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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

Mental Health - When Tragedy Strikes

Mark Cottle is an Australian Accountant who is an expert on using offshore accounting teams. He founded Frontline Accounting in Manila using an offshore model. He and his team have helped so many people in times of trouble throughout the Philippines with their outreach programme. After reading his book, Offshore or Die!, I had the pleasure of speaking to him via Skype. Mark is one of the good guys. In order to help raise awareness of mental health issues, particularly for young men, I am sharing...

September 1, 2017

Are you competent in what you do?

Incompetence is defined as “lack of ability to do something successfully or as it should be done”. There is a fundamental reason why most new business owners are incompetent and once you understand it you can do something about. Michael Gerber in his award-winning book the E-Myth Revisited explains that most business owners are technicians and not entrepreneurs. The entrepreneurial myth (The E-Myth) is the myth that people who start small businesses are entrepreneurs. The fatal assumption ma...

August 15, 2017

Our Abseiling Stars

Congratulations to team members Corinne Marsh and Isabella Roozbehan for abseiling down the Spinnaker Tower in Portsmouth....

May 23, 2017

Why can I not increase my profit?

The most important thing to remember is that profit is a result. It is a number that is the difference between income and costs. So to change the number that represents profit, you have to change income and/or costs. There is a tendency to focus on reducing costs. It is a good idea to eliminate waste and make your expenditure as productive as possible. But there is a finite limit to how much this will increase profits. For example, if you reduce down to working on your own from home then there...

January 26, 2017

Who needs a bookkeeper? You don’t anymore

Recent studies by Oxford University and Deloitte (2015) suggest that about 96% of what bookkeepers currently do will - in the not-too-distant future - become automated. It's been suggested by some that bookkeepers will soon become redundant. Actually, we don't think that's true, but let's look at what is happening......

December 22, 2016

The #1 reason businesses fail... and how you can avoid it

Don't you just hate the old cliché, cash is king. I do. But the fact is, running out of cash is the number one reason businesses fail. Despite the fact that very often they are profitable. But profit and cash is not the same thing....

December 20, 2016

The big problems with most small business financial accounting systems

Old-fashioned accounting systems are seriously flawed. And that can have dire consequences for small businesses. Until recently there were essentially 3 common types of accounting system: A manual system of books and records, like those big cash books. An Excel or other spreadsheet-based system Desktop accounting systems such as Sage Line 50. And they're all flawed. For example, with a manual system it simply takes too long to write up the transactions. And your time is too valuable...

December 14, 2016

Critical business information in real time

Every successful business has its finger on the pulse. You need to know the key numbers. Not the numbers in last year's accounts; they're out of date. Redundant. You need today's numbers. And that's where your cloud accounting system comes in. If you don't have a cloud accounting system, this blog will explain the benefits and how to get started. There are essentially just 4 types of accounting system:...

December 14, 2016

Great news – you no longer need an accountant

Recent studies by Oxford University and Deloitte (2015) suggest that about 96% of what accounting firms currently do will - in the not-too-distant future - become automated. 96%! Surely that means the accountant is soon to be redundant. ...

December 13, 2016

Keeping your business books has just got easier

Every business owner hates bookkeeping and paperwork. Unfortunately it has to be done. And it has to be done in a prescribed format... otherwise the Tax Man will be on your back. It's also difficult. That's why there are bookkeeping exams. That's why there are professional institutes like the Institute of Certified Bookkeepers. I guess you'd much rather be out there making money from your business than doing the books. And because everyone hates bookkeeping, most people end up doing it i...

December 7, 2016

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'. Of course we don't yet know exactly how it works, because as you know, the Government does have a habit of changing its mind (just look at the introduction of Automatic Enrolment). Anyway, here is the essence of what they are saying: It is likely to apply t...

December 6, 2016 Posts 1-25 of 39 | Page next
 

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