Okay we all know that 2008 was the start of a rather difficult period for everyone, In particular small business owners. 2009 has certainly been no better and is likely to continue for sometime yet! This however does not have to mean doom and gloom it means you have to plan, organise and of course be careful!
A recent Business Link survey revealed that approximately 68% of businesses believe the Recession will have a detrimental impact on their business, but only 38% of business owners have a plan in place to respond.
At Steer Accountancy we believe small businesses can use the Recession as a catalyst for change and to fundamentally improve the performance of their business. We are able to provide you with a handy guide that is designed for the smaller business which includes suggestions on a range of topics including business strategy, pricing, credit control and marketing. All you have to do is give us a call and we will gladly supply you with a copy.
Some Helpful tips:
Remember to regularly review your company’s accounting period.
R & D Tax Relief
Recent changes have meant that more companies are eligible to claim and for smaller businesses you can exchange the loss for a cash repayment. For more information see http://www.hmrc.gov.uk/randd/ or better, still ask your accountant for advice if you think you qualify.
If you can cope with the invasion of privacy, rent a room in your own home. You can receive up to £4,250 per year tax free and this will help with rising mortgage costs, food bills etc.
You could review the company “perks” available to you and your employees and see if they’re still of value. For instance is it worth reviewing your company car strategy? A more environmentally friendly car could save you and the company car a lot more in tax and national insurance