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planning / 8 posts found

How do we prepare for Brexit when so much is undecided?

by mike tombs
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It is hardly surprising that Brexit is fast becoming as big a turnoff as tax. How on earth are we supposed to react or adapt to such far-reaching changes when the exact details of our exit are still undecided just a few weeks before the March 2019 deadline? Businesses that buy or sell goods to the EU must be pulling their corporate hair out – just how will their supply lines be affected? A new government website covering possible Brexit consequences The government has already published a bunch of documentation setting out the consequences of a no-deal outcome and they [...]

Proposals for consumer protections when companies collapse

by mike tombs
in news
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The government is to consider new laws to protect consumers who have prepaid for products when a business becomes insolvent.   Government to consider new laws to protect consumers who have prepaid for products when a business becomes insolvent proposed measures will include guaranteeing consumer schemes like Christmas savings clubs can safeguard customers’ money reforms are part of the government’s modern Industrial Strategy to ensure markets work in the interests of consumers   New laws to protect consumers who have already paid for products but not received them when businesses go bust will be considered by the government, it was [...]

What are you basing your planning on?

by mike tombs
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One of the difficult things about being a parent is the constant changing. Sometimes it seems as though no sooner have you got yourself sorted, than your child changes. So, the tricks that worked last year no longer seem to work, and the activities that were perfect and enjoyable 6 months ago are suddenly no longer relevant. Planning ahead includes factoring in how your child may change in the intervening period of time. You can’t work out how to entertain a 6-year-old through the holidays based on what you did with a 4-year-old; it simply won’t work. Businesses are similar [...]

Why do I need a management accountant?

by mike tombs
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Firstly, it is important to understand what a management accountant is and how this differs from the more traditional financial accountant. A management accountant will provide on-going reports into the operation of your business, enabling you to make strategic decisions. A financial accountant provides you with end of year reporting, showing you what has happened over the previous year. A management accountant can generally produce the financial reporting as required by HMRC, but a financial accountant will not necessarily offer the services of a management accountant. While there are many great reasons to use a management accountant, we have picked [...]

Stress and how to combat it

by mike tombs
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Stress is one of the problems of the modern world. Some stress is necessary for us to achieve anything. If everything is effortless and easy we learn nothing, and gain no satisfaction, so some element of stress is important to us to function. However, bad stress, is exactly that; bad. Stress is one of the perils of running your own business. Do you feel pulled in too many directions, spread too thin, unable to plan forward, always fire-fighting? These feelings all contribute towards stress. Running a business relies on you being able to plan ahead, to have vision, and implement [...]

Are you doing too much?

by mike tombs
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As small business owners, we all do it! We take on too much; we do too much. We’re always saying, “there’s never enough time in the day!” But are we being productive? Or are we running around, sweat pouring out of every vein, doing tasks others could do for us? Are we always thinking about saving money, rather than the bigger picture? Is your accountant always on at you to reduce costs? But at what cost? You probably didn’t go into business to work every waking hour. You may have gone into business for the flexibility, so that you could [...]

Planning or regretting?

by mike tombs
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As we have outlined in recent posts, change is upon us and come the end of March next year, the combination of Brexit and the advent of Making Tax Digital (MTD) will change much that we have taken for granted. Apart from the cross-border considerations (import VAT, customs duties and the like) MTD will require all affected businesses to link with HMRC by using approved software. The time to figure out the best strategy to survive these changes need to be considered now. Businesses should be taking time out to draw up contingency plans, and if possible, before March 2019. [...]

VAT before and after Brexit

by mike tombs
in VAT
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Businesses that buy goods from the EU or export goods to the EU would be advised to read the recent guidance from HMRC that is published under the title: VAT for businesses if there is no Brexit deal The stated purpose of the document is reproduced below. The full text can be read online at https://www.gov.uk/government/publications/vat-for-businesses-if-theres-no-brexit-deal/vat-for-businesses-if-theres-no-brexit-deal The purpose of this notice is, in the event that the UK leaves the EU on 29 March 2019 with no agreement, to inform UK businesses of the implications for VAT rules for goods and services traded between the UK and EU member states. [...]