Get 2019 off to a strong start with these top tips
4th January 2019
- Prepare for Brexit: Like it or not, Brexit is less than three months away and could affect your business, even if you don’t directly trade overseas. Talk to your adviser about what to plan for and how to prepare your business for different outcomes. Don’t forget to apply for funding to help with transition if your business is eligible.
- Update your business plan: This may feel like a luxury when the workload is piling up, but some time spent planning the year ahead can pay dividends. Think about your growth plans, funding needs, sales targets, and income versus costs, as well as any potential obstacles to overcome. A sound business plan is almost always required when seeking finance from banks.
- Switch to cloud accounting: Don’t get caught out by HMRC’s Making Tax Digital programme. VAT registered businesses must comply by April 2019, with other businesses and landlords to follow from 2020. Cloud accounting offers lots of benefits and is suitable for most businesses. Contact us to find out more.
- Keep a close eye on cash: 2019 will be a year of change, bringing both opportunity and uncertainty. Managing your cashflow puts your business in a stronger position to weather any storm and take advantage of new prospects. Talk to our team about how we can help you manage your cash.
- Invest wisely: Where funds allow, plan investments to capitalise on your successes and minimise corporation tax liability. This can include pension contributions for directors and staff as well as corporate investments which deliver a return on money that would otherwise be sitting in the bank.
- Focus on what you do best: Many owner managed businesses take on as many tasks in-house as possible to keep costs down. But don’t forget the cost of your time. It may be more cost effective to outsource some tasks so you’re free to focus on growing your business.
- Stay compliant: All businesses have requirements to meet, from tax and VAT return deadlines to data protection legislation and mandatory insurance. Sign up to our newsletters to help keep on top of the latest developments and advice.
- Be clear on HR: The rules are set to change when it comes to employing flexible workers and businesses will have to comply with new rules protecting workers’ rights. Larger businesses will also soon be affected by a review of IR35 and so called ‘off-payroll’ working. Talk to our HR Consultant for advice on how these changes could affect your business.
- Review your costs: It’s all too easy to let the direct debits continue rolling out when there’s work to be done. But it’s important to take time to review your ongoing business costs, including utilities, insurance, office supplies and subscriptions.
- Surround yourself with good advisers: To keep your business in shape, make sure your accountant understands your organisation and delivers the advice and support you need. At HB&O, we focus on building relationships, providing tailored support so you get the best advice for you and your business. Our flexible approach gives you access to a full range of specialist expertise, as and when you need it. To find out more about how we can help, please contact us.