We all know that prioritisation and time management are important but, more often than not, we put them off and it isn’t long until things have built up.
Small Business Advice – The Importance of a Good Accountant
When starting a business, it can be tempting to put off having a conversation with an accountant, and instead concentrate on other aspects of your business such as sales or marketing.
However, the reality is, the sooner you have the conversation the better, and here’s why.
With Google at our fingertips, it’s easy to think that we have access to all the information we need in order to run a successful business. However, chartered accountants can train for years to become fully conversant on all taxation and accounting legislation, and more importantly how they impact a business.
By hiring a professional who has trained with an accountancy body such as ICAEW, ICAS, ACA, ACCA, CIMA or CIPFA, you’re not only investing in expert advice but also the peace of mind of know that everything is being dealt with in the correct way.
Like most business matters, organisation and preparation are key to success. Small businesses who manage their bookkeeping and accounting throughout the year are always ready when it comes to tax time.
Moreover, by engaging with a good firm of accountants you’ll have expert assistance at your side throughout your business’ growth and development, and will, therefore, be ready for any opportunities (or hurdles) that may come your way.
Maximisation of Savings
A professional accountant will not only keep your accounts organised but also suggest ways you can save money and take advantage of tax reliefs. It goes without saying, that any extra cash is a huge benefit for any small business, allowing you to invest or save.
Don’t just hire a bookkeeper, hire their analytical and advisory capabilities. A good accountant won’t just organise your money but instead will help you understand the numbers in order to maximise profits.
When hiring an accountant, it’s important to see whether they offer services such as writing business plans, financial forecasting, investment advice and insight reports. These services will help your business grow and ensure it is sturdy enough to withstand the test of time.
To summarise, if you’re starting out in business, it’s really helpful to develop a relationship with a professional accountancy practice from day one. Not only will it save you headaches in the long run, but a good small business accountant will be excited by your company, and so will go the extra mile to help you succeed and grow
Preparing your new business for success
Fifty percent of start-up businesses fail in the first year and 95 percent fail within the first five years but despite the economic downturn, the SME market continues to grow.
Why small business owners should care that ‘Lush’ quit social media.
In April 2019, Lush, the cruelty free, planet friendly, strong smelling, high street stalwart, announced that it was no longer going to be participating in social media. Cue marketing industry uproar.
But as a small business owner, why should you care about this decision? Does it affect you?
In a word: yes.
The Spring Statement Update
View or download our quick guide to the Spring Statement 2019
When should a sole trader business incorporate into a limited company?
When a sole trader decides to change the structure of their business to become a limited company, they take on a number of new legal and accounting responsibilities.
ActionCOACH’s Matt Ewer teams up with Mark Palmer of Cottons Accounting, to present a free seminar for business owners.
After the success of previous events, this seminar is returning to Brownsover Hall Hotel, Rugby on the 5th of March.
Why do you need a Business Plan for your Start Up?
“A goal without a plan is just a wish.”
― Antoine de Saint-Exupéry
Choosing to start up a new business is both an exciting and challenging endeavour.
It may come as no surprise that a large number of start-up businesses fail due to poor planning.
Rely on business through your website? What to do if your website goes down.
As a business owner, managing chaos could be one of your daily duties. For every business which relies on a website or app, though, this enters a new realm amidst the realisation that your website or app is down.
Beware calls or automated messages from HMRC saying you are under investigation!
At Cottons, we have noticed an increase in clients receiving cold calls, automated messages or voicemails from scammers impersonating HMRC.
Clients are told that they are under investigation for non-payment of taxes and that they are to call a number to discuss this matter further. On calling this number they are then instructed to pass over their bank details.
Please be assured that this is a scam. These scams are widely reported in the media and by HMRC. While HMRC occasionally uses phone calls or automated messages these generally use a recognisable reference number. HMRC are also unlikely to contact you about a matter such as this out of the blue.
If you do receive a cold call or are unable to verify the identity of the caller please end the call immediately.
To help HMRC investigations you should report full details of the scam by email to firstname.lastname@example.org, including the date of the call, phone number used and content of the call.
If you do have any concerns with regards to this please contact us and we will be happy to discuss this further.
Cottons London Impliment Better Accounting Solutions for Retailers
Famously, the retail sector is burdened with more administrative duties than many others.
Budget Report 2018 – A Summary
Chancellor Philip Hammond presented his second Autumn Budget on Monday 29 October 2018. In his speech, he stated that ‘austerity is coming to an end – but discipline will remain’.
Are you being targeted by email scammers?
Despite all our best efforts, criminals are targeting SMEs with increasingly clever email scams. Businesses need to be incredibly cautious when making payments to suppliers and to be especially aware if they receive new bank details to pay to.
We have recently been contacted by several businesses who have fallen foul of an email invoice scam. We advise our clients to be vigilant to ensure their hard-earned money isn’t finding its way into a criminal’s bank account!
The article below highlights some of the key scams currently being used and the best ways to protect yourself and your business.
Tax Free Childcare – Last Chance……
Research and Development Cash Injection….
One of the benefits from the Research and Development (R&D) tax relief is that it provides support not only for profitable companies but also those companies who may also be struggling to make ends meet.
Understanding your business’s true potential.
As many businesses have discovered, growth not only takes a strong vision but also a clear business strategy. The difficulty in building this strategy occurs in navigating an ever-changing financial environment.