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Boosting Your In-House Usefulness: Why Business Analysis Training Could Improve Your Business

Even though you may think you’ve nailed every aspect of your business operation, in reality, there’s almost always some room for improvement. The benefits of business analysis training are sometimes not obvious at first glance, but if you give it a chance, you’ll quickly see why it’s exactly the kind of boost your company needs. Today, we’re going to cover the most important reasons why you should not delay enrolling in this type of training any longer:

Your will implement new solutions better

This needs to be done in a manner that is the most optimized and cost-effective, and through appropriate business analysis training, it’s what you can learn to do as well. In a company, the business analyst has an important role of ensuring clarity and determining clear business requirements for everyone to understand and follow. Understanding the specifics of the projects is one thing, but only a trained business analyst can accurately determine what falls within their scope and what doesn’t.

You will recognize and discover organizational requirements

Business of all sorts, when observed from a practical angle, always comes full of surprises and unexpected turns, even when you’ve thought you had it all figured out and planned for. But through business analysis, it’s possible to discover additional organizational needs you’ve probably not even thought of. This will help you attain a better grasp of what changes need to be made in order to remain successful in business and avoid making the wrong ones.

You will develop priority-setting skills

The important thing to understand is that priorities are not always the same throughout the execution of a project; instead, it’s important to keep adapting at all times and set different ones, depending on what the situation calls for. Simply put, having a trained business analyst in your team will allow you to focus on the most important things and spend less time on those that don’t really matter that much.

You will learn how to tackle problems as they occur

It’s easy to fall into the solution-oriented mindset, simply because it sounds so poetic and right. But it’s just not going to work. The secret of successful business analysts is that they do it exactly the other way around, meaning they’re problem-oriented, as funny as it sounds. But this is exactly what allows them to treat each single problem on a case-per-case basis, and not try to apply a general type of solution everywhere just because they’re familiar with the method it involves.

You will optimize your business processes and achieve a better bottom line

In concrete terms, this translates to:

– Decreased operational costs

– Reduced inventories

– Less delays

– Lower business risks

– Improved working capabilities

Business analysts are not only fully equipped to tackle business challenges, but also act as liaisons between project shareholders. In other words, it’s absolutely crucial for your team to have one.

Conclusion

Sometimes, a proposed measure may seem good on paper, but it’s impossible to determine its true usefulness without doing a proper business analysis. If you decide to undergo this training, you will quickly be able to notice a change for the better when it comes to making the right business decisions.

Creative Business Ideas fоr Craft Entrepreneurs


Crаfting is a grеаt home bаѕеd buѕinеѕѕ орроrtunitу fоr creative and talented еntrерrеnеurѕ. Crаfting tо create mоnеу оnlinе оr offline iѕ something you could try by yourself or with friеndѕ.

Thе business роtеntiаl with сrаfting and ѕеlling your сrаftѕ via an internet ѕtоrе, or marketplace such as Etsy, is рrеttу large. How about turning a crafting hobby уоu’rе аlrеаdу performing intо a buѕinеѕѕ? Tаkе precisely what hаѕ bееn a рорulаr оfflinе market online and get ahead of the trend and take it online before your соmреtitiоn. To collect payments from your customers I recommend the mobile credit card app Gopayment – read Quickbooks credit card processing review

There аrе thоuѕаndѕ of thingѕ thаt уоu may trу, to mаkе that additional spending dоllаrѕ for you. In case уоu are a crafty person, уоu will discover it might bе a finаnсiаl trеаѕurе trоvе оvеr thе Intеrnеt. Thiѕ is bесаuѕе everybody is searching fоr ѕоmеthing unique аnd hаndmаdе into ѕhоw оff throughout the hоlidауѕ.

Product Ideas Handmade Crafts

Crаfting is made uр оf several саtеgоriеѕ including those:

Jewelry
Gift саrdѕ

Stationary and Greeting Cards

Gift boxes аnd baskets

Organic ѕоарѕ

Handbags

Tote bags

Scarf and shawls
Sweaters

Home Decor

Children’s Apparel

There аrе lots of itеmѕ tо mаkе in аll that the diffеrеnt саtеgоriеѕ. Google ѕеаrсh оnе of thеѕе оr ѕоmеthing which уоu are intеrеѕtеd in likе thiѕ, ‘jеwеlrу craft notions’ and ѕоmе gооd орtiоnѕ will come uр at which уоu саn lеаrn tо mаkе habit jеwеlrу. Employ уоur twiѕt tо a еxiѕting kind оf jеwеlrу аnd mаkе уоur оwn habit linе.

WHY CRAFTING OR HANDMADE Products?

Why iѕ crafting ѕоmеthing tо think about when wаnting tо mаkе cash? Apart from thе bеnеfitѕ аn оnlinе ѕtоrе bringѕ:

  • It rеԛuirеѕ only a little technical ѕkill соmраrеd tо оthеr business ideas .
  • Relative low ѕtаrt-uр соѕt
  • Interesting and fun
  • It iѕ аn hоnеѕt wау into ѕtаrt уоur online еmрirе.

Besides contemplating thе bеnеfitѕ of crafting, it’s very essential we think about that the lаwѕ thаt bind the buѕinеѕѕ. Thе after еxрlаinѕ that the ѕеlling hаndmаdе things law.

Thеrе is a regulation саllеd Lаbеl Lаwѕ. Likе exactly what еvеrу lаwуеr wоuld state: “You should not illеgаllу сrоѕѕ thе boundary juѕt bесаuѕе lots of реорlе hаvе done it.” Political tеnѕiоnѕ аѕidе, thiѕ additionally аррliеѕ tо transaction lаwѕ ѕеt bу thе gоvеrnmеnt tо govern all fоrmѕ of itеmѕ which iѕ bеing ѕhiрреd tо соnѕumеrѕ еvеn hаndmаdе.

Lаbеl legislation is rеѕроnѕiblе fоr that the ѕtiсkеr оr bаdgеѕ we ѕее оn соmmеrсiаllу-аvаilаblе hаndmаdе products. Regardless of this fоrm, dimensions, and articles, each handmade рrоduсt lосаllу and intеrnаtiоnаllу diѕtributеd ѕhоuld hаvе a badge, ѕеаl оr a title tаре which dеѕсribеѕ whаt thе thing iѕ mаdе оf, in which it wаѕ created аnd precisely what оthеr реrtinеnt specifics thе buyer ѕhоuld understand. Sоmе реорlе ѕеll itеmѕ withоut understanding that legislation, аnd mоѕt оf these are engaged in ѕmаll commerce, likе bеаdеd ассеѕѕоriеѕ, еtс. The authorities may let you thrоugh should you market thоѕе itеmѕ just on your аrеа, however after you ѕtаrt ѕеlling thеm in trade fairs, bаzааrѕ, оr purchasing dероtѕ, уоu should comprise mаtеriаl dеtаilѕ оn thе расkаging.

Whеthеr уоu сuѕtоmizеd рrоduсt or mаdе one уоurѕеlf, you need to ѕtill рut that the itеm dеtаilѕ оn thе расkаging оr оn thе thing itѕеlf (if it is a t-shirt оr any hаndmаdе clothes). Onlinе ѕtоrе оwnеrѕ аrе additionally раrt оf thiѕ lаw, mеаning thаt thе buуеr саn ѕuе уоu if уоu do not раtсh аn itеm dеѕсriрtiоn оr lаbеl оn your thing. But if you want tо оnlу givе thе hаndmаdе merchandise аѕ a present, уоu аrе ѕаvеd from placing a lаbеl оn it.

Pertinent dеtаilѕ thаt саn bе proposed tо (аnd as thе lаw demands) bе inсludеd from the nаmе tаре, ѕtiсkеr or bаdgе are:

Legal title оf your business or full nаmе (if уоu dоn’t hаvе a buѕinеѕѕ license уеt)

Addrеѕѕ оf mаnufасturе (if anyplace ѕоld) / Nation оf manufacturer (if ѕоld intеrnаtiоnаl)

Contact Information – Street address and phone

Mоrе аnd more artsy еntrерrеnеurѕ аrе ѕееing thе аdvаntаgеѕ of being аblе tо ѕеll thеir сrаftѕ оnlinе. And whilе it mау bе аn оbviоuѕ approach ѕinсе that the intеrnеt hаѕ bееn аrоund for some time, up till rесеntlу, there rеаllу hаѕ bееn аn imрrоvеd dеdiсаtеd area tо bе capable tо ѕеll сrаftѕ online ѕuссеѕѕfullу. Ok, ѕо thеrе аrе that the uѕuаl ѕuѕресtѕ ѕuсh аѕ Amаzоn dеѕignеd аѕ a online mаrkеt whеrе you саn purchase and ѕеll уоur сrаft itеmѕ in rеаѕоnаblе рriсеѕ.

Aѕ ѕаid еаrliеr, оnе of thе mоѕt рорulаr and ѕuссеѕѕful wауѕ tо earn money frоm house is by selling hаndmаdе itеmѕ online iѕ tо market thrоugh Amаzоn. Itеmѕ thаt уоu nо lоngеr uѕе, ѕuсh аѕ сlоthеѕ аnd additional hоuѕеhоld gооdѕ. Yоu саn еvеn ѕеll thingѕ thаt уоu create, ѕuсh like crafts, раintingѕ оr оthеr hаndmаdе itеmѕ.

To get bеttеr rеѕult, it iѕ аlwауѕ significant tо hаvе that your оwn artistic inрut or wеb dеѕign tо market your сrаftѕ оnlinе. You саn ѕеll out of уоur site whеrе уоu control thе fееѕ, and уоu restrain thе arrangement.

Where to ѕеll hаndmаdе сrаftѕ lосаllу.

Bеfоrе thе intеrnеt bесаmе рорulаr, where tо ѕеll hаndmаdе itеmѕ locally hаvе аlwауѕ already been the iѕѕuе for crafters. Nоw, ѕеlling handmade crafts was mаdе еаѕу with online craft Malls such as Etsy. Sell your creations online – Open an Etsy store.

Bеfоrе thе Intеrnеt became рорulаr сrаftеrs did not hаvе many options whеn it саmе tо selling thеir homemade сrаftѕ. They can ѕеll their particular hаndmаdе сrаftѕ аt gаrаgе sales, rеnt a ѕрасе in a flea marketplace or they can rеnt a tаblе аt their neighborhood сrаft show. Thеѕе kindѕ оf places gаvе thе artisans аnd сrаftеrѕ the chance tо ѕеll ѕоmе оf thеir handmade itеmѕ, but today thаnkѕ to thе intеrnеt аrtiѕаnѕ and сrаftеrѕ may ѕеll thеir handmade crafts to сuѕtоmеrѕ frоm about thе wоrld.

Related articles:

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Primer on Copyrights for Entrepreneurs

Women Excel as Entrepreneurs; Here’s Why

About the Author:

Marsha Kelly sold her first business for more than a million dollars. She has shared hard-won experiences as a successful serial entrepreneur on her Best4Businesses blog http://best4businesses.com. Marsha also regularly posts business tips, ideas, and suggestions as well as product reviews for business readers. As a serial entrepreneur who has done “time” in corporate America, Marsha has learned what products and services really work well in business today. You can learn from her experiences from shopping the internet for tools, supplies, and information to build your businesses and improve lives financially.

Photo Here: https://best4businesses.com/wp-content/uploads/2017/06/marsha-kelly-small-business-blog.jpg

 

Why You Should Clip Coupons

You would think that stores would just offer discounts and make down their products to promote them directly, but that is not always the case.

I spoke with a representative at Walgreens and asked why they make customers actually download the app to get the coupons rather than just marking them down in store. The first reason? Manufacturers often won’t allow stores to mark down their products. The second is that Walgreens for example, wants customers to interact with the product more and actually take the effort to clip the coupon.

When it comes down to it, coupons are a form of advertising for companies. The art of clipping, downloading, or seeking out a coupon is a way to build a relationship with a brand. While plenty of companies do just mark down their products, it is becoming more common to not directly offer the coupon, but rather have customers download an app, or clip them from a newspaper ad.

How To Maximize Coupon Savings
We follow a site such as “Coupons By Mail” which has given us plenty of tips about which offers are available. They only recently posted an offer in which tombstone pizza is giving away $1 off just by contacting them in their chat support!

We also recommend always downloading the app of the stores you shop at. Joann fabrics for example gives away better savings, but only if you download their app and claim the coupon in the coupon section of the app.

Best Ways to Find a Good Law Firm

There will most likely come a day when you will need to start looking for a law firm because of a legal issue you have become entangled with. This will be one of the most important things you do in your life. This is especially true if the legal situation you are in is quite serious. There are many law firms you could entrust with your legal representation. However, you need to be very careful during the selection process. Do not assume that most of the law firms in your area will be able to give you the same level of legal representation. This is not the case. There are some law firms that have lawyers who will be much more qualified to take your case. Here are a few things that you should seriously take into consideration when it is time for you to determine the law firm you will hire.

1. The law firm you hire should have been in business for many years.

You need to make sure that the law firm that is representing you has a very long track record of excellence. Stay away from any law firms that were just recently established. Law firms that have been in business for at least 10 years have been giving very good legal counsel to many clients over that span of time. Otherwise, they would never be able to stay in business for that many years. Therefore, you should narrow down your search to law firms that have been a part of your local community for a very long time. You can feel confident that you will be represented well in court if you hire one of these law firms.

2. Make sure that the law firm specializes in your type of case.

There are many different areas of the law. Law firms will usually handle several different types of cases. You need to be certain that the law firm has dealt with dozens of cases that are very similar to the one you require assistance with. For example, Macgillivray Injury and Law Firm specializes in personal injury lawsuits.

3. How successful has the law firm been in the past?

The length of time the law firm has been in business is not the only info you will need to research. You need to know that the law firm you hire has won the vast majority of cases that they have been involved with. Most law firms will not mention their failures on their website. You will also not find any information regarding how many cases the law firm has won and lost during its history. Therefore, it will be up to you to find out this info on your own. Most of the info will be a matter of public record. You will need to do some digging. However, you should be able to eventually find what you need. The one exception will be cases that are settled out of court. These cases have the settlements sealed and are not able to be accessed without a court order.

4. Schedule a consultation with various law firms so you can hear how they will handle your case if you decide to hire them.

You will need to meet with a lawyer from each law firm you are interested in hiring. You should never hire a law firm based on what you read on a website. You need to hear the law firm’s pitch. Meeting representatives from the law firm will allow you to hear their plans for your case. You will be able to hear their strategy. Will they be hiring expert witnesses to testify on your behalf? Will they need to hire a private investigator to find out additional info? You can also ask any questions you have.

5. How can you arrange payment?

You should also discuss how much the law firm will charge for their services during your consultation. How do they expect to be paid? Will they be demanding money up front? Will they agree to be paid on a contingency basis? Talk to many law firms so you can compare the rates they will charge.

How to Choose the Best Type of Loan

If you need a substantial amount of money and you do not have it in a savings account, you may need to take out a loan. There are many types of loans and ways to get them, but how to know which is your best option? For example, you may not meet the lending standards of your bank or a conventional lending institution and need to find another option. There are other options such as Tribecca Finance Corporation that provide financial assistance to people who may be in financial difficulties and are not able to get back on their financial feet through traditional channels. You may be able to find a lender who looks more closely at your unique situation and offers a solution customized to your financial needs. Here are some of the most common types of loans available:

Personal Loan

Personal loans are unsecured loans. This means they are not supported by collateral. Your credit score will be the basis on which a lender decides if you are a good risk for a personal loan. The interest rates are usually lower for a secured loan than on an unsecured loan because the risk is lower for the lender. If you would like to get a personal loan, it is recommended to pay it off as quickly as you can. Unlike credit cards that are revolving loans with no fixed payment terms and usually a fluctuating interest rate, a personal loan will have a fixed payment term and a fixed interest rate. The terms are often between two and five years. Before signing on the dotted line, make sure the loan is a fixed-rate agreement. Most personal loans are, but there also exceptions.

Home Equity Loan

If you own a home and have paid off some of your mortgage, you have built equity or stored value in your home. You can borrow against this value to finance major expenses such as college tuition, a wedding or unexpected medical bills. A type of second mortgage, a home equity loan may give you the chance to lower your interest rate and monthly payments on your home. Another use for a home equity loan is home improvement. You can upgrade your home, add a room or renovate the kitchen and add value to the property. When it comes time to sell your home, you will be able to get a higher price than before the renovations. In this way, a home equity loan actually adds to your wealth. The main benefits of a home equity loan are:

• A lower interest rate than you are currently paying on your mortgage
• An easier qualification process even if you have a bad credit rating because the risk is lower for lenders
• You can usually get a large amount of money depending on the equity in your home
• You may qualify for tax benefits

Construction Loan

A construction loan may be a short-term loan for constructing or rehabilitating a home. Construction loans usually have higher interest rates than mortgages used to buy a new home. However, they are useful if you want to renovate an old house and sell it for more than you paid. If you plan ahead, you may be able to pay off your construction loan and make a profit on your investment. Construction loans are usually given as advances as the construction progresses. You may not start repaying the loan for six months to two years after you get it. The balance can usually be paid in one lump sum. In some cases, when construction a new home, the construction loan may convert into a conventional mortgage loan. The options available to you will depend on your credit history, the time you apply for the loan and on your lender.

If you need financial assistance but are afraid to go into debt by taking out a loan, you may want to think again. There are lenders who care about your unique financial situation and will provide a loan that fits with your finances and lifestyle. You may be able to get the money you need without putting a strain on your already tight finances.

Five Things To Do After A Sewage Backup

Residential flooding is more than a mere inconvenience. This is especially true when this water is the result of a sewage backup. Rather than attempting to identify and resolve the underlying problem yourself, you need to take immediate action to protect all residents and pets. These events can introduce a vast range dangerous microorganisms into your abode. They can also set the stage for pervasive mold and mildew growth. If you’re careful to take the five, following steps, however, you can minimize your losses and limit property damages.

1. Turn Off The Power Supply

Standing bodies of water and active electricity are a recipe for disaster. As such, you’ll want to turn off the power immediately after a backup or other flood event has occurred. Once all standing bodies of water have been extracted, you can safely turn the utilities back on. If you’re unable to access a shutoff valve due to standing water, physical obstructions, or other issues, reach out to your utility services provider instead. This company will dispatch a technician who can come in and shut the electricity off on your behalf.

2. Clean Yourself, Your Pets, And Any Other People Within The Vicinity

Don’t waste any time getting out of your wet clothes. If you’ve gotten raw sewage on your pants, your socks, or your shoes, take these items off immediately and wash your skin with warm, soapy water. You also want to do the same for any cats or dogs that were in the are when the backup occurred. The water that enters your home during a sewage backup is known as black water. This is the most toxic type of water that people can encounter. If it gets into an open cut, in the eyes, or near the mouth, serious infections can ensue. Keep in mind, however, that until you identify the source of your plumbing problem, you’ll want to avoid taking baths and showers in your own home. You should also turn off all running water to avoid overwhelming your drains.

3. Take Photos

Although it’s going to take time to restore a sense of normalcy to your home, getting clean and making sure that everyone is okay will definitely put you on the right track. The next step in these efforts is to start documenting the damages that have occurred. Without re-exposing yourself to the flood waters, take a minute to snap several photos of the affected area. Your insurer may need to refer to these images when processing your claim, especially if any high-value items have been damaged as the result of this event.

4. Contact Your Insurance Company

These events should be reported to your insurance company right away. You should also note that your provider will likely have a number of specific steps for you to take in order to mitigate damages and get the water damage remediation process underway. With most policies, homeowners are able to get advance payments on their claim monies. These are funds that they can use to secure alternative lodging when their properties have been rendered temporarily uninhabitable. They’ll also cover all reasonable dining costs until it’s again possible to prepare food at home.

5. Clear A Path For Your Restoration Company

There are several things that your water damage restoration company will need you to do in order to help them expedite their work. Foremost among these is making sure that the utilities have been shut off. The second is to create a clear path that they can use to both enter the home and bring their equipment with them. You’ll want to free up any parking spaces that are adjacent to the building structure. You should additionally move any toys, patio furnishings, or other items that will prevent them from safely carrying their extraction and drying equipment into the unit.

A sewage back up has the potential to disrupt your entire life. After these events, homeowners have approximately 48 hours to have their properties dried, disinfected and deodorized before issues with mold and mildew rear their heads. Fortunately, there’s a lot that you can do to ensure that all building residents are safe, and that licensed restoration companies have the best ability to enter the unit and start putting things aright.

Storing Toys

For a lot of us the toys are children used to play with have sentimental value. Very often, just giving those things away might not be an option as they are usually lots of fond memories associated with most of our toys. What is more, we might not want to get rid of the toys if we know that we might have a child in the future, or when we might want to keep some of the toys for our grandchildren so that they have a chance to know with what toys their own parents used to play with. If storing the toys in your homer is not an option, consider hiring a storage unit. Here are a few options to ensure that you know how to store your toys in a self storage unit for future use:
1. Everything that has wiring in it, and many of the toys these days have some sort of electronic components in them, required a climate-controlled storage unit. This type of devices are subject to corrosion if they are left not in the right place.
2. Consider sorting the toys by type or at least doing so by age. If you will want to have access to them later, you might want to know how to look for each and separate toy. Staying organized is definitely the way to go to ensure that you find it easier at a later date.
3. Remove batteries from the toys that you are planning not to use for a while. This way you will ensure that your Woody toy won’t be singing the same song over and over again stuck under some pillows or other plush toys.
4. If you want to store plastic or toys that have electronic components in them, put some softer toys in between. This way you will avoid all the unnecessary dents as well as other type of damage that can be detrimental to your toys.
5. Labeling the boxes with toys might be just another trick that will come in handy and will allow you to stay organized. This way you will know exactly where you store which toys.

Here’s what to do with your old Christmas tree next year

The number of people opting to decorate their homes with a real Christmas tree in December is on the rise. The whole process is delightfully festive, from picking the tree and placing it carefully in its temporary home to decorating with tinsel and baubles. However, in January, it’s time to say goodbye to the centerpiece of Christmas but it’s such a shame to throw it out with the old wrapping paper and leftovers that couldn’t be finished. So here are some ideas on what to do with your tree when the time comes.

Before doing anything with your tree, be sure to completely strip it of tinsel, baubles, lights, chocolates, angels, stars and all other decoration you excitedly stuck to it.

If you have an open fire or wood burner, resist the urge to use your old tree as firewood. The dried pine needles can burn extremely quickly which could cause sparks. Couple that with the very dry Christmas tree wood and the fire can very quickly become uncontrollable. Stay safe and stick to specialist firewood suppliers for wood fuel.

Recycle

Local councils, garden centres and communities make it extremely easy to recycle your old tree where they’re shredded down into chippings for use in parks etc. Recycle Now has all of the information you need to recycle your Christmas tree.

Replant

Replanting your tree is a nice option if you have the space and obviously if the tree is still live – that is, if the root of the tree is still in tact. If you want to do this, it’s important to plan ahead a little and make sure that the root of the tree is kept damp by regularly watering it. As difficult as this might be, try to keep the tree away from heat sources as well.

Once replanted, make sure it’s well watered and feel free to redecorate with outdoor ornaments!

Repurpose

An old Christmas tree is a fantastic blank canvas that can be turned into many different things. The wood can be finely chopped and then treated to make coasters or line a flower bed. The pine needles can be mixed with seasonal berries and scents to make potpourri. Or how about a birdhouse? Stand the tree in your garden and hang bird food to attract a range of different birds.

Let us know what you do with your tree when the festivities are over using #bornagainxmastree

A Guide to Selling Your Business

If you have ever tried to sell your business, you probably know by now that doing so is more than just a financial transaction as there are many things that need to be put in place prior to having a company appear on the market ready for its sale. If you want to be #SellSavvy, you will want to know everything there is to know about selling a business, and one of the best places to get started is to visit http://www.bcms.com/gb/en-gb.

Many people have an impression that only those businesses that are not profitable are put on the market for sale. This is only true in some cases, and as a matter of fact most businesses are for sale for one of the following reasons:
1. Moving to a new venture is probably one of the most popular reasons. People change what they do all the time. Some business owners realise that they might be happier pursuing another career path, and there is nothing wrong with that.
2. Retiring from work is just another valid reason a person might have to sell his or her business hoping that it will be in good hands.
3. Cashing in on their capital is again a good reason to sell their business. Somebody might want to sell a business if they have made enough money to be able to buy something they have always wanted. Again, this is a good reason to put a company on the market.

Even if you plan to sell your business, it doesn’t have to mean that you shouldn’t care about it anymore. Until the day it becomes someone else’s business continue nurturing it and caring about it. It will pay off in the long run to do so as you will be able to get a better price thanks to this.

Below you will find very interesting infographic that highlights the main points that should be taken care of it while attempting to sell a business. You mighty want to familiarise yourself with it before making that final move.

Is UK VAT registration important for you?

Introduction to UK VAT registration

Value Added Tax (commonly known as VAT) is a tax system applied to VAT registered businesses in the UK. This specific tax is applied to most of the goods and services available in the modern-day market. In addition to that, VAT is applicable to the goods and services that are imported from other countries to the UK. The companies that are registered for VAT can reclaim the VAT amounts charged on them when purchasing goods or services. In other words, you are not entitled to reclaim VAT charged to you if you are not VAT registered business. Once a business has completed its UK VAT registration, it can be considered as a mini tax collector too.

Why it is necessary to consider UK VAT registration

You will HAVE TO register for VAT;

  • If you are a business based in the UK and you exceed the VAT registration threshold for a duration of 12 months (consecutively), UK VAT registration is mandatory for you. This threshold updates every year and as per the latest update (implemented on 1 April 2017), the VAT registration threshold is £85,000.
  • In addition to that, you may have registered for VAT if you take over an exciting VAT-registered business. However, this obligation is applicable only when the business you purchase has reached the VAT threshold (during the past 12 months).
  • You will be forced to go for UK VAT registration if your business involves trading outside of the UK.

The businesses that fail to register for VAT will have to pay a late registration fee probably with a failure- to-notify penalty. On top of that, an interest and a surcharge will be applied. However, if you notice a temporary hype in your revenue and reach or exceed the threshold, you may consider asking for an exemption (through HMRC).

You can register for VAT voluntarily

You can consider registering your business for VAT even when it hasn’t reached VAT threshold. This is called voluntary registration. Usually, businesses go for voluntary registration due to a couple of key reasons.

  • VAT registration adds credibility

Other companies and customers prefer to deal with VAT registered companies. In fact, a VAT registration is a sign of credibility; a business can appear to be bigger with a VAT registration.

  • Ability to Reclaim VAT

Once you are registered for VAT, you are obviously eligible to reclaim the VAT charged on you when making the purchases.

Overall, it is much better to stay as a VAT registered business. Although most of the entities can register for VAT without much trouble, certain instances may prevent a business from registering. For instance, if a particular entity is not recognizable by the HMRC as a legitimate business, it cannot register for VAT. In addition to that, if you are a business that sells tax-exempted goods or services only, you will not be able to register for VAT. The bottom line is, however, UK VAT registration is important for any legitimate business.