CHW the best of both worlds

When starting their own business, many people use personal savings or funds borrowed from friends or family. Some are fortunate enough to secure a start-up grant or loan, or sometimes banks provide help with funding. As the business becomes more established it may have its own cash reserves, but investing them all in growing the business could leave it dangerously short of working capital.

It is no secret that people like to feel rewarded for a job well done. Whether it’s a simple ‘thank you’ or a bonus, evidence shows there are benefits of rewarding employees for hard work. A poll of over 2000 workers which was carried out by the Reward and Employee Benefits Association revealed that 82% felt motivated after receiving some form of recognition.

If you own a business, or you have shares in someone else’s business, you should have considered how and when you’ll sell up and move on to your next project. The exit strategy process can take various forms, and it can be difficult to figure out which option is correct for you.

There are various different structures which can be adopted when setting up in business. Nicola Roby of CHW Small Business Accountants in Bolton explains the different options and which might be correct for you and your business.

The VAT rules relating to food are complicated to say the least. Whilst the food and hospitality industries are no different to any other business, in that they must become VAT registered once their annual turnover reaches £85,000, the specifics of whether food sales are subject to VAT and at what rate can be extremely confusing.