Most businesses will have considered the risk of losing valuable knowledge to the extent that when talent walks out the door, the prime concern is losing the technical know-how which those people possess. Exit interviews are reactive, somewhat ineffective and instead managers should adopt more proactive practices.   Collaboration systems such as internal forums can be useful in encouraging teams to share know-how across the firm. Some firms even

  Competition is a fact of life. The best businesses set the pace and aren’t afraid to go their own way. How do you and your firm respond to competition? Are you leaders, differentiators or do you follow the pack?   If you want to move ahead of your competitors, you need to change how your business positions itself within its sector of the market. After all, doing the same

  If you use your home for business purposes, rent out parts of your home whilst you are still in residence or if you rent out your home while you are resident elsewhere, you may need to consider the tax consequences. This article covers some of the tax issues that you may need to consider:   Use of home for business purposes   If the amount of space you use

  Generally speaking, any business expenditure that you make up to seven years before you actually start trading, is treated for tax purposes as if it was incurred on the first day of trading.   This expenditure includes rent, rates, insurance, wages and other costs that you have had to pay.   You can also claim capital allowances for qualifying assets. Again, they are treated as being made on the

 Talent Management   The “war on talent” seems to be raging on. Large businesses are competing to recruit the best graduates straight from university and many firms are prepared to pay well for the most experienced candidates. As a result, all businesses need to manage the talent they already have.   Talent management is often considered to be an HR matter but the management team in any business should be

  Despite the new dividend rules and the possible introduction of a new “look-though” entity many unincorporated businesses are still considering trading as a limited company. It is also important to consider the VAT implications of incorporation.   Where the new company carries on the same kind of business as the predecessor, the transfer of the trade and assets will normally be regarded as a transfer of a going concern

  Another important announcement in the March Budget was the proposed relaxation in the rules for setting off a company’s losses against the profits of future periods. These proposed changes that will allow set off against profits of any source are currently being consulted on and, if enacted, will apply to losses arising from 1 April 2017 onwards. Until then the set off of losses remains restricted, particularly when there

  One of the anti-avoidance measures being introduced by the latest Finance Bill potentially changes the way that certain payments to shareholders will be taxed. This may result in payments following some company liquidations being taxed as dividends instead of capital gains.   The Government is concerned that the new higher rates of income tax that have applied to dividends since 6 April 2016 may tempt some shareholder / directors

  In the March Budget it was announced that the Government are considering the introduction of a completely new system of small company taxation and have asked the Office of Tax Simplification (OTS) to consider this possible new system in more detail.   It is proposed that the new system, if introduced, would apply to micro-entities with 9 or fewer employees and would tax shareholders directly on their company profits

  Keeping your head down and working hard is important but we all know that in business you have to “play the game” and develop effective personal relationships with the key stakeholders across your firm. As such, networking with internal contacts is as important as networking with external customers and target clients.   The number one word for managing office politics is diplomacy. Keep it professional at all times and