By Katie Business Advice • Business News 0 Comments

Top tips for driving your Business Development efforts this year

Top tips for driving your Business Development (BD) efforts this year.

Business development is often misunderstood. Some might say that it’s all about relationships, another will say it’s all about sales and others will talk about marketing. They are all right, in a way. Business Development is the creation of long-term value for a firm, through effective management of customers, markets and relationships.

Understand your customers

Customers pay the bills and should be front and centre of your BD strategy. Invest time and energy into researching and understanding your customers. Who are they, what products or services would add value for them and how can your firm help them to make a purchase decision? In the current environment, your customer research may help you to identify a new gap in the market. For example, your customers may need to buy online. Can you offer a better online experience than your competitors? Do you have a delivery mechanism that ensures that your products or services can be distributed to your customers easily and efficiently? You may find that your customers have turned to online marketplaces such as Amazon to buy everything. Maybe your firm needs to have a storefront on Amazon, in order to make it easier for your customers to buy from you.

Consider your target markets

Your customers are part of a specific market. For example, if they are businesses based in the UK then, from your perspective, they are part of the UK B2B market. Customers based in the USA might be part of your online and international market. Markets are constantly evolving. Customers who may not have purchased online 18 months ago may now be doing so on a daily or weekly basis due to lockdowns.

Perhaps overseas clients will be more receptive to buying from your business as they can no longer purchase products or services in a face to face environment. This shift to online presents new opportunities for businesses. Perhaps you could begin to have sales meetings with clients over Zoom or Skype video? Before March 2019, this would have been an alien concept, whereas today is has almost become the ‘new normal’.

Focus on building relationships

Relationships are the gravity that keep the planets aligned. The best businesses build, manage and leverage relationships that are based on trust and the ability to add value. Your relationship building efforts should focus on maintaining contact with customers, targets, employees, suppliers, referrers and industry bodies. Due to remote working, many of your contacts will be feeling a bit lonely and will be more open to the offer of a catch up call, virtual meeting, etc. You can leverage this as an opportunity to keep your firm front of mind, so that when a potential opportunity arises, your firm will be first on the list to get a call.

An opportunity to innovate

The current trading environment offers many businesses an opportunity to innovate. Customers have changed their buying habits, are more open to change and so now is a good time to rethink your sales process. If you don’t currently have an online product or service offering or a way of interacting with customers remotely, then now is the time to rethink how you engage with your target market.

Need more information?

Are you interested in business development in 2021. We offer a wide range of services which are unique to your business and here to help your business take new heights this year. 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 • Business News • Wealth Planning 0 Comments

    Delivering effective training to your team remotely

    Providing training for your team when they are working remotely can be challenging.

    Delivering a training session to a room full of people can be difficult enough. Engaging with your audience remotely presents a whole new challenge.

    The first thing to think about is the delivery method.  Your firm may already have a webinar or conference platform in place. If not, there are lots of good options available such as Zoom, Microsoft Teams or Skype. Ideally you will want to use a platform that allows you to screen share, instant message and share files.

    Getting people to attend training sessions when they are busy and working remotely can be a challenge. Creating a training schedule and sharing it well in advance can help.

    Provide sufficient notice, explain the benefits of the training session and people will tend to prioritise attending your sessions.

    Ideally you should record your session giving anyone who can’t make it the option to view the training session at a convenient time.

    Remote employees will want to begin their training by knowing what the process will look like and what the expectations are, so outline a schedule reflecting the aims of the training and the overall principles it will explore – but save from going into the detail of the course itself.

    Your training is only as successful as your pre-planning allows it to be, so make sure you invest the time before the training is rolled out. It’s also a good opportunity to troubleshoot any problems before they have a chance to arise, whether that’s to do with the platform you’re using, screen sharing, testing that any video content works, or having a test run through the learning content itself.

    Keep your training session interesting by including videos, polls and asking questions which stimulate dialogue among your audience. The more discussion you can encourage, the more immersive the training session will be. Provide post-training materials that your attendees can refer back to.

    The idea of post-training is to provide remote employees with the tools to refresh what they learned or build on it in their own time.  Post-training should include some resources that help people to implement what they learned – short videos, infographics and ‘how-to’ guides can be a helpful way of revisiting the training content.

    Need more information?

    We offer a wide range of services which are unique to your business and we understand the importance of remote working. We also offer all training to clients remotely including Xero and Sage training. 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.

    Contact us below

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      By Katie Business Advice • Business News 0 Comments

      Key business trends to watch in 2021

      Here we will look at the key business trends to watch in 2021. The challenges faced by businesses in 2020 have driven firms across the world to develop, adapt and innovate. Here are some of the key business trends to watch in 2021.

      Remote working technology

      Working from home is here to stay. Now that staff have adapted to remote working, they will expect to continue to be able to do so, even when the pandemic is over. Many large organisations have already committed to home-working. Tech companies like Twitter, Mircosoft and Facebook have already put policies in place to allow a significant number of their people to work from home permanently.

      Evolution in retail

      2020 was a tough year for retail businesses around the world. The trend towards online shopping really picked up as customers were locked down at home. Many firms have invested in developing and improving their online customer experience in order to appeal to a broader range of potential consumers.

      Flexible payments

      Businesses in 2020 had to be more flexible with their payment terms. This has resulted in businesses embracing new ways for customers to pay such as instalments, accepting credit cards, offering finance, etc.

      Diversity & Inclusion is here to stay

      Businesses are now expected to commit to Diversity and Inclusion (D&I). Some industry sectors may even require firms to report on their diversity statistics.

      This year, firms will be focusing on improving female representation on company boards and ensuring that their workforce includes representatives from diverse ethnic and cultural backgrounds. Customers are now making purchase decisions based on D&I criteria.

      Need more information?

      We offer a wide range of services which are unique to your business and we are here to help you grow. 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.

      Contact us below

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        By Katie Business Advice • Tax Advice • Tax News 0 Comments

        Brexit: Accounting for import VAT On your VAT Return

        From 1 January 2021, you’ll need to make changes to how you complete your VAT Return if you’re a UK VAT-registered business and account for import VAT on your return for goods you import into: Great Britain (England, Scotland and Wales) from anywhere outside the UK Northern Ireland from outside the UK and EU.

        You’ll need details of the imports to be included in the return. This will include:

        • any customs entries you have made in your own record.
        •  copies of your monthly postponed import VAT statement, when available.
        Unless you have delayed your customs declaration, each statement will show the total import VAT postponed for the previous month. Your statements will become available to view in the first half of each month.
        Accounting for import VAT on your VAT Return means you’ll declare and recover import VAT on the same VAT Return, rather than having to pay it upfront and recover it later. The normal rules about what VAT can be reclaimed as input tax will apply. You can read more on the gov.uk website here.You can also use the Brexit checker here to get a personalised list of actions for you and your business.

        Need more information?

        We offer a wide range of services for companies who work with overseas customers. Our team of chartered accountants have a wealth of experience in a broad range of sectors and can help you with the Brexit transition. 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.

        Contact us below

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          By Katie Business Advice • Business News 0 Comments

          Advisory fuel rates for company cars from 01.12.2020

          Please see below for the advisory fuel rates for company cars. These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 December 2020. Where there has been a change the previous rate is shown in brackets.

           

          Engine Size Petrol Diesel LPG
          1400cc or less 10p   7p
          1600cc or less 8p
          1401cc to 2000cc 11p (12p) 8p
          1601 to 2000cc 10p

           
          Over 2000cc 17p 12p 12p

           

          Note that for hybrid cars you must use the petrol or diesel rate.

          You can continue to use the previous rates for up to 1 month from the date the new rates apply.

          Need more information?

          Do you need more guidance on company cars and the advisory fuel rates for company cars. We offer a wide range of services which are unique to your business. 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.

          Contact us below

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            By Katie Business Advice • Business News • COVID-19 • Covid-19 Hub 0 Comments

            New lockdown grants to support businesses and protect jobs announced

            New lockdown grants to support businesses and protect jobs announced, please read below for more information:

            Following last nights announcement that many businesses will be closed until at least February half-term in order to help control the virus, the Chancellor has announced that businesses in the retail, hospitality and leisure sectors are to receive a one-off grant worth up to £9,000 per property to help through to the Spring.

            The new one-off grants come in addition to existing business support, including grants worth up to £3,000 for closed businesses, and up to £2,100 per month for impacted businesses once they reopen. The government has also provided 100% business rates relief for retail, hospitality and leisure businesses, and as we have previously mentioned the furlough scheme is now extended to April and 100% government backed loans, extended until March.

            Further funds are also being made available for Local Authorities and the Devolved Administrations to support other businesses not eligible for the grants, that might be affected by the restrictions. If this relates to our clients, you are advised to apply directly to your local Authority.

            Further information

            The one-off top-ups will be granted to closed businesses as follows:
            • £4,000 for businesses with a rateable value of £15,000 or under
            • £6,000 for businesses with a rateable value between £15,000 and £51,000
            • £9,000 for businesses with a rateable value of over £51,000
            • business support is a devolved policy and therefore the responsibility of the devolved administrations, which will receive additional funding as a result of these announcements in the usual manner: this will contribute to the funding which has already been guaranteed by the UK Government, to continue to provide the devolved administrations the certainty they need to plan for their COVID-19 response in the months ahead.
            • Small businesses in the devolved administrations should also be able to benefit from other UK-wide measures in the government’s unprecedented package of support for business, including the various business lending schemes (where the repayment terms were made easier as part of the Winter Economy Plan), and the extension of the Self Employment Income Support Scheme.

            We understand that this is a challenging time for businesses, and if you have further questions please do not hesitate to contact us. For now, this is all the information we have, however, when we have updates which we feel will benefit clients we will be in touch. In the meantime, if you need further guidance, please follow the link here to the gov.uk website, which highlights all of the business support available during this time.

            Regards, Paul and the team.

            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.

            Contact us below

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              By Katie Business Advice • Tax Advice • Wealth Planning 0 Comments

              New years resolution to save tax with pension planning

              At this time of year we think about New Year’s resolutions and pension planning could be a great way. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April.

              An obvious tax planning point would be to maximise your ISA allowances for the 2020/21 tax year (currently £20,000 each).

              You might also want to consider increasing your pension savings before 5 April 2021 as the unused annual pension allowance is lost after three years.

              For those looking to do some inheritance tax planning, it would be a good time to review (or make) your Will.

              Pension planning

              For most taxpayers the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers both contributions by the individual and by their employer.

              Note that the unused allowance for a particular tax year may be carried forward for three years and can be added to the relief for the current, but then lapses if unused.

              Hence the unused pension allowance for 2017/18 will lapse on 5 April 2021 if unused.

              Note that there are rumours that pension tax relief may be restricted in the next Budget. Under the current rules, the net after tax cost of saving £4,000 in a personal pension for a higher rate taxpayer is £3,000. HMRC then add a further £1,000 to your contribution and there is a further £1,000 relief when your tax liability is calculated, thus the value of your pension pot would be £5,000, for a net cost of £3,000. Remember that pension fund investments can go down as well as up, but a 40% fall would be unlikely.

              Need more information?

              We offer a wide range of services which are unique to your business and can assist with pension planning. 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.

              Contact us below

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                presents
                By Katie Business Advice • Tax Advice 0 Comments

                Gifts to charity and Gift Aid

                presents

                Where possible taxpayers should “Gift Aid” any payments to charity to provide additional benefit to the charity. Higher rate taxpayers obtain additional tax relief on the grossed up amount donated.

                For example, where an individual makes a £20 cash donation to charity the charity is able to reclaim a further £5 from HMRC making a gross gift of £25. Where the individual is a 40% higher rate taxpayer he or she is able to claim a further £5 tax relief under self-assessment, reducing the net cost of their donation to £15.

                Note that the donor is required to make a declaration that they are a UK taxpayer and those that have not suffered sufficient UK tax to support the Gift Aid amount will taxed on the shortfall.

                Remember that Gift Aid does not just apply to gifts of cash. Many charity shops will now sell donated items on your behalf and are able to treat the sale proceeds as Gift Aided donations. It is also possible to gift quoted securities and land and buildings to charity and claim Gift Aid on the market value of those assets.

                 

                Need more information?

                Do you need further help with Gift Aid and gifting to charities? We offer a wide range of services which are unique to your business. 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.

                Contact us below

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                  By Katie Business Advice • Tax Advice 0 Comments

                  Christmas gifts for employees

                  Have you thought about your Christmas gifts for employees yet? Remember that certain gifts to staff at Christmas are also tax free if structured correctly. Employers are allowed to provide their directors and employees with certain “trivial” benefits in kind tax free.

                  This exemption applies to small gifts to staff at Christmas, on their birthday, or other occasions and includes gifts of food, wine, or store vouchers. There are of course a number of conditions that need to be satisfied to qualify for the exemption.

                  Conditions for the exemption to apply

                  • the cost of providing the benefit does not exceed £50
                  • the benefit is not cash or a cash voucher
                  • the employee is not entitled to the benefit as part of any contractual obligation such as a salary sacrifice scheme
                  • the benefit is not provided in recognition of particular services performed by the employee as part of their employment duties (or in anticipation of such services)

                  Need more information?

                  We are here throughout the Christmas period to help you. If you need more guidance on Christmas gifts for employees, please do not hesitate to get in touch with us. We offer a wide range of services which are unique to your business and our team of chartered accountants have a wealth of experience in a broad range of sectors. 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.

                  Contact us below

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