By Katie Business News • Making Tax Digital • Tax News 0 Comments

Making Tax Digital: apply for more time for digital links

Making Tax Digital Update:

For VAT periods starting on or after 1 April 2020 (or 1 October 2020 for deferred businesses) your accounting systems must use digital links for any transfer or exchange of data between software programs, products or applications used as functional compatible software. That is the end of the current 12 month “soft landing” extension.

Businesses with complex or legacy IT systems may require a longer period to put digital links in place. These businesses can apply to HMRC for additional time to put the required digital links in place. If your business qualifies then the additional time will be granted as a specific direction from HMRC.

If, for example, your company purchases another business it may take additional time to digitally link different software applications or packages to meet the MTD legal obligations. HMRC will consider an application to extend the digital link deadline longer than the “soft landing” period.  That would mean the businesses would continue to be able to “cut and paste” during the extension period.

Need more information?

Having a dedicated tax specialist accountant is hugely beneficial. We are on hand to help with new and existing clients who need any support throughout the process. Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

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    By Katie Business News • Tax News 0 Comments

    When will budget day be now?

    It was announced on 14 October that Sajid Javed’s first budget would be on 6 November but with a general election in December when will it be now?

    The current political uncertainty makes it difficult to give clear tax advice as a number of key proposals in the draft Finance Bill scheduled to take effect from April 2020 might not now take place, due to the December general election.

    The key tax measures “in limbo” until legislated in Finance Act 2020 are:

    – Extending the “off-payroll” working rules to the private sector

    – Restricting R&D repayable credit for SMEs

    – Limiting CGT private residence and lettings reliefs

    – The proposed 2% reduction in P11d car benefits

    The “off-payroll” working rules will almost certainly proceed, even if not from 6 April 2020, and thus businesses and workers affected should prepare for the planned changes. Contact us if you need help in assessing the likely impact on your business.

    Need more information?

    If you need any support with how your business will be affected by the budget, please do not hesitate to get in touch with our team. We offer a wide range of services which are unique to your business and our dedicated team are here to help. Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

    Our fantastic team at A&C Chartered Accountants are here to help.

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      By Katie Business Advice • Startups 0 Comments

      The power of saying “no”

      The power of saying “no”. It’s a simple word, but one that far too many of us have trouble saying.  Perhaps it is because you’ve become successful by saying yes to every business opportunity, every request that has come your way, in order to grow your business or develop your career.

      However, as you progress through your career, you become more successful and new opportunities will inevitably emerge. More people and more projects will vie for your time.

      You cannot do everything, and this is when it may be necessary to start saying no to things.

      More than ever, we are all working harder with less resources which means that we can often take on too much work. Sometimes saying “yes” to another project when you are already at full capacity effectively means that you’re saying no to completing the tasks that you already have to do.

      Steve Jobs famously said that “focusing is about saying no”. Focusing on what matters, not just what is in front of you, is the key to driving the success of any business.

      Most teams in most businesses set out their annual objectives at the start of the year. These objectives should align with the overall goals of the business. Individual projects and day-to-day tasks should align with these objectives. If a new project or request doesn’t align with your team’s objectives then it might be best to push back and say “no”.

      If a senior colleague asks you to do something, a flat “no” may not be an appropriate response. Instead it may be more appropriate to say that you don’t have any capacity at the moment, outlining the key projects that you are currently working on. If the new request is to be prioritised, your colleague may suggest that one of your other projects is put on the back burner.

      When it comes to managing your time, your career, and your business, over-committing yourself isn’t a sign of success. If you’re struggling to say no, think back to all the times when agreeing to take on something new distracted you from your own priorities. How much time, energy, and stress might have been saved if you had just been able to say no?

      If you don’t have time to take on more work, next time simply say, “No, I can’t commit to that due to other priorities.” You don’t need to apologise or over-explain. Just be polite and move on.

      Need more information?

      We offer a wide range of services which are unique to your businesses who are just getting going! Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

      Our fantastic team at A&C Chartered Accountants are here to help.

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        By Katie Business Advice • Insights 0 Comments

        Dispute resolution through arbitration

        Arbitration is the process of bringing a business dispute before a neutral third party in order to resolve the situation.

        Arbitration is a form of alternative dispute resolution (ADR), used in place of litigation in the hope of settling a dispute without the time and expense of going to court.

        The process begins when two parties agree to settle their dispute through arbitration. The decision may also have been made for them by the addition of an arbitration clause to a contract that both parties have signed. The third party, an arbitrator, hears the evidence brought by both sides and makes a decision. Sometimes (usually) that decision is binding on the parties. It is worth noting that there is generally no appeals process, unlike in court proceedings.

        There are various benefits to settling a dispute through the use of arbitration. The speed and informality of the arbitration process are major reasons why many businesses select arbitration over litigation. In many cases, arbitration can be a shorter process, and if no lawyers are needed, it can be less costly.

        The two parties to the arbitration can also have control over the selection of the arbitrator. This differs to a court case where the judge and jury selection is out of the hands of the two parties. Finally, arbitration hearings are private and the results are not on public record. This can save face for both parties who may not want to publicise their dispute.

        More businesses are including arbitration clauses in their agreements and contracts as a way to quickly and quietly resolve disputes. These clauses can help to protect businesses from expensive court cases while still giving customers and third parties an avenue to resolve disputes.

        Need more information?

        We offer a wide range of services which are unique to your businesses who are just getting going! Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

        Our fantastic team at A&C Chartered Accountants are here to help.

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          By Katie Business Advice • Startups 0 Comments

          The latest iPhone 11 – good for your business?

          The iPhone is seen by many as the gold standard when it comes to smartphones. Is the newest version worth the upgrade?

          Apple has just launched the new iPhone 11 and iPhone 11 Pro. For those who want a larger screen, there is also the iPhone 11 Pro Max which features a huge 6.5inch screen. The iPhone 11 Pro has a 5.8inch screen and the cheaper iPhone 11 (which replaces the iPhone Xr) has a 6.1 inch LCD screen and its case comes in a variety of colourful finishes including black, green, yellow, purple, red or white. The iPhone 11 Pro has a different selection of finishes and you can choose to have it with a silver, space grey, gold or midnight green metallic finish.

          So other than screen sizes, how do the latest iPhone models compare? The iPhone 11 is the cheapest model in the new range, starting from £729 for the 64GB model. rising to £879 for the 256GB version. It has a high resolution LCD screen which is good but isn’t as pin-sharp as the OLED screen on the iPhone 11 Pro. However the new iPhone Pro is more expensive and starts from £1,049 for the 5.8inch version with 64GB storage and £1,149 for the larger 6.5in iPhone 11 Pro Max. For those who want more storage you can have up to 512GB but it is expensive at £1,499 without a contract. All phones in the new range are water and dust resistant. The big upgrade over the iPhone X is the camera. The new iPhone has a 12mp dual lens camera (offering wide and ultra-wide angle lenses).

          The iPhone 11 pro adds a third, telephoto lens. The Face ID authentication system has also been improved and is designed to work at more angles than the previous iteration. Arguably the most important update to the new iPhone range is the new battery technology which is designed to offer all-day battery life.

          The new A13 Bionic chip which features across all iPhone models is much more efficient in terms of power usage, while also offering improved performance. The key update is the improved battery life and this alone makes the upgrade worthwhile for most business users.

          Need more information?

          A&C Chartered Accountants offer a wide range of services which are unique to your businesses. As start-up accountants we have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

          Our fantastic team at A&C Chartered Accountants are here to help.

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            By Katie Business Advice • Business News • Startups 0 Comments

            Managing leadership transition

            Successfully managing a change in leadership can be difficult for any business.

            Good communication and proper planning are key. A change of leadership should be viewed as both a challenge and an opportunity for any business. If you are promoting existing managers, you should be prepared for some challenging times. The transition into the top team is demanding and around 50% of new business leaders fail within 18 months of taking on their new leadership role. This is because longstanding management issues are only likely to surface once the new team is in place, and often they can take the new management team completely by surprise.

            However, with proper succession planning, any nasty surprises can be avoided. A change in leadership can also provide the opportunity to move in a new direction, develop new products / services, enter new markets or drive innovation.

            It is important for new business leaders to remain positive, regardless of the challenges they face. If the management team is positive and communications are up-beat, this is likely to influence the staff across the wider business and they are more likely to view the leadership change favourably. Changes in leadership often mean changes to processes, and different expectations. The changes should be communicated as an opportunity for the firm to develop and grow.

            Deal with resistance quickly. Not everyone will adapt to a leadership change in a positive way. As soon as you identify team members who are resistant to change, speak with them to find out why. What are the areas that most concern them? Is their resistance negatively affecting other team members? It is the job of the management team to encourage and help team members understand the reasons for the changes and to help them accept it. Sometimes the best way to win over dissenters is to give them a change management project to own and run. This makes them part of the solution to the problem.

            A leadership change is not the time to close your office door, step back and see what happens. Staff from all levels across the business should be encouraged to submit ideas and suggestions on how they can help with the transition. The leadership team should take time to understand the capabilities of the various departments across the firm. They should encourage debate and welcome both positive and negative feedback as part of the process.

            Need more information?

            We offer a wide range of services which are unique to your businesses who are just getting going! As start-up accountants we have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

            Our fantastic team at A&C Chartered Accountants are here to help.

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              By Katie Business Advice • Business News 0 Comments

              Brexit: Give your business the best chance of success

              ICAEW have produced a quick-start guide which identifies potential issues with Brexit to help give your business the best chance of success. You can click on each of the below steps to help you prepare for Brexit.

              Please note that as we are still waiting on a deal and these bullet points below are preparing for a “No deal” It is still necessary for this blog post as they could still be relevant.

              10 questions to ask

              Need more information?

              We offer a wide range of services which are unique to your businesses who are just getting going! As start-up accountants we have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

              Our fantastic team at A&C Chartered Accountants are here to help.

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                By Katie Business Advice • Startups 0 Comments

                Effective Employee Benefits

                Effective Employee Benefits Don’t Have to Cost Much

                Work life balance and flexible working benefits may be more valued than some of the more expensive employee benefits offered by some businesses.

                Google is well known for providing everything from free food to onsite gyms, while Netflix has joined the bandwagon of firms offering unlimited holidays. What these employers demonstrate is that in the war for talent, large businesses are prepared to invest heavily in order to attract and retain the best people. Competitive pay and good benefits still factor into an employee’s decision to join and stay at a firm. However, the market is starting to focus on offering some other key benefits. To truly enjoy their jobs, employees must feel that their employers want to provide them with what they need to be successful in both their professional and personal lives. A recent study by Mercer identified three factors that employees are looking for in a company.

                Flexibility

                The nine-to-five workday is outdated. Regardless of industry type, flexibility is incredibly important to employees who are trying to get their work-life balance right. Firms that offer employees flexibility in the form of remote working, flexible schedules and the technology to work from anywhere are attracting the best people. Flexible working has also been linked to reduced levels of workplace stress, better employee well-being and increased productivity. The best firms have created a culture of trust. They trust their employees to self-manage and get the job done.

                Health and Well-Being

                Workplace wellness initiatives show employees that their employers truly care about their health and well-being. To be successful, employee wellness programs need to be customised and include a wide variety of wellness initiatives such as fitness activities, onsite health screenings, providing standing desks and regular ‘lunch and learn’ sessions. To truly make a commitment to employee health and wellbeing, employers need to lead by example and create a culture of wellness across the whole firm.

                Working With a Purpose

                The next generation of talented employees are coming up through the ranks and they want to work for a firm with a purpose. They are willing to give up fancy offices and free coffee in exchange for getting to work on more fulfilling projects that make a difference. Modern employees want to feel their work is contributing to the greater good of society. In order to create a sense of purpose for your team, you should create a company vision, develop a reward and recognition system that encourages the right behaviour and educate your employees as to how their job impacts the firm, its customers and the wider community.

                Need more information?

                At A&C Chartered Accountants we do many things for our employees. Our office in Sale has standing desks for all our staff members and we offer flexible working hours. We pride ourselves on not being the stand accountancy firm and our great coffee and daily healthy treats (and not so healthy) means our staff enjoy coming to work. We always welcome our clients into the office to see how we operate and welcome open feedback.

                Our fantastic team offer a wide range of services which are unique to your business. As start-up accountants we have a wealth of experience in all sectors. The team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

                Our fantastic team at A&C Chartered Accountants are here to help.

                Contact us below

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                  By Katie Business News • Startups 0 Comments

                  Thought Leadership

                  Thought leadership can be a very effective marketing tool but successfully implementing a thought leadership strategy is a lot harder that it sounds.

                  A thought leader is someone who, based on their expertise and perspective of an industry, offers unique guidance, inspires innovation and influences others. Their views on a particular subject are taken to be authoritative.

                  To become recognised as a thought leader by your peers, you are going to have to write, speak, produce content such as video, be interviewed and produce original ideas about the topic you want to specialise in. You need to be passionate about your topic or you are unlikely to succeed in becoming a thought leader in that area. Focus on a niche area – if your topic is too broad or is already covered by lots of other industry experts, you risk getting lost in all the noise.

                  Once you have identified your topic, consider the angle. Are you going to challenge conventional thinking? Have you got an original idea that helps you to stand out? Go beyond just collecting and disseminating existing information into useable chunks for your audience. Look at your target market – what challenges do they face in their business or personal lives. Perhaps there is a gap where your firm’s product or service can help? Consider how you could go about educating your target audience in a way that adds value for them. Social media makes it easier than ever to disseminate thought leadership material. Start by producing a blog on LinkedIn. Set yourself a target to update your LinkedIn blog once a month, focussing on expressing and articulating your thoughts on your chosen topic in way that is relevant to your target audience.

                  Carry out research that relates to your topic, you could perhaps create your own online survey. Use that research to substantiate your point of view. Draw on your own customer data and use this to develop your thinking and report on your results. Over time, you will start to gain some recognition among your target audience. As your reputation builds, expand your range of communication channels to include articles for industry magazines, e-news updates, newsletters and posts on your company website.

                  Make yourself available to speak at industry conferences and be open to responding to enquiries from the media and trade press. The more you put yourself, your content and your views out there, the more your reputation will grow and develop. Make a point of sitting down at least once a year to create, review and update a rolling thought leadership plan. Consider what it is that you are trying to achieve and set out your objectives for your thought leadership in order to support your overall goals.

                  Need more information?

                  We offer a wide range of services tailored to suit your business needs. Our accountants work with companies of all sizes from all sectors. The team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

                  Our fantastic team at A&C Chartered Accountants are here to help.

                  Contact us below

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