Don’t blink you might miss it

Can you believe it, the first quarter of the financial year has passed and by gosh time has flown.

So, rather than waste any more time, click on the image above for a short video as to what we are discussing this month before you read on.

Watch the video here

Save me tax

We’ve previously shared the 32 ways to extract more value from your business whilst saving tax and recently introduced our “tax and growth discovery form” with a handful of clients as we gradually roll this out.

This form pulls out what matters the most to you in your business and helps identify where you are, where you want to be and then gives us the platform to see how best we get you there.

If you would like a copy of the form together with guidance as to how to complete this just click the button below.

Yes please, I’ll have a tax and growth discovery form

Make me more money

We keep mentioning the scary fact that only 1 in every 2,222 business owners exit their business when they want, with how much they want.

If you start planning ahead there now, get an understanding as to what your business is roughly worth if you sold it today and build out a road map to improve this, you will help beat the stats.

Yes please I would like a business valuation

Help me focus on what matters

Do you know who your top 10 customers are in terms of profitability?

Do you know what your top 10 supplier costs are?

Far too many business owners do not know the answers to the above two questions and when using cloud-based accounting software it is literally at your finger tips.

By then acting upon this information you can then start making decisions that increase the value of your business.

I don’t know but I would like to know

Improve my cash flow

It is interesting when you take a step back and reflect on how generations before us managed their cash and how times have changed; or have they?

A lot of the same problems remain but some of the old traditional methods have sadly been forgotten and whilst I am not suggesting we all go back to brown envelopes, jars or filling mattresses; the process is one where a lot can be learnt to make your current cash stretch further.

Head across to our website and read the blog whereby we share four tips around this that can be accessed here which clients of ours are already putting in place and it is literally changing their lives simply as a result of this same methodology.

Takeaways

  1. Ideally you need four plans in your business (all of which can drop out of the discovery form):
    • operational plan
    • financial plan
    • tax plan
    • retirement plan
  2. The day for planning your retirement was yesterday but today will have to do as tomorrow is too late
  3. Cash can go a lot further than you every imagined once you change the processes you use to manage it

Our wider impacts that you have contributed towards

Overall, we have now made over 2,119 “impacts” to date across 34 projects to date which for the month of March alone, including:

  • supporting young adult’s mental health
  • providing emergency relief support in Ukraine
  • 97 days of access to clean drinking water was provided
  • 4 days of housing being provided in Vietnam
  • helping fund business training programmes in Zimbabwe
  • 4 days of training in sustainable agriculture were given to villagers in Madagascar
  • 10 days of education were provided for children in the world

Get more now

Are you getting what you need?

We are all getting more e-mails than ever and we are constantly looking at how we can add more value to our regular bulletins so have slightly tweaked the format for this month.

We are splitting the content into shorter and more “punchy” sections so you can jump into those which are of greatest interest value to you and will save you time looking for the “golden nuggets.”

Save me tax

Did you know there are three different elements to the tax advice and support that we provide and for which greater attention can be paid?

Click on the image below to find out more.

Make me more money

We have mentioned this before on a previous newsletter; with reference to inflation, but have you thought about this:

“Money left sat in your bank account is COSTING you money.”

Given the current rate of inflation, I don’t believe there are any banks currently paying interest in current accounts that exceed the current rate of inflation so; with it left sat there, as each month passes it worth less than the day it was put in.

What should you do? Speak with an IFA. Don’t have one? Get in touch with us by clicking here and we will contact you.

Help me focus on what matters

We started this end of month newsletter saying how a deluge of e-mails and content is meaning that people are struggling to see the woods for the trees.

The amount of information at people’s finger tips often leads to what is commonly known as “analysis paralysis” so basically you don’t know where to start, so don’t start.

We have some great overview reports that we are sharing for no cost up until the end of March for those on our bookkeeping package so let us know if you would like yours.

If we don’t do your bookkeeping, get in touch regardless and we’ll send you a template report based on demo data and a bit like Bullseye show you would could have won; or could still get in the future …

Yes please I’ll have a business overview report click here

Improve my cash flow

One of the most common issues we find whereby businesses could improve their cash flow is by changing the way in which they quote.

Whilst it is quite easy to factor in those costs directly attributable to a sale, it is more difficult when it comes to those overheads you incur regardless i.e. insurance, rent etc.

Quick tip

Go through your overheads for the past year and work out what these equate to based on the number of working hours there is in a year for you i.e. the hourly costs of these same overheads.

Start then applying this hourly overhead rate; with a mark-up to future quotes and see what difference this makes.

This is rough and ready; and not perfect, but is better than nothing and it will provide a great platform to build from.

Make sure you start with this gradually to get your confidence in adding it and in the calculation itself or just a few clients. We are here to help where needed.

Takeaways (everybody loves one, Indian would be my choice)

  1. Look at tax from one of three angles to think of it more proactively.
  2. Don’t have spare money in the bank costing you money, have it make you money.
  3. Draw from your figures what matters the most and we have a great report to help so get in touch for what this could look like.
  4. When it comes to improving cash flow; start with looking at how you quote for work. Then, take this a step further and monitor your REAL profitability per job thereafter.
P.S. More information on our
client awards very soon …

32 ways to extract value from your business

32 ways to extract value, tackle rising costs and reduce tax

Many business owners and individuals will now be faced with challenges in the year ahead including:

  • rise in living costs/subsequent rise in wages
  • rising inflation
  • increased taxes
  • repayment of government-backed loans
  • rising cost of debt

In this month’s bulletin we’re going to specifically focus on rising taxes and wages and some things for you to consider.

Tax (a quick fix)

There are 32 ways to extract value from your business; or at least this is what we have reduced it down to.

Want to do a quick tax health check on your business? Click here and we’ll send through a checklist for you to fill in.

Wages (and another way to save tax)

For many we are approaching the time when wage rises will be discussed and with the rising cost of inflation pay rises of 5% upwards may commonly be asked for by your team and that is just to maintain their standard of living rather than being seen as a pay rise.

There are ways to counter-act this in terms of providing your team with benefits they have not had previously whilst reducing tax at the same time.

Still not clicked the link above for that checklist and just want to drive straight in; then click here for our template 32 ways to tackle rising costs; whilst reducing tax.

P.S. More information on our
client awards very soon …

Doing out bit for the environment

Overview

So the dark nights are well and truly here and snow has most definitely arrived so we thought off the back of COP 26 in Glasgow a perfect time to help business owners made a sustainable and long-lasting difference in their business whilst saving some tax.

Electric cars

So subject to cost, availability and delivery timescales, they are becoming a more and more topical conversation and we thought it worthwhile revisiting and thought it best to share some great tips around these which can be found here.

Don’t forget there are some great tax-breaks available too.

Utility bills

Another very topical area for the press at the minute; particularly with further businesses collapsing, is the utility sector.

For the majority of our business clients you should have now received a report with any potential savings from one of our partner organisations that you can then go and do as you please but ultimately save some money at no cost.

If you have not yet received this please contact your client account manager.

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Christmas

Office opening hours

I know we are getting a little ahead here but I’m sure we are all hoping and praying for a more “normal” Christmas than last year so we will again be closing the office over Christmas.

Our the last working day will be Thursday 23rd December 2021 and we will reopen after the bank holiday on Tuesday 4 January 2022.

All payroll, bookkeeping and other client work will be coordinated around these and your own deadlines but if you have any questions or concerns as normal please contact your client account manager.

Furlough and Help for Self-Employed Update

The timing of our two webinars; links towards the foot of this newsletter, couldn’t have been timed better.  We’ve just outlined the headlines below together with the links to the full HMRC articles and will go through all of this in more detail this coming Friday.

Furlough Update
Thousands more employees will now be able to receive support through the Coronavirus Job Retention Scheme (CJRS) after the eligibility date was extended to 19 March 2020, the government announced today (full article can be found here).
Employers can claim for furloughed employees that were employed and on their PAYE payroll on or before 19 March 2020. This means that the employee must have been notified to HMRC through an RTI submission notifying payment in respect of that employee on or before 19 March 2020.
This change makes the scheme more generous while keeping the substantial fraud risks under control and is expected to benefit over 200,000 employees.
HMRC are aiming to have the scheme fully operational next week but anticipate issues and the system crashing when it first goes live.

Update for the Self-Employed
How the figures will be calculated has now been outlined in detail and the breakdown of which can be found here.It will be based on those figures declared on your tax returns covering the 2016-17, 2017-18 and 2018-19 tax years as appropriate.

Any more queries around either of the above, please come along to our webinar on Friday where we will look to answer as many as we can.

COVID 19 Strike Back – Lets hit back and lets hit back hard!

Now that the dust has settled and we should have digested the support there and how we access this; though some finer details are still yet to be clarified, let’s hit back with all of this rather than feel sorry for ourselves and our business.  If you don’t, you more than likely won’t have a business to return to.

To start with we are ecstatic that we can now share our co-branded document that has been produced alongside one of our software providers that has a walk-through of how best you can do this.  This can be found here.

There is still time to jump onto our second 30 minute LIVE work-out webinar without the spandex this week where we will look at pivoting your business to bounce back (register here).

Following on from this I am opening up the diary for the team for the week commencing 20 April 2020 for you to have a 30 minute one-to-one free session to discuss anything we cover next week in more detail.

Just to stress, now is not the time to stand still, it is the time to strike back!

Further guidance

Following our previous newsletter and as referred to above, people have been asking for further guidance around:
  • Help for the self-employed (to book on click here)
  • Furloughing of staff (to book on click here)

As a result of this we will be doing two separate 30 minute live webinars this Friday covering the above two areas and will add access to finance to each of them also.

To book on, click either of the respective links above.

 

Finally – Client Exchange (APRIL ONLY)

Don’t worry we are not exchanging any clients.

During such unprecedented times we are going to support one another and we won’t always be able to do this for free.

We can however help one another out in exchange for goods/services to the value.

In light of this; and only for the remainder of this month as a trial, if you need some assistance but are struggling financially, can you email what you need to enquiries@gtaccountants.com and we will try to see if we can match you up with another customer.

Please note this is not a free advertising tool but instead to help those clients in need so that we can be specific.

If you are looking to advertise, let me know and I will do a separate client-led newsletter with content provided by you so you can advertise your services but by way of a newsletter rather than direct e-mail as I don’t think any of us would appreciate being sold to in the current climate unless we were looking to buy.

Winter Health Check

You might be thinking of a winter health check on your car but what about a winter health check on your accounts.  You still have over four months of the 2012/13 tax year remaining to take action and reduce your tax bill for January 2014 so forget about 2014 Christmas catalogues soon to be advertised on the TV, think about your 2014 tax payable.

 

Also, before putting winter tyres on your car check the fine print as some are only meant to be used in temperatures below 7 degrees thus if you have an accident and the temperature is great than this your insurance is void.  Graeme Tennick & Co Chartered Certified Accountants adding extra value to our clients again.

Mobile Site Launched

Always looking to improve our services, we have just finished making our website “mobile ready” so that our customers can find the information they need, even when they’re on the move.

Try it on your mobile, smartphone, or tablet.

Speak to the team about your goals and vision. We'll tell you how we can help you make them a reality.

Are you looking to work with a strategic accounting partner to help shape your business’s future? We’d love to hear from you