All of the Rotherham Taylor Trainees passed their professional exams with flying colours. Big congratulations to Chloe Sweeney, Philip Chew, Ian Sergeant and Claire Phillipson.
RT Trainees Exam Triumph
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How to survive in the Dragons Den
Having seen so many fail in the Dragons Den it is not too difficult to see a trend appearing.
9 times out of 10 the reason for failure is financial.
What’s the point in having a good idea, giving a good pitch, then ruining it all on the financial questions?
Get the figures right and you put yourself in a better chance of success.
Top 3 tips to succeed:
- Know your numbers. All good business owners should know the important numbers on the back of their hand. Turnover, Profit, Growth projections. Too many times people have stumbled when asked what the profit is or will be – and confidence has been lost by the potential investors. I suggest sleeping with your business plan for at least 2 weeks prior to going on the show and spend as much time with your accountant (no matter how boring he is). If your accountant is so unbearable that you don’t want to speak to him, get a new one.
- Don’t overvalue the business. The Dragons like all other investors don’t want to feel like they are being taken for a ride. The best way to turn an investor off is to insult their intelligence by asking for a large investment amount for a very low share percentage. Have the Company valued by your accountant and use this as the basis of your share offering. Any decent accountant will be able to assist with a Company valuation.
- Put your money where your mouth is. Investors have hundreds of opportunities every week to invest in businesses so don’t give them a reason to say no. If you have backed yourself financially to get where you are today then you are more likely to attract investment from the Dragon investor. If you are asking them to invest their hard-earned money but haven’t risked any of your own you are probably going to get kicked out of the Den with damaged pride and no money to boot.
As a get out of jail card, if you get caught out by any financial type question, just blame your accountant! On second thoughts you could always take your accountant into the den with you and let them answer all the difficult financial questions. If they get any wrong you can always get rid of them!
We can’t get everything right all the time now can we…………
HMRC clampdown
HMRC have today announced that five plumbers have been arrested as part of the recent crackdown on the plumbing industry.
A further 600 are being investigated across the country with further arrests expected.
HMRC have announced recent clampdowns on the following sectors:
1.Plumbers
2.Medical Profession
3.Restaurant owners
Here at Rotherham Taylor we are offering free consultations to people within the targeted sectors to advise them of the implications and discuss possible options.
If you know anyone who may be interested please do not hesitate to put them in touch with us
Get one step ahead with an Audit
With the audit thresholds rising in recent years more and more Companies are dropping out of being required by Company Law to have an audit. That doesn’t mean to say that Companies should discount an audit altogether.
An audit can be of real benefit to firms looking to carry out a full review of the financial systems, a review of risks, checking compliance with laws and regulations and overall financial security.
Having an audit carried out can also add real value to the management team by having an independent review of all aspects of the business, not just financial.
Audit firms are required to provide the Board of Directors with a Management Letter containing recommendations and proposals, this gives management a useful viewpoint of issues that they may not have been fully aware of.
A successful audit however does require full co-operation and assistance from management and directors in order that the full picture can be reviewed and maximum benefit gained.
More and more of our clients, who fall beneath the statutory audit threshold are choosing to have an audit carried out on their financial statements.
We are after all still Statutory Auditors with fully qualified staff.
Please do not hesitate to get in touch if you would like more information.
Do you drive in the dark with the lights off?
Most people only ever ask us for a business plan if they are looking to obtain finance from the bank. They pay decent money to get one and then stick it in the bottom drawer never to be looked at again.
Successful clients that we deal with refer to the business plan and accompanying financial projections on a regular basis. It is used to gauge the ongoing performance of the business, and can also be used as a measure of success and failure.
Why make it hard for yourself? It is like driving in an unfamiliar place without a map or SatNav assistance. The driver who knows where they’re going will get there first.
Mobile accounting
Received an email newsletter today notifying us that SAGE Accounts is now available on the go. They have developed smartphone applications for iPhone and Blackberry enabling users to input financial information on the go.
This got me thinking about other mobile systems that are in the market that perform similar tasks. As an avid iPhone and iPad fan i have been looking on the App store for the best mobile accounting Apps.
Here is my Top 3:
- Mobile CS – from Thomson Reuters
- SAGE 50 mobile
- Expensify – a great way to manage expense receipts on the go
Apps that allow you to scan and record expense receipts on the go, such as Expensify, are a great way to manage your finances and are ideal for sales-reps or delivery drivers on the go.
You will need some advice though regarding how the mobile scanning and recording complies with HMRC requirements. Get in touch and we will be more than happy to answer any questions you may have.
Company car or not to Company Car?
It’s a very good question, and not one that always produces the same answer. The important things to consider are as follows.
- Level of business mileage done on an annual basis.
- co2 emission of car.
- Marginal tax rate of user.
It is also possible to offer Company cars to spouses and family members.
We have recently undertaken detailed calculations for clients considering whether a Company car is the most tax efficient option. If you would like us to carry out a review for you or your business please contact us at simon@rtaccountants.co.uk
Please feel free to use the simple calculator we have included on our website: Click here
Top tips for a more productive day tomorrow
1. Don’t be a slave to your inbox
2. Plan your day in advance
3. Make a list of tasks
Thinking of starting up a business in a recession?
If you are thinking about starting up a business in a recession, stop thinking. Just do it.
Top 3 reasons why you should:
1. Everything is cheaper
2. The market is crowded with some great people looking for employment
3. Tax rates for Limited Companies and shareholders receiving dividends are currently beneficial. This may change!
rt blog
Welcome to the Rotherham Taylor (RT) blog.
The opinions expressed within are those of the individual contributors and not of the organisation as a whole.
Expect most blogs to come from the younger members of the team; Simon Cox, Rebecca Bradshaw, Victoria Pickering to name a few. We live in hope that Michael Barton, Chief Executive, will impart his wisdom in this forum. Watch this space.
Are you ready?
