What are your budget busters?

Aug 11 2008

Posted by Jim as Accounting and Finance

  While we try our very best to stick to the budget rules we've set, there's ALWAYS that single thing that busts a small hole in our pockets.  Soon enough, that small hole expands to a greater flush of the 'ole buckeroos down the drain.  I'll list down some of my personal budget busters as a self-excersise in identifying them.  I hope these would also help you with yours.  Identifying them is the first step to freedom folks! :)  And a great way to make a list of what to avoid when you hit the malls or ...

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Beware of the Milkmaid

Oct 10 2007

Posted by Jen as Accounting and Finance, Business Features, Business and Money

The milkmaid... No, this is not another edition in the series of Halloween excitement here at Froodee. However, this article can be scary if you find yourself counting the last few pennies in your pocket. It was way back in elementary when I first heard her story. My uncle had given me a collection of Aesop's Fables and one of the stories that struck me was the tale of "The Milkmaid and Her Pail." Of course, back then, I was more fascinated with the illustrations rather than the story itself. If you haven't read the story, drop by ...

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System reforms can solve the problem of tax avoidance

Jun 02 2006

Posted by Gordon as Accounting and Finance, Business Concepts, General Management, Tricks of the Trade

Based on what a group of business leaders have discussed in a recent gathering, a comprehensive reform in the tax system is the most effective solution to the problem of tax avoidance. According to a recently conducted comprehensive study on tax avoidance, the Institute of Directors (IoD) has signified its advocacy for the redesign of the entire tax system in order to remove the current artificial boundaries between things that are considered as close commercial substitutes. The employers’ organisation has been insisting that a swift action on the problem is absolutely needed what with taxpayers getting more and ...

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Flat tax pushed by small businesses

Jan 07 2006

Posted by Gordon as Accounting and Finance, Business Concepts, General Management, UK Companies

A large majority of entrepreneurs are calling for single flat rate to replace Britain’s tax regime, which business owners said is outdated. According to a study done by business advisor Tenon, seventy-five per cent of company directors said that they back the adoption of a single flat tax in the UK as a replacement to the incumbent system and its many fees. Only 18 per cent of business owners said that they were happy with what the government is offering, while more than seven in 10 felt that it has become too complicated. Company formation and ...

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Start-ups firms now have easier access to loans

Dec 06 2005

Posted by Gordon as Accounting and Finance, Business Enhancements, Company Formation Tips, General Management, Limited Companies, Off Shore Companies, Partnerships, Strategies, Tax Free Companies, The Sole Proprietor, Tricks of the Trade, UK Companies

Many start-up businesses will now have an easier time getting access to finance as changes to a government loan scheme has resulted in the expansion of the eligibility although the access to young businesses have been limited. Based on the new rules, applicants to the Department of Trade and Industry’s Small Firms Loan Guarantee may now qualify for a loan with an annual turnover of up to £5.6m.

But the new rules will also limit the funding to businesses under five years old as a way of boosting the growth rate of start-up businesses and young firms. ...


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Government to probe cheque clearing

Nov 11 2005

Posted by Gordon as Accounting and Finance, Business Enhancements, E-Commerce, General Management, Limited Companies, Sales and Marketing, Strategies, Tricks of the Trade, UK Companies

The amount of time it takes for cheques to clear could possibly be shortened following a declaration that the Office of Fair Trading (OFT) will investigate to find out the demand for cutting the three-day process. The probe will involve banks, building societies, consumer group and trade groups with the aim to determine whether there is a clamor and significant benefits for businesses and individuals if the cheque clearance time is hastened. Although paper-based payments has been steadily declining in recent years, cheque payments still remain a popular mode of payment by and from small businesses for the ...

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Record number of businesses going bankrupt

Nov 06 2005

Posted by Gordon as Accounting and Finance, Business Concepts, General Management, UK Companies

The number of businesses that have gone bankrupt has risen to its highest levels since bankruptcy records began in the 1960s, according to recently released Government figures. Based on the numbers, more than 12,000 people in England and Wales have declared bankruptcy during the three months to the end of September. This is almost a third than numbers posted during the same period of the previous year, according to the Department of Trade and Industry. Additionally, the number of people who are taking out Individual Voluntary Arrangements (IVA) nearly doubled to 5,500. Under the IVA, interest on credit ...

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BPG gives advisory on cheque issuance

Nov 03 2005

Posted by Gordon as Accounting and Finance, Business Concepts, Business Enhancements, General Management, Strategies, Tricks of the Trade, UK Companies

For start-up entrepreneurs who have recently formed their companies and are busy operating the financial aspect of their businesses , among others, some important financial factors can inadvertently be forgotten. More than half of the UK’s small businesses have gone through the trouble of a bounced cheque in the last twelve months, and this has prompted the Better Payment Practice Group (BPG) to issue a new advisory for the said businesses. Even though cheque payments as a general business practice has been decreasing among UK traders and consumers, they still remain the preferred ...

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Insolvency data rises for Q3 2005

Oct 26 2005

Posted by Gordon as Accounting and Finance, Business Concepts, General Management, Strategies, Tricks of the Trade, UK Companies

For entrepreneurs, forming a company is one form of expressing optimism that their business idea is something that will be supported by the market place. So it is a sobering thought to hear that a lot of businesses have been folding up this year. According to a new report released recently, the number of companies that have closed shop rose during the third quarter of this year. Based on the latest insolvency data released by global information solutions company Experian, it showed that business failures rose by 21 per cent compared to the same period (July ...

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Gov’t urges businesses to learn more about VAT options

Oct 15 2005

Posted by Gordon as Accounting and Finance, Business Concepts, Business Enhancements, General Management, Strategies, Tricks of the Trade, UK Companies

The British Chambers of Commerce (BCC) and HM Revenue and Customs have joined forces and embarked on a six-month-long campaign that aims to raise awareness regarding VAT simplification schemes. This as new research has revealed that a majority of companies are not aware of the various ways to make VAT payments easier. This new project has been launched in the midst of a study made by the BCC that showed that over a third of small companies do not know about the Revenue & Customs-approved VAT Schemes that directly apply to their establishments. According to David Frost, director-general of the BCC, “Small ...

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