Top three tips to deal with pay rise requests

Negotiating an employee’s salary is never an easy task, so it’s no wonder that many small business owners tense up at the thought of having that exact conversation. However, small business owners not only have their finances to think about when they are considering giving someone a pay rise. If you’re a small or even a medium-sized business, your team is never too far away – in fact, your company is probably very close-knit. To avoid upsetting one of your employees and creating an awkward atmosphere at work, you should make sure to handle a pay rise request appropriately. In this article, we guide you through the top three ways to properly deal with this situation… 1) Ask your accountant Whenever you are contemplating making any big financial decisions, we advise that consult your accountant. Your accountant should already be up to date with your current cash flow situation and […]

How these 3 Derbyshire Businesses took over the world

Every day, we speak to optimistic new business owners excited about what the future will bring. But, as time goes by, it can be easy for the day to day running of your company, managing staff, and juggling finances to cloud your view. If you feel like you’re starting to lose sight of your long-term goals for success, it can be challenging to keep your company on track. That’s why we’ve compiled some of our favourite underdog stories from the world of business. From a humble beginning, these three very different Derbyshire businesses all grew to dominate their respective industries. With the careful planning and the right support, there is no reason your business can’t be next on our list. Rolls-Royce From small mechanical business to the Best Car in the World Way back in 1904 Henry Royce, the owner of a small electrical and mechanical SME, decided to put […]

Why pay raises don’t equal performance increases

Your team is the most critical asset in your business. No matter how new or fancy your machines, computers or even robots are. Your team is the most vital ingredient to your business growth and survival. As business owners, we can forget this or take them for granted. After excessive automation at Tesla car factory caused delays, even Elon Musk admitted ‘humans are underrated.’ Yes, excessive automation at Tesla was a mistake. To be precise, my mistake. Humans are underrated. — Elon Musk (@elonmusk) April 13, 2018 As business owners, we are always looking for ways to improve the bottom line numbers of the business, and when we look at our team, we usually believe that to get the best out of them, we need to give them more money. Money has a short-term boost only, a bit like a shot of coffee. You can’t drink coffee all day every […]

What is a winding-up petition?

Any person or company can apply for a winding-up petition to close a business whose debts have become too big and/or unmanageable. If you’ve been issued with a winding-up petition or you are thinking about issuing one against a company which owes you money, the Maple Accounting team have put together this 2-minute guide covering the most essential points that you need to know. Please note that the information given in this article covers England and Wales – Scotland and Northern Ireland have separate procedures. What is a winding-up petition? A winding up petition is usually issued against a company by a creditor (or group of creditors) which is owed money. If a winding up petition is not successfully dealt with, it will lead to a winding-up order which can not be stopped once started. Under what circumstances can a winding-up petition be issued against your company? Before the issuance […]

What is a company strike off?

If you want to close your company and it has no debts or any other financial or legal obligations hanging over it, you can apply to Companies House to strike it off the register. If you want to close your company and it has no debts or any other financial or legal obligations hanging over it, you can apply to Companies House to strike it off the register. But what is the best way to go about it and how long does it take? The main reasons why directors want to close a limited company Striking off or dissolving your company can be a very tax-efficient way to extract any cash and assets left in the business. If you use a Members’ Voluntary Liquidation (MVL), a form of strike off, the tax applied to capital (cash) take from your company is treated as a capital distribution. This is important because […]

Umbrella Companies Vs. Limited Companies

If you’re thinking about starting out as a contractor, then you will be faced with a tough decision. Should you go with an umbrella company, or start your own limited company? Naturally, the answer will depend on your individual circumstances. That’s why, in this article, the maple team will explain which option might be right for you and why, if you earn more than £30,000 a year in fees, going limited is nearly always the better option. What is an umbrella company? A PAYE umbrella company is a company that acts as a contractor’s “employer”. This means that the contractor would receive a contract of employment along with all of the benefits of being in statutory employment (such as maternity leave, sick pay, and so on). The contracts on which you’ll work are canvassed for and secured by the umbrella company. An umbrella company provides payroll services to contractors. This […]

Selling your products & services for more

Many companies like to start at lower price points than their competitors when they first begin rolling out their products or services. This is completely normal, but it’s often a tactic that stops you from achieving the levels of profitability you want later on down the line. Of course, your customers will (or should) understand that prices will change eventually. But that doesn’t mean they will be happy about it, and it could even mean they go looking elsewhere for a cheaper deal. Raising your prices is often a balancing act between getting what you need and keeping your customers happy. So how do you go about increasing prices without scaring anyone off? Honesty is the best policy. Particularly if you’re a B2B company, being upfront with your customers is essential if you’re looking to increase price levels. Just sticking an extra zero on the end of your invoice and […]

Get Your Invoices Paid Faster

Reducing the time it takes to get invoices paid When your business is wrestling with cash flow issues, the time it takes for invoices to be paid is normally identified as being one of the main reasons why. Britain has always had a problem with late payment – it closes perfectly viable businesses and stunt growths in those who have the cash (or access to finance) to ride through the storm. But what can you do to get your clients to pay you faster? Maple Accounting investigates. You have more control than you think. You send out your invoice when you have provided a product or a service for a client to their satisfaction. What that tells you is that they need your expertise just as much as you need their money. This gives you more bargaining power than you might expect when you start to negotiate the terms of […]

The dangers of growing too quickly

While many think that the riskiest period in owning a start-up is during take-off, research suggests that this is not always the case. According to research from Ormsby Street, 91% of small businesses survive the first year of trading, whereas, after just five years, only four in ten of these will still be trading. So why do these seemingly successful new companies fail over time? The answer is quite simple. Survival of the fittest. Once your business starts to turn a profit, the most logical next goal will be to try to grow in size. The business world is ever changing so making sure your company adapts to those changes and expands carefully over time will be the secret to your success. However, the way you do this must be careful. Adapt, grow too slowly and competitors will overtake your business. Grow too fast, and you could experience a whole […]

Self-employed vs. Limited company

When you are starting a business, there are so many questions that you will need to answer. Who are you going to market to? What is it that you are selling? How much profit do you need to make to stay afloat? One question that is often overlooked is “Should you be a sole trader or set up your own limited company?” In this article, Maple Accounting will explain which the best option for your business is. Self-employed – Pros Establishing yourself as a sole trader can be done in a day. The process is quick, easy, and free. HMRC can acknowledge you as a new sole trader in as little as 24 hours and everything can be done through their website here. When you are self-employed, accounting is also a very simple process. One of the main reasons that bookkeeping is so straightforward for sole traders is because all […]