Many UK small businesses rely on imported goods, materials, and components. Trade disruptions-whether due to geopolitical tensions, shipping crises, pandemics, or regulatory changes-can lead to:Delays and shortages, making it harder to meet customer demand.Increased costs, as businesses may need to source alternative, often more expensive, suppliers.Stockpiling and cash flow pressure, where businesses tie up funds…
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What will Rachel Reeves unpack in her Spring Statement
As we approach the end of March 2025, anticipation builds around Chancellor Rachel Reeves's upcoming Spring Statement. Given the current economic landscape, it's insightful to consider the potential measures she might introduce and their implications for businesses and individuals alike.Economic ContextThe UK economy faces several challenges: sluggish growth, elevated borrowing costs, and persistent inflationary pressures.…
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Wish for the Best and Plan for the Worst
As an accountant, we've seen businesses thrive-and seen them struggle. One key difference between those that weather storms and those that flounder is simple: planning.It's great to be optimistic. No one starts a business expecting it to fail. But while optimism fuels ambition, realism ensures survival. That's why the old saying holds true: wish for…
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When is a hobby a business
Not sure if your hobby is actually a taxable trade? HMRC uses 'badges of trade' to assess whether an activity is a business. Factors like profit motive, transaction frequency, and asset changes help determine if tax rules apply to your earnings.The 'badges of trade' tests, although not definitive, serve as important tools for HMRC in…
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