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Business Finance

5 FUNDING OPTIONS FOR START-UPS

Starting your own business requires enough capital to ensure you can pay your bills until your company turns a profit. Depending on the type and size of your business, you may need thousands

Business Strategy

SUCCESSION PLANNING: A WILL FOR YOUR BUSINESS

The unfortunate reality is most business owners don’t take proper holidays. Usually this is because their business relies on them and they don’t have the support to keep the business running without them.

Business Finance

Can Residential Property Fund Your Retirement?

Thinking about retirement can be stressful. You need to plan for how long you think you’ll be retired, what lifestyle you’ll want to lead, and approximately how much you’ll pay to maintain your

Business Finance

5 Personal Finance Hacks To Start Now

Having total control over your finances can give you an amazing sense of freedom. However, it takes a lot of discipline and hard work for you to be able to achieve this. In

Blog

Key Drivers To Boost Profitability And Cash Flow

It’s important to identify and monitor the key drivers of your small business to boost profitability and cash flow. Boost profitability by recognising your key drivers Identifying the key drivers of your business

Blog

Seven Ways To Improve Workplace Productivity

The success of any business, large or small, depends largely on nurturing an efficient, productive workplace. While improving employee productivity should be always be a priority when the ultimate goal is a sustainable

Business Growth

Gain Customer Loyalty And Retain Them For Life

Long-standing customers form the backbone of a strong, well-established business. Make it your mission to ensure that the vast majority of your current customers stay with your business for many years to come.

Business Strategy

FIVE EFFECTIVE RISK CONTROL STRATEGIES

Dealing with risk is an inherent aspect of business management. The way you prepare for risk is the most important factor in determining the longevity of your enterprise. Businesses of all sizes have

Blog

TIPS FOR UPDATING YOUR BUSINESS PLAN

Think of your business plan as a roadmap designed to point the way to your current destination, knowing that where you land may not be your ultimate endpoint. After all, things are constantly

Blog

THE WORST BUSINESS ADVICE TO FOLLOW

When you’re a small business owner, you get used to people giving you advice. Sometimes you seek out their insights while other times they share whether you want them to or not. While

Business Growth

USING SMART GOALS TO ACHIEVE MORE

As a small business owner, you’re likely always looking for ways to achieve more. Maybe you made a New Year’s resolution about it. You might have resolved to make more money, find more

Business Growth

IDEAS FOR BUSINESS GOALS THIS YEAR

The start of the year is the perfect time to dust off last year’s business plan and set some new goals for the future. While some entrepreneurs love planning, others feel overwhelmed by

Business Growth

Growing Your Business Without Borrowing

Taking out a business loan may be your first plan of action for financing business growth. But there are excellent reasons to consider other options for finding capital to expand your business. For

Blog

How Accounting Mistakes Can Hurt Your Business

Many small business owners tend to handle their own accounting and bookkeeping, especially when they’ve just started out. However, keeping track of the finance-side of the business– everything from income to expenses to

Business Strategy

Prepare a business plan for COVID-19 recovery

Now is definitely a good time to revisit your business plan for the next year. We know that writing a plan can feel like a big effort so we have created a template to make it easier.

Business Strategy

Battling Through COVID-19: Finance Tips for Business Survival

While there has been a lot of talk on how to avoid contracting the virus and how businesses can operate safely to adapt to the current conditions, this article will focus on helping you manage the financial aspects of your business to survive COVID-19. Read on for our tips on cushioning the impact on your business.

Business Strategy

The top 10 time wasters

Lack of clear goals. Start by setting clear 12 month goals, then break these down into 90 day goals. Your actions each day should be steps towards achieving those 90 day goals, which

Business Finance

Are accountants a cost or an investment?

As accountants, we’re always helping our clients find ways to reduce their overhead costs – one of the seven ways to grow your business. Did you know that your accounting fees are an

Covid-19 Ready

Small Business Rate Relief and other Grants

As you can imagine as a result of recent announcements, we at Fortuous are extremely busy and we are trying our very best to assist as many of the business as possible. The

Covid-19 Ready

Furlough Scheme extended in UK

Over the weekend, Boris Johnson announced a second national lockdown to take effect from this Thursday until 2 December. In light of this, the furlough scheme, which was due to end on 31

Business Growth

The Invisible Force That Brings Disorder

So many things are wrong in any business at any time and how ever well managed it may be, the phenomenon of ‘entropy’ sets in immediately. (Entropy is sort of like Murphy’s Law

Covid-19 Ready

Job Support Scheme in UK

The Job Support Scheme (JSS) will open on 1‌‌‌ ‌November and run for six months, until 30‌‌‌ ‌April 2021. The government has said it will review the terms of the scheme in January

Covid-19 Ready

Claim tax relief for your job expenses

Working from home You may be able to claim tax relief for additional household costs if you have to work at home on a regular basis, either for all or part of the

Digital Business

Does your business have a CRM tool?

Having clean, up-to-date information and data about your customers is a vital part of running your business. But recording, tracking and accessing this customer information can be tricky if you don’t have the

Covid-19 Ready

How to get £5,000 Small Business Technology Grant

The government announced that they will be providing £20m worth of grants for small businesses to upgrade technology. SMEs are now able to access a small business technology grant between £1,000 and £5,000.

Business Finance

5 Tips To Managing Your Small Business Finances

In many countries all over the world, small businesses are crucial to the economy. That is more prevalent now than ever in the wake of the COVID-19 crisis. Now that lockdown measures have

Business Growth

Dealing With Uncertainty – Tips For Business Owners

Whether you’re in full lockdown, restricted trading conditions or back to ‘business as usual’, there’s still real uncertainty for London business owners. We are trading in challenging times at the present, and knowing

Business Finance

Cash Versus Accrual Accounting Explained

  The difference between cash basis and accrual basis accounting comes down to timing. When do you record revenue or expenses? If you do it when you pay or receive money, it’s cash

Covid-19 Ready

Local Restrictions Support Grant (LRSG)

The Local Restrictions Support Grant (LRSG) supports businesses that have been required to close due to temporary COVID-19 local lockdown restrictions imposed by the government. The Local Restrictions Support Grant (LRSG) supports businesses

Business Strategy

The Benefits Of Creating A Holding Company

Once your small business gets to a certain size and turnover, there’s real value in assessing the company structure and learning how to make things more tax-efficient. Setting up a holding company is

Business Finance

Understanding Your Statement Of Cash Flows

The statement of cash flows, (also known as the cash flow statement), shows how your business has generated and used cash (and cash equivalents) within a specific time period. For each of the

Covid-19 Ready

Small Business Tips for Exiting Lockdown

In recent weeks the direction of discussion surrounding the COVID-19 pandemic has turned to the measures and strategies for coming out of lockdown and what this means for businesses. For many businesses, of

Covid-19 Ready

Small Business Rate Relief (SBBR)

The government has announced small businesses that already pay little or no business rates will be eligible for a one-off coronavirus grant worth up to £3,000. For a commercial property with a rateable

Covid-19 Ready

Preserving Your Business Through Lockdown

After the shock of going into lockdown and either temporally closing or moving business operations to working from home, it’s time to consider your business’s next steps. How you support your customers and

Business Finance

The Value Of Cashflow Forecasting During A Crisis

During the ongoing corona virus crisis, many sectors are seeing income either disappear completely or drop to dangerous levels. To be able to navigate the future path of your cash flow, you need

Covid-19 Ready

Bounce Back Loan scheme

Supporting small and medium-sized businesses during coronavirus This scheme will help small and medium-sized businesses affected by coronavirus (COVID-19) to apply for loans of up to £50,000 This scheme isn’t available yet and

Tax Strategy

Are You Paying Too Much Tax?

Paying Tax Is An Inevitable Part Of Doing Business      The more your income grows, the more tax you’re liable to pay. You’re rewarded for your success with a bigger tax bill. While

Covid-19 Ready

Coronavirus Business Interruption Loan Scheme (CBILS)

How you access this scheme? CBILS is available through the British Business Bank’s 40+ accredited lenders, which are listed on the British Business Bank website here. Note: Not every accredited lender can provide every

Covid-19 Ready

UK Furlough Scheme, who can claim?

Who can claim Any UK organisation with employees can apply, including: businesses charities recruitment agencies (agency workers paid through PAYE) public authorities You must have created and started a PAYE payroll scheme on or before 28

Covid-19 Ready

£330 billion worth of loans during pandemic

The UK government will guarantee £330 billion of bank loans to firms to stop them from going bankrupt during the coronavirus outbreak, Chancellor Rishi Sunak has said. Speaking at a press conference alongside

Covid-19 Ready

Covid-19. Information for UK Businesses

Whatever your business, it’s likely that COVID-19 will be impacting you. You may be dealing with stock shortages, exporting issues, disrupted travel plans or a sales downturn due to tourist drop off. The

Business Strategy

8 key things restaurant owners struggle with everyday

It’s a shocking truth, especially for new restaurateurs: Food and labour costs usually range between 62%-68% for every pound in revenue, with profits only reaching between 2%-6%.  With razor-thin profit margins, restaurants can’t

Business Finance

Tax Years and the 9-month Golden Rule

Financial years vary from country to country as per their existing taxation laws. In the UK, the tax years are different for individuals and companies. Individuals Start Date: 6th April of the current

Late Filing Penalties by HMRC

Not Filing tax returns to HMRC At time we have observed that people get themselves registered for self employment for one reason or another without realising that it becomes compulsory for them to

Retail store finds one way to bring success

Sarah and Tim own an independent home entertainment retailer, selling televisions, music systems, phones, computers, games and consoles and other consumer electronics. Having completed their year-end accounts and tax work, the accountant presented

Brexit and your Business

It is perhaps the biggest political shakeup of the UK since World War 2, but while there are many words discussing hard Brexit, soft Brexit, politician’s performances and failings, what does it really

Keeping on top of your tax liabilities

Running a small business is hard work, much harder than anyone ever gives you credit for. It requires you to master many skills and take responsibility for so many aspects of running a

8 ways an accountant can help small businesses

On the off chance that you are bootstrapping, or beginning an independent venture on a constrained spending plan, you have presumably invested some energy attempting to make sense of where you can cut

HMRC plans to move paying your tax online by 2020

HMRC can now confirm that under Making Tax Digital: businesses will now be able to continue to use spreadsheets to record receipts and expenditure, which they can then link to software to automatically generate

Tax Strategy

Who must file a tax return?

The tax year is from 6 April to 5 April the following year. You’ll need to send a tax return if, in the last tax year: You were self-employed. You got £2,500 or

Deciding Which Accounting Services You Need

The human brain is a magnificent organ, capable of storing an estimated 2.5 petabytes. Petabytes are bigger than gigabytes. Yet, no person can remember everything–especially when it comes to tax laws and how

Get yourself ahead of the pack

Formal and Informal Systems All businesses have systems. They make the wheels of your business turn. Some systems are formal but many are informal.  Systems that are informal can keep your business wheels

Barber responds to new competition

Scenario A well-established barber shop in a small town was hit hard when a new barber moved into the area and set up shop. Having held a monopoly prior to the arrival of

Time for a change…and quickly!

Ever heard the expression “time is money”? Well, it’s never more true than when it comes to making changes to your business. While change is not something that most people embrace quickly or

Are the Vital Signs of your business Healthy?

A healthy body demands routine checks and examinations. So does a healthy, thriving business. No matter what stage your business is in, to keep it going you must check its systems, pay attention

What’s your purpose? Why are you in business?

If you don’t know, your customers surely don’t. More importantly, if you don’t know, you won’t be able to tell your customers why they should choose you over your competitors. Answering this simple

Avoid changing horses in midstream

It’s rare that Accountants are spoken of as examples of great marketing. So please indulge us as we share with you a wonderful campaign run by the Institute of Chartered Accountants in England