Simple Guide to Value-Added Tax (VAT) in the UK

Posted by Emily on 2nd Aug 2023 Reading Time:

Introduction to VAT: What Is It? Value Added Tax, or VAT is a type of sales tax paid by consumers, not businesses. It represents the extra value added to a product between a supplier and the b … read more

Mastering the Rota: A Comprehensive Guide to Employee Scheduling

Posted by Emily on 2nd Aug 2023 Reading Time:

Managing an employee rota can feel like a juggling act. Employees may have other commitments like schooling, family, or additional jobs. As a business owner, you understand the complexity of schedu … read more

Finding the Perfect Fit: Insurance Tailored for Your Business

Posted by Emily on 2nd Aug 2023 Reading Time:

It's that time again – renewal season! And like clockwork, the big question emerges: "Who's the best for insurance?" Often, this boils down to "Who's the cheapest?" But hold on; it's more comp … read more

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