#Tax rates and tax thresholds
We’ve scoured the web to get you the most up-to-date advice which includes the most useful tools on offer from the officials themselves. The list below links to details of the current tax rates, rates for the previous year and forthcoming changes to tax rates and tax thresholds where they have been previously announced.
National Insurance Contributions (NICs) are payable whether you are self-employed or employed by your own company, although different rules and rates apply. National Insurance contributions can significantly increase the amount of tax you pay.
Also in this topic
- Self-employed National Insurance
- Employer s National Insurance contributions
- Employee National Insurance
Capital gains are made when you sell something for more money than you paid for it. As a result, you can be subject to tax. Capital gains tax allowances and capital gains tax rates are determined by whether you are an individual or a company.
Also in this topic
- CGT for individuals
- Chargeable gains for companies
Commercial property taxes
Business property taxes are likely to apply to businesses with commercial premises. There are two key commercial property taxes: business rates and stamp duty land tax. You also need to understand how VAT applies to business premises.
Also in this topic
- Business rates
- Stamp duty
- Annual Tax on Enveloped Property
Trading with overseas customers can be very profitable, but it should come as no surprise that international taxes can be complex and in some cases hefty. International taxes of which you need to be aware include customs duties, VAT, tax on your profits and any local overseas taxes that may affect your business.
Also in this topic
- Importing – import tax, VAT and excise
- Exporting – export VAT and tax
- International tax planning
Specific business taxes
The main UK business taxes include tax on profits, National Insurance Contributions, business rates and so on. But there are other UK business taxes that may affect you and your business. Understanding these can help to ensure you remain within the law and minimise the taxes you pay.
Also in this topic
- Environmental taxes
- Construction Industry Scheme
Tax problems and investigations
Complying with each and every tax rule can be complex. It’s no surprise that many businesses face tax problems, while even the most routine tax inspections can be stressful, even when you have nothing to hide.
Also in this topic
- Tax payment problems
An individual or company who has some degree of involvement with another entity’s business dealings. The term ‘business partner’ can have a wide range of meanings, with one of the most frequent being a person who, along with another person, plays a significant role in owning, managing, or creating a company (two best friends who start a business together would consider themselves business partners). The term is also frequently used for two businesses that cooperate, to any degree, such as a computer manufacturer who works exclusively with another company who supplies them with parts.
- I thought they were a really great business partner and would be with us for a long time to come and would work greatly next to us.
- Since I am out of town this week I will call my business partner and let her know to be expecting a package to arrive at the bakery on Tuesday.
- Having someone else to start a business with me will mean that as a business partner that I will not need to make major decisions alone.
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What You Need to Know About Business Math
By Deb Russell. Mathematics Expert
What is Business Math?
Put quite simply, Business Math deals with Money! Who can t benefit from having a better understanding of money and finance? Everyone can! Business math is for the individual who wants to fully understand everything about personal finance and it s also for the business person who wants to learn about business finance. You simply can t take business without taking math, business and math go hand in hand.
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Some passionate business math enthusiasts will tell you, if you don t take any other math or if you don t like math, you still need business math and because it deals with money, you might just like it. Everyone needs to manage money on some level which is what makes business math important for everyone to take.
What Math Do I Need to Take Business Math?
If you decide that business math is for you or that you need business math for your career goal, you will benefit from having an understanding of the following topics along with the ability to solve word problems:
-Fractions, Decimals and Percents (use the four operations with fractions, convert between fractions and decimals and percents, calculate percents of a number with and without a calculator, convert and simplify fractions, reduce and convert fractions
-Whole Numbers (to a million, read, write, round and estimate numbers) and Integers (understand how to use the four operations with integers
-Basic Equations in Early Algebra (solve equations involving more than 1 unknown term, solve proportions, solve equations using more than one operation, use the problem solving plan
-Be Able to Use a Variety of Formulas
-Understand and Work with the Mean, Median and the Mode
-Read Charts and Graphs
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Business math is not just for the business owner or for personal finance. Business math is also important for the real estate profession, they need to know how to financially close a deal, and to understand mortgages, calculate commission rates, taxes and fees and use a variety of formulas effectively. Wealth managers and advisers, bankers, investment consultants, stock brokers, accountants and tax consultants all need to understand the financial transactions for investment purposes along with having an understanding about growth or loss over time. Business owners need to understand payroll applications and deductions. Then there s goods and services. Whether it s buying or selling, an understanding of discounts, markups, overhead, profits, revenues and costs are all an essential components of the math needed to manage inventory whether it be goods and services or property, which also needs to be financially managed.
Having a background in math opens opportunities and the job prospects are promising. Now is the time to embark on business math.
#business process outsourcing
business process outsourcing (BPO)
Business process outsourcing (BPO) is the contracting of a specific business task. such as payroll, human resources (HR) or accounting, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain their position in the marketplace.
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Two categories BPO is often divided into are back office outsourcing. which includes internal business functions such as billing or purchasing, and front office outsourcing, which includes customer-related services such as marketing or tech support.
Back office outsourcing offers organizations services to help manage tasks like data entry. data management. surveys, payment processing, quality assurance and accounting support. Back office tasks are integral to a company’s core business process and help keep business running smoothly.
Front office outsourcing services deal with customer interactions. Examples of front office tasks include phone conversations, email. fax and other forms of communication with customers. Front office outsourcing providers’ service lists include:
BPO that is contracted outside a company’s own country is sometimes called offshore outsourcing. BPO that is contracted to a company’s neighboring country is sometimes called nearshore outsourcing. and BPO that is contracted with the company’s own county is sometimes called onshore outsourcing .
Pros and cons of BPO
The top advantages of BPO are saved money and increased time to focus on the core business. Some other benefits include:
- Speed and efficiencies of outsourced business processes are enhanced
- Organizations using BPO get access to the latest technology
- Freedom and flexibility to choose the most relevant services for the company’s operations
- Quick and accurate reporting
- Save on resources related to staffing and training
Some disadvantages of outsourcing business processes include:
This was last updated in May 2016
Continue Reading About business process outsourcing (BPO)
data collection Data collection is a process for gathering information from different sources. In business, data collection helps organizations. See complete definition e-procurement (supplier exchange) E-procurement is the business-to-business purchase and sale of supplies and services over the Internet. See complete definition workflow Workflow is the series of activities that are necessary to complete a task. See complete definition
#business card size
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What is the Standard Business Card Size?
Imagine yourself at a job fair or conference with countless people handing you their business cards. At the end of the time you will have a tidy stack of cards that no matter how creative and attractive, just have to be tossed. But wait! Here’s one that sticks out and demands attention, it’s not the standard business card size but is a square business card.
Business cards designs in these modern times are abundant and unique, one of the surefire ways to attract even more attention with your business card is to choose a nonstandard business card size. Unusual business card sizes and shapes and the attention they attract is almost always worth the extra few dollars that you will spend on odd-shaped cards.
The standard business card size is 3.5 by 2 inches. That said there are a plethora of card shapes and sizes out there from the micro-business card at just 1 by 3 inches, to a square business card which adds height.
A huge part of landing any job or attracting the attention of the client is how you present yourself and don’t lie to yourself by thinking that your business card is not an integral part of that presentation. Though many people may not know it, they often have a window of about 10-15 seconds in which their card will either attract the eye of the person viewing it, or whether they will dismiss it and discount you as non-essential to their business. Though business card size isn’t entirely what will land you the job or account, it is something that will help extend that 10-15 seconds to the fullest and help give you the attention that you need to gain a callback or chance to prove that you are what the company needs.
Common Business Card Sizes
What is a business name?
A business name is a name or title under which a person or entity conducts a business.
Watch our YouTube video about What is a business name and how to apply for one.
When should I register a business name?
You will need to register a business name if you carry on business within Australia and are not trading under your own name.
Exceptions to this include:
- if you are operating as an individual and your operating name is the same as your first name and surname
- if you are in a partnership and your operating name is the same as all the partners’ names, or
- if you are an already registered Australian company and your operating name is the same as your company’s name.
The law does not allow any changes from the business holder’s name if you wish to rely on the above exemptions. For example, if your name is John Smith, and the name of your business is ‘John Smith Co’, you will need to register the business name ‘John Smith Co’.
If you are unsure about whether you need to register a business name, look through the examples in Regulatory Guide 235 .
What a business name registration does not provide
Registering a business name does not provide exclusive ownership of your business name. It also doesn’t prevent other people from being able to register and use similar names.
To gain exclusivity over a particular business name, you need to register it as a trade mark with IP Australia .
#what is business
Full Definition of business
2a. role. function how the human mind went about its business of learning — H. A. Overstreet b. an immediate task or objective. mission what is your business here c. a particular field of endeavor the best in the business
3a. a usually commercial or mercantile activity engaged in as a means of livelihood. trade. line in the restaurant business b. a commercial or sometimes an industrial enterprise; also. such enterprises the business district c. dealings or transactions especially of an economic nature. patronage took their business elsewhere
6. movement or action (as lighting a cigarette) by an actor intended especially to establish atmosphere. reveal character, or explain a situation —called also stage business
7a. personal concern none of your business b. right you have no business speaking to me that way
8a. serious activity requiring time and effort and usually the avoidance of distractions got down to business b. maximum effort
10. a bowel movement —used especially of pets
See business defined for English-language learners
See business defined for kids
Examples of business in a sentence
Forever Odd is a direct sequel to 2003’s Odd Thomas. the book in which we were introduced to the title character, a young man who can see the dead. They can’t talk to him, but they can nudge him in the direction they want, which is usually to help them tidy up some unfinished business from when they were alive. —Charles De Lint, Fantasy Science Fiction. May 2006
The Sun may never set, but air temperatures can plummet to -4 degrees Fahrenheit, and blinding snowstorms appear without warning. Sunbathing here can be risky business. even huddled in our parkas and boots, the members of our expedition live under the constant threat of frostbite and hypothermia. —Terrie M. Williams, Natural History. October 2003
Such high attrition means that most of the dot-coms here today will be gone tomorrow. The business environment is already harsh, and competition is growing. —Ann Thayer, Chemical Engineering News. 5 June 2000
Lancaster and Columbia have plenty of history apart from the Civil War, of course. For example, Lancaster was home to F.W. Woolworth’s first successful 5 10 and Milton S. Hershey’s first successful candy business. —Lancaster New Era. 2 July 1996
The store has lost a significant amount of business since the factory closed.
She works in the publishing business .
David has decided to go into business with his brother.
Their publishing company is the best in the business .
I have to go to New York City on business next week.
They advertised to increase business .
He has the skills necessary to run a business .
The town is trying to attract new businesses .
Do we have any other business we need to discuss?
No, I didn’t ask him what he wanted the car for. That’s his business .
What Is Business Networking, Anyway?
Founder and Chief Visionary Officer of BNI
Business networking is leveraging your business and personal connections to bring you a regular supply of new business. The concept sounds simple, doesn t it? Don t let that fool you, though. Because it involves relationship building, it can be a deceptively complex process.
Think about it. How many people do you know? How many of these people truly understand what you do? How many of these folks have directed prospects to you as referrals? And how many of those referrals have actually turned into business?
Business networking is much more than showing up at networking functions, shaking a
lot of hands and collecting a bunch of cards.
For example, imagine two people attending an event, sizing it up and drawing an imaginary line down the middle. They separate, each taking half the room. At the end of the event, they meet again to see who s collected the most business cards.
Have you met these people? Sure you have. We all have. What did they accomplish? They collected a lot of cards that will end up on a shelf, in a drawer, in the trash, or–worse yet–scanned into a computer so they can spam everyone they just met. Why? What does a business card represent? It s a piece of paper, with ink and images on it. No relationship has been formed. This networking strategy, by itself, isn t an effective use of time, money or energy.
Some people get frustrated with networking because they seem to be making as much progress as a rear-wheel-drive truck on an icy hill: one foot forward, 10 feet back–getting nowhere fast.
Networking for business growth must be strategic and focused. Not everyone you meet can help move your business forward–but everything you do can be driven by the intention to grow your business. You have total control over whom you meet, where you meet them and how you develop and leverage relationships for mutual benefit. You have total control over whether you enter into the unique 29 percent of the population that is separated by six degrees (read The 29% Solution to learn more), whether you stay there, or whether you never get there at all.
Networking your business means you have to be proactive. The core of networking is doing something specific each week that is focused on networking for business growth. Make a plan, focus and be consistent. When you understand exactly what business networking is and step up to the challenge, you ll find avenues of opportunity that you may have otherwise never discovered, and you will be making an invaluable investment in the steady growth of your business.
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#business development manager
People reading the Business Development Manager Job Description might ask themselves, “What is business development, exactly?” Therefore, I’ll try to make it clear and simple.
Business development is a commonly-used term for businesses the provide services. Businesses that sell products often use the term, “sales.”
The Difference Between Business Development and Sales
When selling services, you are often selling the knowledge and capabilities of the people in your company. Therefore, a Business Developer doesn’t have a tangible product. Instead, he or she is tasked with selling people’s time or the result of people’s time. Very often, a client will not order the company’s service until they have meet with the people who will provide this service. As a result, the business developer must also present the internal team to the potential client (usually in the form of a meeting, proposal, and/or presentation).
The responsibilities of a business developer is often more broad than that of a salesperson. They could include activities such as strategic planning, or even training.
The business developer is often brought on to complement the seller-doer model, where the people who do the work are also tasked with brining in new clients. Business developers help seller-doers increase their sales by providing the strategic approach these people sometimes lack.
The Similarities Between Business Development and Sales
Both business developers and salespeople are expected to identify potential clients, approach them, and close deals. They are both responsible for meeting sales targets and growing the firm.
Here s How Business Coaching Can Benefit You and Your Business
In that respect, Business Coaching is very similar to sports coaching. In sports, a coach pushes an athlete to achieve optimum performance, provides support when they are exhausted and teaches the athlete to execute plays that their competition does not anticipate.
A sports coach will make you run more laps and make you work harder than you would on your own, even when you don t feel like it. A sports coach will tell it like it is and they will listen.
Fortunately, a Business Coach does many of the same things, but in a way that is focused on creating a successful business.
The role of a Business Coach is to coach business owners through guidance, support, accountability and encouragement.
Business coaching helps owners of small and medium sized businesses with their sales, marketing, management, team building and so much more. Most importantly, just like a sporting coach, your Business Coach will make you focus on the game.
Experience winning in your business by meeting with one of our ActionCOACH Business Coaches