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Deliverance: Time to get ready for business

Stage 1 of the Covid-19 lockdown is over and people are being encouraged to return to work where possible. Businesses need to prepare to re-open within safety guidelines in some sectors although other sectors, such as hospitality and leisure, will have to wait a bit longer. Business owners will have to review all of the safety guidelines and consider the measures that need to be put in place before they re-open. But will re-opening be a viable option for everyone? Various grants and government ...

May 12, 2020

Support for businesses - do you know what to claim?

There have been a number of support schemes put in place by the government to help business during the current crisis. Here is the latest news with links to more detailed information....

May 4, 2020

Preparing your business for success after lockdown

Another 3 weeks of lockdown takes us to the biblical level of 40 days and 40 nights. Before his temptation, Jesus fasted "forty days and forty nights" in the Judean desert (Matthew 4:2, Mark 1:13, Luke 4:2). Forty days was the period from the resurrection of Jesus to the ascension of Jesus (Acts 1:3). I am not saying that we are suffering in the same way as Jesus but we are all being tested, no matter what our religion. 40 is a significant number. A relevant number in terms of a global pandemic....

April 17, 2020

Improvements to the Coronavirus Business Interruption Loan Scheme

Since the Coronavirus Business Interruption Loan Scheme (CBILS) launched less than two weeks ago, almost 1,000 facilities valued at £90.5m have been approved by lenders, but the original scheme was not thought to be meeting the needs of businesses or fulfilling the intention of the Government.To rectify this, adjustments have been made to the CBILS scheme, and for companies who fell into the gap between CBILS and the COVID Corporate Financing Facility (CCFF), the Coronavirus Large Business Inte...

April 6, 2020

10 point guide to the Covid-19 Self-employment Income Suppport Scheme

There was good news from the government for the self employed with the announcement of the Covid-19 Self-employment Income Support Scheme. Here is our 10 point guide to the scheme. 1.    You can apply if you’re a self-employed individual or a member of a partnership and you: •    have submitted your Income Tax Self-Assessment tax return for the tax year 2018-19•    traded in the tax year 2019-20•    are trading when you apply, o...

April 5, 2020

Does your business insurance cover you for Covid-19?

Most commercial insurance policies are unlikely to cover pandemics or unspecified notifiable diseases, such as COVID-19. However, those businesses which have an insurance policy that covers government ordered closure and pandemics or government ordered closure and unspecified notifiable disease should be able to make a claim (subject to the terms and conditions of their policy). Insurance policies differ significantly, so businesses are encouraged to check the terms and conditions of their speci...

April 4, 2020

10 things you need to know about the Covid-19 Job Retention Scheme

The government have issued a great deal of guidance on the Job Retention Scheme. Full details can be found at: https://www.gov.uk/guidance/ch... The following are the top 10 key things to know. 1.    Furloughed members of staff must not work for the employer during the period of furlough. 2.    Furlough is from 1 March 2020, so is to be backdated. It will last for at least 3 months and will be extended if necessary. Note that while the scheme is backdated to the beg...

April 3, 2020

Covid-19 Benefits for small businesses, their employees and self-employed workers

I’m pleased to say that the government has, at last, put in place measures that can now benefit smaller businesses like yours, your employees and the self-employed workers who may work for you. There are also benefits through banks and other sources. We at Bespoke Accounting appreciate these are uncertain times and can be worrying. These latest initiatives will support businesses and we intend to fully up-to-date them with the opportunities. We are part of an international group called Xeinadi...

April 2, 2020

Carpa Diem – Seize the day

Most people will have heard the expression, seize the day, but may not know the full quotation from which it is taken. Horace in The Odes: Book One wrote: ”Carpe diem, quam minimum credula postero”, which translates as “Seize the day, place in the hours that come as little faith as you can”. At first reading this seems to be inconsistent with the accepted principle of planning for the future – "failing to plan is planning to fail". But it is not, because all plans require you to take a...

February 9, 2020

Hard hats on! More VAT changes to hit construction industry.

If your business is involved in buying and selling construction services, then you will be affected by these changes. According to the government, VAT fraud in construction sector labour supply chains presents a significant risk to the Exchequer. Organised criminal gangs fraudulently take over or create shell companies to steal VAT whilst operating alongside actual construction services. This is commonly referred to as ‘missing trader’ fraud. For this reason, the government are bringing in t...

March 27, 2019

Time is fast running out for UK businesses

Don’t you just love the UK Government?  UK businesses are just getting over the huge cost and upheaval from the Automatic Enrolment regime and now we have another one to deal with. You’ll love this. They call it ‘Making Tax Digital’. There are some exemptions for charities and similar organisations and there will be a turnover cut-off below which businesses will not have to comply with the requirements set out below, but in general: Businesses must keep digital accounting records. ...

November 30, 2018

THE BUDGET | 2018 – BUSINESS TAX

Temporary increase in the annual investment allowance The annual investment allowance (AIA) provides a 100% allowance on qualifying expenditure, subject to an annual limit. Budget 2018 announced a temporary two-year increase in this limit from £200,000 to £1,000,000 from 1 January 2019. As with previous changes to the limit, transitional rules will apply to businesses with chargeable periods spanning 1 January 2019 (when the limit is increased) and 1 January 2021 (when the limit reverts to £2...

November 12, 2018

Still doing your own bookkeeping?

Keeping good records is vital for the financial health of a business. Many new business owners see this as a chore rather than the core of their business. You may be doing the bookkeeping to the best of your knowledge and ability but unfortunately you will make errors and omit transactions. We need to consider the affect that keeping your own books has on your business and your life. We will start by looking at the common mistakes. Inadequate bookkeeping systemWe are assuming that, if you are ke...

September 9, 2018

Outsourcing – the first step to being an entrepreneur

Just because you have a small business and are not ready to employ people doesn’t mean that you have to do everything yourself. Running your own business can seem a bit like juggling. As a technician, you can do what you do well – just keeping that one ball in the air. Then perhaps you have a VAT return to complete and submit – just about keeping two balls in the air now. Then you need to get some marketing done and, struggling to keep three balls in the air, you drop one. The question is,...

August 21, 2018

4 ways to charge more without losing customers

Risk reversalIf you offer guarantees, customers will part with their money more readily, and pay a higher price, if they know that they can get their money back if something goes wrong.Guarantees can be structured in different ways to address the priorities of different customers.Demonstrating valueIt is vital to have a strong justification and defence for your higher prices prepared in advance. This is likely to include knowing the prices of your most expensive competition, demonstrating the sa...

July 24, 2018

Are you getting the price wrong?

Economists claim that prices are set by markets. But they are wrong. Prices are set by people running businesses. People like you. And they are among the most important decisions you will ever make. Get them right and you could be on the road to fame and fortune. But get them wrong and your business will be doomed to failure – and so many businesses do get it wrong. Some businesses  try to a low cost provider. To be successful with a policy of being the cheapest is very hard and is best a...

June 23, 2018

Does your business have the right type of funding?

All businesses need adequate funding to run them. Many new business owners go into business thinking that they can take out a salary, as they previously did as an employee, regardless of how well the business is doing. A certain amount of capital is needed to get the business set up and going. But many business start with too little funding. When cash flow problems hit, it can be all too easy to use credit cards, incurring high rates of interest, or delay paying taxes - resulting in more interes...

May 17, 2018

The big mistake many accountants make that could cost you money

The truth is that most small business owners don't really understand what accountants do. They know they need an accountant to prepare accounts and tax returns and perhaps run payrolls and complete VAT returns - but apart from that they don't really understand what is involved. So the main question that you may ask an accountant is how much his or her services will cost? Wrong question! Because the accountant expects you to ask that question he or she assumes that you are going to choose on pric...

April 21, 2018

Do you know your numbers?

It is vital that you understand what has to be done to keep your business running and growing. The most basic number that you must know is your breakeven point. In simple terms, this is the daily, weekly, or monthly cost to the business of its fixed overheads – the costs that you have regardless of the level of activity. From this you can calculate how much income is needed just to break even. With different credit terms for paying suppliers and being paid by your customers as well as differen...

March 19, 2018

Not enough passion

Without passion you’ll only ever get mediocre results. With passion you can achieve almost anything. If you can’t get passionate about what you’re doing, go and do something else instead. Business owners often talk about their work as if it’s a labour of love. Of course, you want to make a profit and have a successful business, but the success of a small business is measurable in ways that don’t always show up on the balance sheet. You may have a specific vision for how you want to be ...

February 8, 2018

How to keep your business plan and goals on track

Your plan and goals have to be flexible. You need to monitor and review them on a regular basis, updating your plan as necessary. For example, if your goal was to increase sales by 100% by the end of year 3 and you achieve that by the end of year 2, the plan will need to be revised upwards. You need to establish the Key Performance Indicators (KPI’s) for your business to track where you are on your plan. By measuring your sales, using the same goal as before, you will be able to consider what ...

January 11, 2018

A business plan is essential

Some sort of business plan is essential for a successful business. You may muddle by without a business plan but will not achieve as much as you could have or should have. In other words, without a plan, you will “lack the ability to do something successfully or as it should be done” – the definition of incompetence! A business plan gives an outline of your business, the market in which it will operate and how it aims to achieve success. It will cover areas such as your target market and p...

December 13, 2017

Don't keep re-inventing the wheel

Businesses owners start out doing everything themselves and fall into the trap of forever re-inventing the wheel. Michael Gerber in his book, The E-Myth Revisited, “Small businesses don’t work, the people who own them do”. This is why you must systemize. The three keys are: Innovation – test new ideasQuantification – measure what works bestOrchestration – use the best ideas everywhere Systemising your business allows you to: Put your team in charge – delegate don’t abdicate.Free...

November 16, 2017

Handpicked Accountants

Bespoke Accountants have been included in a prestigious list of the UK’s best and most trustworthy accountancy firms. Handpicked Accountants features an online searchable database of only approximately 1,000 of the UK’s top accountants. Recently launched by the renowned Begbies Traynor Group, Handpicked Accountants features firms that have proved their worth often through years of working with the Begbies Traynor Group themselves. Currently many company directors and small business owners ha...

October 24, 2017

Who is your ideal customer?

One of the biggest mistakes you can make is to try and be 'all things to all men'. You may find some success using this approach, but there will be a high cost to reach your potential buyers. The response to your marketing and the conversion rate from prospect to customer will be low because you are targeting everyone. You will also end up with a large number of poor quality prospects that will use up resources to weed out. Thousands of books have been written on marketing and this blog only loo...

September 5, 2017 Posts 1-25 of 50 | Page next
 

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