Helping clients overcome the challenges of the modern business and taxation environment is core to our strategy at Blossom Stream Limited. Focusing our efforts on the needs of our clients we have the experience and know how to help your organisation grow, sustain and succeed.

Tax tips for the Self Employed

If you are self employed, there are many things to consider when assessing the tax health of your business. We have listed below just a few of the things your accountant should be discussing with you during your tax year end and on an on going basis: • Have the businesses accounts been prepared using UK generally accepted accounting principles? • Have there been any changes in tax legislation affecting what the business claims for tax? For example: new capital allowances, disallowable proportion of car leases or the concessionary carry back of trade losses. • Are the quality and consistency of the businesses accounting records meeting the expectations of HMRC? • Are the expenses being claimed by the business purely business related? If so, can this be proved to HMRC? • Have any estimates been used in the construction of the businesses accounts? If so, have they been stress tested as being reasonable? • Has a review been carried out for unclaimed capital allowances? • Has work in progress been included within the businesses year end accounts? • Have margin and expense fluctuations being investigated and explained? • Have internal controls been considered and stress tested? This is particularly important for cash based businesses. • Has the business been registered for VAT? If so, is the business using the most tax efficient VAT scheme? These are just a few of the issues your accountant should be discussing with you. If you would like to talk to us about your business, feel free to call us now on 0121 270 6305.

5 Tips for running a successful small business

1. Constantly review the cost base and supply chain of your business. Never has there been a more relevant time for this discipline. With inflation running at long term highs your margins are bound to be being squeezed, if you are a small business you will have the added disadvantage of buying small. So challenge your suppliers on price, bench mark them against their peers; cooperate with other people near to your sector to buy. This doesn’t have to be your competition, look up and down your value chain. Don’t ever stop looking around for alternatives. Above all, never stop looking for better ways of doing and buying things. Promote, promote, promote. You don’t have to pay for this. The best form of promotion is speaking to people. Despite the internet, word of mouth is still the most viral marketing campaign you will ever come across. So find out who your customers are and your go out and talk to them, get to know them. They won’t be hesitant to tell you what they want and how much they want to pay for it. 2. Promote, promote, promote. You don’t have to pay for this. The best form of promotion is speaking to people. Despite the internet, word of mouth is still the most viral marketing campaign you will ever come across. So find out who your customers are and your go out and talk to them, get to know them. They won’t be hesitant to tell you what they want and how much they want to pay for it. 3. Change. We all know we’ve got to do it, but let’s face it; most of us don’t like it. One thing is for sure, if you don’t change, your business will die. One way to look how you have to change is look at your competition, try and emulate them or if possible, beat them. The advantage of being small is change comes easy; it won’t be like turning around a super tanker organisation. 4. Ideas. Don’t be sacred of having them, embrace them. If you are lacking new ideas, bring in new blood. It may be just the shot in the arm your small business needs. If you lack the funds for new blood, why not try an internship programme or talk to your local university about offering a graduate some unpaid work experience. 5. Stay positive. This is a challenging trading environment, unlikely to change in the short term. There are reasons to remain optimistic. If you are a small business, you are lithe, able to change quickly. If you have traded through the recent recession, you have just survived the worst downturn since the Great Depression. If you have just started out, there is a world of financial and personal opportunities that await. If you would like to talk to us about your business call us now on 0121 270 6305.

Specialist Services

Offering a broad range of accounting, taxation and business advisory services, we have the know how to make your business a success. For more information on the services we can provide, please click on this link: http://www.blossom-stream.co.uk/services/