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Category: Business Development

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Handling EU VAT on exports

Handling EU VAT on exports If you export goods and services to the European Union (EU), there are changes coming that will impact on how you account for VAT and duty in these EU member states. The One Stop Shop system, which was previously only available for digital services, will now be extended to include…
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P is for purpose, not profit

P is for purpose, not profit Why does your business exist? Your purpose is three to seven words explaining why your business exists for your customers; it should be about them, not you. It is a small statement with immense power – your reason for being. EXAMPLES:Tesla: To accelerate the world’s transition to sustainable energy.Netflix:…
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Understanding your working capital to maintain business success

Understanding your working capital to maintain business success If cashflow is the lifeblood of your business, then working capital is the health check you should regularly undertake to keep your business alive. Regularly checking working capital will play an essential part in maintaining business success during these times of greater economic insecurity. What is working…
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Demystifying your Balance Sheet

Demystifying your Balance Sheet Do you understand the story your Balance Sheet tells about your business? It’s important you understand the components of your Balance Sheet and the key ratios that measure the health of your business. 1. It measures the net worth of your business.You Balance Sheet is made up of all of your…
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As your Accountant am I a cost or an investment?

As your Accountant am I a cost or an investment? As accountants, I’m always helping my clients find ways to reduce their overhead costs – one of the seven ways to grow your business. Did you know that your accounting fees are an overhead cost? Should you be cutting this cost? Or do you view…
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Getting ready for the extension of Making Tax Digital

Getting ready for the extension of Making Tax Digital Keeping the UK’s tax system running effectively and up to date with advances in technology is no easy task. But the introduction of the Government’s ‘Making Tax Digital (MTD)’ initiative is intended to solve this problem, by moving most taxation over to a digital model. Making…
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The value of cashflow forecasting during a crisis

The value of cashflow forecasting during a crisis Projecting your cashflow pipeline forwards during a crisis is vital. To be able to navigate the future path of your cashflow, you need to start forecasting – so you can map out your financial position over the coming months and can take the appropriate action to safeguard…
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Do you feel like a slave to your business?

Do you feel like a slave to your business? Feeling like a slave to your business implies the loss of control; thinking that you need to be available to your customers 24/7 and that your team can’t cope without you. It can also imply a victim mentality – that this is just what it’s like…
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10 ways to lift your profit margin

10 ways to lift your profit margin Improvements can always be made at the margin. Small tweaks to your processes or systems can make a massive difference to the end result. It’s the same with your business margin – a 1% increase in your gross margin on £500,000 of sales is an extra £5,000 on…
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Do I need a remuneration strategy?

Do I need a remuneration strategy? As an owner-manager, your chief concern will be making your business profitable and building up cash reserves in the company. But you’ll also want to be able to extract funds from the business too – whether this is via a regular monthly salary, or ad-hoc dividend payments. Salary vs…
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