A break-even point is an important financial component to any business which deals with a product or service. Understanding what it means, and how to calculate it helps you evaluate your business’ revenue model and how profitable it is. This blog will provide you with all the necessary information you should know about break-even points.
Monthly Archives: September 2021
VAT is a standardised tax that most businesses and individuals must contribute towards. It stands for Value Added Tax, and as the name suggests, it’s collected any time value is added to a product or service. The VAT paid goes towards Her Majesty’s Revenue & Customs (HMRC) when they sell or hire out goods or services. There are some exceptions, such as sales outside the UK. However, for many businesses, VAT applies to every sale.
Creating an effective business plan requires patience, passion and accuracy. It is important to get your facts correct and covering all the necessary foundations about your business. As you continue to grow, your plan may change with updated financial data and different targets.