Cash Management

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Profit First for UK Microgyms

Wellness and mindfulness have been gaining popularity in the past couple of years. People pay more attention to their health by going to gyms regularly, signing up for memberships, and buying fitness products off the internet. As a result, the fitness industry has been reaping the rewards of society’s newfound goal to prioritize health. As …

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4 Easy Steps to Digitalize Your Receipts

Receipts carry the data required for trade. Much of it is either on paper or in semi-structured designs like PDFs and pictures. It’s a challenge to manage information. You’d have to extract and store relevant information through time- and effort-heavy ways, such as manual encoding.   By digitizing your receipts, you skip the hassles of …

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What The Banks Are Looking For When You Present Accounts For Lending

Applying for a loan is not always a bad venture. One way or another, you are going to need large upfront cash and eventually resort to borrowing money. It can be for an investment such as a small business, family vehicle, college tuition, or real estate. For huge investments and ventures such as these, applying …

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How Long Does It Take For HMRC To Pay My VAT Refund

Nobody likes to be saddled with taxes, but that is the way of life. Every economic activity that we do, even the most straightforward act of buying a pack of biscuits, is taxed. There are different kinds of it—income, property, federal—but all kinds of taxes have one destination: the government’s hands. One tax in particular …

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What is the VAT Flat Rate Scheme?

Her Majesty’s Revenue & Customs (HMRC) Value-Added Tax, VAT Flat Rate Scheme has existed since the 2002 Budget. This was introduced for small businesses owners, so they can be relieved of the administrative burden when preparing VAT returns by having them pay roughly the same amount of VAT without the complexity of much paperwork. The …

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When Do I Have To Register For VAT?

Value-added tax can be considered one of the most controversial strategies of the previous century regarding taxation. It is the idea that we should add cost to goods and services for the benefit of the government.  Many people were opposed to this idea as this increases the cost of almost everything. When it was implemented …

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Should I Register For Vat?

For substantial business decisions, most entrepreneurs have to rethink the idea a thousand times before coming to a choice. The same goes for the resolution of registering your establishment for value-added tax. As your sales start to grow, it is ideal to begin contemplating if VAT registration will benefit your business. In the last 12 …

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What is a Long-term Liability?

A long-term liability is a company’s financial obligation that is not due within the next 12 months or the current operating cycle (if it is more than 12 months). It is also known as long-term debts or noncurrent liabilities. Businesses need to generate funds as capital to cover their various activities, expenses, and investments. Loans …

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What Is Depreciation?

When you open a packet of a perfectly sealed food product you’ve bought from the grocery store, even if you haven’t taken a bite or reduced the contents, the value of the item is reduced to zero. Under normal circumstances, it would mean that you cannot refund your purchase at this point anymore. Depreciation is …

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What Is A Current Asset?

The Wealth Lab is back again! Every businessperson or entrepreneur started his or her enterprise with certain foundations in place. Nobody ever created a business from scratch. Everyone started with something such as capital (loan or savings), creative idea, skillset, and motivation, no matter how small. These things are what we call business assets. Generally, …

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