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

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.

End of an era

So as many of you are already aware; furlough ends this month.

For many they will have already prepared but for some, we appreciate there might still have been a degree of uncertainty/hope that the Government might have something up their sleeve.

It certainly appears that unfortunately this is not the case and there is nothing to our knowledge in the pipeline.

If you remain concerned about this please do get in touch and schedule a call with your client account manager.

What else you might have missed?

  1. The Super Deduction Tax Relief came in earlier this year so don’t forget to take advantage of this in light of the pending budget announcements where we are expecting to start feeling more of a pinch again. More information about this can be found here.
  2. In case you missed it from April 2022 tax on dividend income will increase by 1.25% to help support the NHS and social care.
  3. The Autumn budget is currently scheduled for October 27th so we are expecting to find out a lot more then.

Again if you have any concerns regarding either of the above points or want to schedule in advance a call following the budget announcement schedule this with your client account manager there now.

Is it worth continuing in business in light of all of this?

Whilst you might think this a fairly blunt and negative question to ask, let us be honest, many people have felt that way at least at some point over the last 18 months or so.

So many have now though come out the other side and are even; in light of pending tax rises, repayment of Government-backed loans, fighting back and doing really well with some working towards an exit valuation figure they never before dreamed of that they would be over the moon with and which would see them nicely into retirement.

We will share more insights around exit strategies in our mid month newsletter next month but there is certainly lots to think about so please do get in touch if any of the above is something you want to discuss further.

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