How to avoid cashflow

Here are two startling statistics of start-up businesses:

·         One in four businesses don’t make it through the first year

·         More than half don’t survive past the fifth year of trading

There can many reasons for this, but one of the main reasons for this is down to cashflow – without it, a business simply cannot stay afloat. Below are some of the most common cashflow problems and some advice on preventing them from occurring in the first place.

Keeping accurate company records

Lots of new business owners put off bookkeeping duties as they are so busy with the huge workload that can be involved with setting up a new company.

The longer the books are neglected, the worse the problems will get; records and forecasts are pivotal to you knowing what is happening in your business.

It’s also important to ensure that you keep a proper record of what customers have and haven’t paid you to avoid significant sums of money that may owed to you getting overlooked. An effective accounting system is vital to manage your cashflow.

If you don’t have the time to do this yourself, an accountancy practice or bookkeeper will be able to do this for you.

How to manage company debts

Slow payers or bad debt is money that is owed but not paid.

This can be crippling for any new company but is usually preventable if a proper credit control system is put into place early on. If you discover that a customer has a poor credit record but you still want to take them on as a client, ask them for an upfront deposit or issue partial invoices so they can pay as portions of the work are completed. In other words, understand your customers and manage the risk.

A customer at any cost?

Calculate very carefully if want to offer credit terms - does your business model support it? If it doesn’t work early on don’t do it; you can always introduce credit terms as and when the business can afford it.

If you are currently in this situation then re-negotiate terms with your customers and/or suppliers or consider factoring the debt.

No cashflow forecast

A cashflow forecast is vital for any new business and is something that a qualified accountant can put together for you. This will allow you to forecast the months you can expect to see a cash deficit and the months when you may experience a surplus.

It will allow you to plan ahead as well, as give you a pretty good idea of how much cash your business is going to need over the next 12 months in order to survive. It is a good idea to keep the forecast on a rolling 12 month basis.

Free of charge accounting advice from Chartered Accountants

Omni Chartered Accountants offer totally free of charge advice for any business – new or otherwise – that may be experiencing difficulties. We are also here if you or would like to find out more about our cost-effective solutions that are designed to help your company run smoothly.

Call us now on 01902 837 408 or request a free of charge call back from our website today!

Guide to selling your business

Are you thinking about selling your limited business?

Maybe you’re considering retirement or going back into full time work?

If you want to sell all the assets that you’ve accumulated from a company which is no longer trading, then you may have to pay Capital Gains Tax. This applies when you’ve made a profit on the original price of what you’re selling.

The regular rate of Capital Gains Tax is 18%, or 28% for people paying more than the basic rate of income tax.

However, applying for Entrepreneurs’ Relief allows sellers to only pay a reduced rate of 10% on the sale. This incentive was introduced in 2008 to encourage people to set up and grow businesses, creating jobs and economic growth.

Guide to selling your business

For details regarding eligibility rates etc. take a look at www.gov.uk/entrepreneurs-relief/eligibility or call Omni Chartered Accountants for free of charge, impartial advice on 01902 837 408!

Refer colleagues and associates to Omni and earn commission or credits!

From day one Omni Tax and Accountancy Solutions Ltd has received referrals.

So we have decided to introduce an official thank you!

You already know how good we are, we like working with and for people and businesses the are recommended to us. Now everyone can benefit with our clear and simple referral programme.

Choose your reward!
Credits:
Every time you refer a client that takes our service we will give you a voucher to be redeemed against our own services.
A: You can get your full years accountancy costs covered.

Commission:
If you would rather be paid for each referred client that takes our services, we will pay you 10% of the first years charges.

In addition we will also give your referred client a 5% reduction on their first years fees!

Just call or email us today on -
andyc@omnitas.co.uk
01902 837408
07812 988065

Don’t delay – file your self-assessment tax return today!

The self-assessment tax return is an unavoidable burden if you are liable for self-employed tax or have more complicated income tax affairs.

Both self-employed business owners and company directors must complete self-assessment tax returns. The right approach to your self-assessment tax return will minimise the aggravation and can reduce the income tax you end up paying.

Our guidance will help you understand the key issues you need to deal with. For help with the specifics, talk to Omni Chartered Accountants; our expertise should save you both time and money.

Registering for self-assessment

There are a number of circumstances under which you may be required to complete a self-assessment tax return. For example, if you:

• Are recently self-employed or have become a partner in a partnership;
• Are a company director
• Have untaxed income — perhaps from rental property — or complicated income tax affairs
• Have an income of £100,000 or more
• Need to pay capital gains tax
• Have expenses to claim

You can find out if you need to complete a self-assessment tax return on the HM Revenue & Customs (HMRC) website, or by giving us a quick call on 01902 837 408.

Don’t delay – file your self-assessment tax return today!

Before you can complete your first self-assessment income tax return, you will need to register with an accountant or with HMRC. You should register as soon as your circumstances change but certainly no later than the 5th October after the end of the tax year for which you need to submit a form.

Why accepting help is a sign of wisdom, not weakness

It is more common than you think for people to consider that accepting help is a sign of weakness.

Actually, it’s a sign of wisdom!

While it may sound simple enough, accepting help is something that can be extremely challenging for all of us at one time or another.

It can be especially hard for those of us that believe that seeking help undermines our independence and our ability to cope. 

However the truth is that by refusing to accept help, we ignore the fact that we are social beings who need to co-operate with one another in order to ensure that we thrive.

Seeing seeking help from others as a weakness is often a very ingrained pattern of thinking and may therefore be hard to overcome. 

Why accepting help is a sign of wisdom, not weakness:

• Is this affecting you or your business?
• Consider exactly why you think that asking for help is a sign of weakness
• Work through how not wanting to ever seek help is reinforced by unrealistic ideals and wishful thinking
• Look to reality instead of relying on wishful thinking

Whatever your challenges or issues, why not seek support? It may just be what you need to do right now.

Omni Chartered Accountants specialise in offering free, impartial advice to prospective clients and existing ones - If you have a problem and feel we could help, why not request a free of charge call back from our website or enquire online today!

The Taxman can raid tax evaders’ bank accounts

Did you know that HMRC has been given sweeping new powers to raid bank accounts and cash ISAS to recover outstanding tax debts?

The Chancellor, George Osborne, gave the green light for this new move, meaning that anybody who refuses to pay money owing to HMRC can now have the cash taken directly from their bank accounts.

Around 17,000 people who owe an average of £6,000 could be targeted each year.

This move is part of a major Government crackdown on tax evasion but has been widely criticised, so HMRC has been forced to introduce a number of safeguards.

Government crackdown on tax evasion safeguards

• People targeted must always have at least £5,000 left after any raid on their accounts
• Every debtor will first be asked to attend a face-to-face meeting with a tax official, and can go through a county court appeal process

These safeguards were introduced after claims that any mistakes could mean innocent and vulnerable people could be unfairly targeted.

The Taxman can raid tax evaders’ bank accounts

If you have a pressing tax or any HMRC issues get in touch and we will be able to advise you of the best and most course appropriate action; request a free of charge call-back from our website, call 01902 837408 or click here to contact us today!

Do I need an accountant?

You might think that a start-up or small business isn’t big enough to warrant an accountant.

But unless you’re an expert in tax and finance – or in short, an accountant yourself – this simply isn’t the case. An accountant provides your business with a great deal of essential support.

If you are just starting a business, your accountant will take the form of another business adviser. They will be able to give advice on your business plan and the tax issues of registering a new business.

Some accountants offer book-keeping services, but if they don’t or if you wish to handle this yourself, you can get help with setting up manual or computerised book-keeping systems. And most importantly, you need an accountant to assist on things like whether it is necessary to register for VAT or PAYE and the procedures involved.

As your business grows

An accountant isn’t just there to help you manage your money. Whether you are starting up or a growing business, they can advise you on the best way to arrange additional finance without putting your business at risk.

Once you have the finance in place there needs to be some control to ensure growth of your business is handled in the right way. Many of your concerns will be financial – adequate working capital, good stock control, invoicing and so on – an experienced accountant’s advice will be invaluable in such matters.

And can you honestly say that you are on top of all the essential business tax issues? Well probably not – but that’s an accountant’s job. Taxation is a large business expense and an accountant can effectively minimise these costs.

Finding a competitive professional chartered accountant

Omni Chartered Accountants, Wolverhampton, offer a highly competitive and professional service to clients across the UK. We pride ourselves in giving advice on a one-to-one basis and we are very happy to provide you with a free initial consultation – you can request a free of charge call back from our website or call 01902 837 408 – alternatively, click here to contact us online and we will come straight back to you!

Getting good SME business start-up advice

A survey that was carried out by AVIVA earlier this year has revealed that many small and medium-sized employers fail to seek expert advice when starting up their businesses, with 85%of employers not understanding their legal obligations.

It was also revealed in the same SME start-up survey that

• 40% of business owners said they relied on advice from friends and family when starting up
• 13% used financial advisors
• Only 9% of business owners had consulted legal advisers

The research also suggested that 75% of the respondents knew very little about sales, marketing and bookkeeping, with over 30% finding financial administration the biggest challenge in the first 12 to 18 months of starting up.

Over a third of employers also didn’t think they were affected by auto-enrolment.

Getting good SME business start-up advice

At Omni Chartered Accountants, Wolverhampton, we are dedicated to helping new start businesses and pride ourselves in our personable and honest approach. Our fees are highly competitive and we are always there to offer advice and guidance to our valued clients.

Why not request a free or charge call-back from our website today or call 01902 837 408 – alternatively click here to make an online enquiry and we will come straight back to you!

What to do if you have had a letter from HMRC

Have you had a letter from HMRC?

If you have, don’t bury your head in the sand!

HMRC letters – whether they are expected or unexpected – can be stressful for the recipient.

The first thing to do is read it thoroughly, digest its contents and consider what it is about.

Is it asking you questions or is it stating facts? In any event, it will certainly include advice on any action that may be needed.

Whatever you do, DO NOT IGNORE IT.

Seeking advice about an HMRC letter

Whether you are an individual, a sole trader or a limited company, the letter will have been sent for a reason and it will require action to clarify, resolve or just provide required information the HMRC.

It needn’t be stressful and you are not alone, so take simple steps to understand and talk to the experts.

The HMRC website contains many useful links and FAQ’s - is a great source for getting a greater understanding and knowing what to do and when to do it.

Just don’t ignore or put off dealing with it.

If you are still unsure then give Omni Chartered Accountants a call on 01902 837 408 or click here to contact us - we are always happy to assist.

Top 5 tips for productive business meetings

Business meetings are a great way to put a face to a voice or name, and to build relationships with suppliers and clients.

But are your business meetings productive? Poor planning or meetings for meetings’ sake could all be a waste of your valuable time and end up being counter-productive in the worst-case scenario.

Here are our top 5 tips for productive business meetings:

1. Be prepared for your meeting

Always have an agenda outlined and have copies for any attendees to hand – it also helps to email them over to anyone who is coming to the meeting beforehand in case they would like to add something, or if there is something you have missed or would like to research prior to the meeting date.

2. Be certain about your objectives

Do you want to solve problems, build a relationship, sign off a deal or project, sell a company service or network?

3. Time costs money

Once you have identified your meeting objective clearly, you can set about allocating a time slot. Time is money, so have a think about how long your meeting should last and try and stick to it if you can – we all know that meetings can often over-run unnecessarily!

4. Get involved

Be aware of your involvement and contribute and lead wherever possible – at the same time, try and give attendees the chance to participate!

5. Be a host

Of course, it goes without saying that tea, coffee or soft drinks should be offered but remember that small snacks are also usually very welcome; even small acts of kindness like offering biscuits usually help forge relationships.

We speak to many small business owners who don’t value their time nearly enough – an afternoon or day away from the office can be costly and often also involve plenty of stressful catching up!

If the meeting is unproductive, this can only lead to frustration.

Follow us on Twitter @OmnitasTax to keep up to date with our latest blogs specially written with the UK SME in mind – and remember, we are always here to help advice and guide with business matters as well as offering cost-effective, professional accountancy solutions!

You can request a free of charge call-back from our website or call 01902 837 408 today!

Are you addicted to the busy drug?

We see many clients during a working week and we understand what commitments mean to anyone who is running a business. As such, we are very happy to accommodate working around our clients’ individual business needs.

What we also see is a whole variety of “I’m really busy” scenarios.

When you are your own boss, on occasions it is well worth reminding yourself of certain things. One pivotal and critical element is your own time - you as a resource. Are you being productive? Are you focusing on the correct and most efficient parts of your business?

Are you addicted to the busy drug?

It appears that many of us can, at times, become addicted to the ‘being busy drug’. But let's be really clear.

Being busy doesn't necessarily mean that you are being:

1. Effective

2. A success

3. Important

Being busy could actually mean that:

1. You have poor organisational skills and fail to delegate

2. You are a people pleaser who cannot say no

3. You are suffering from a lack of clarity regarding your actual purpose

So please, never ever confuse being busy with being effective. Instead, spend a little more time trying to stop and understand what you're aiming to achieve, before you move on to take action.

At Omni Chartered Accountants, we are not just here to ensure we assist with your accountancy needs; we also care about your success and want to see your business flourish.

So as well as taking our Accountancy Price Challenge, to see how we could save you money with your accountancy bills, why not give us a call today on 01902 837 408 for some free of charge business advice? 

How to plan for successful implementation of Auto enrolment

Do you employ staff?

For the first time, employers are legally obliged to enrol most of their workforce into a pension scheme and make employer contributions. Did you know that these new duties apply to all employers in the UK, regardless of the number of individuals they employ?

Staging date

Employers need to consider how they intend to comply with their new pensions obligations well in advance of their ‘staging date’.  Planning for a successful auto enrolment launch can easily extend to become a twelve month process.

Auto-enrolment is aimed at encouraging pensions saving, especially for the low paid, but its rules are complex and far-reaching.  It will bring up to 10 million people into pension saving, many for the first time ever.

When does Auto Enrolment apply?

It has already started! Each employer is being given a staging date on which the new obligations will first apply.  The staging dates fall between 1 October 2012 and 1 February 2018, depending upon the number of individuals the employer has on its payroll.

Generally, larger employers will have earlier staging dates than smaller employers.  The Pensions Regulator will write to an employer around twelve months before its due staging date.

It is now beginning to include the smaller SME and businesses with smaller numbers of employees

Qualifying Earnings

There are compulsory contributions, based on Qualifying Earnings (further detail in the brochure), increasing through time to a minimum of 3% from the employer, and 5% from the employee. 

For many employers, who do not currently offer a pension scheme to their employees, it means a significant increase in their payroll costs plus the added burden of the administration and compliance requirements.

Is auto enrolment all about a change to pensions?

At first sight auto-enrolment is all about pensions. However, it will have an impact on payroll procedures, insured benefits, flexible benefits, salary sacrifice, data, record keeping, HR systems, processes and much more.

Employers must correctly categorise the composition of their workforce to understand specific entitlements under the new legislation.  Even where an employee is not entitled to auto-enrolment they still have rights under the new regulations. These include the right to join the scheme, receive communications and possibly to benefit from employer contributions.

What do I need to do about auto enrolment?

Successful implementation and planning, as noted above, takes a minimum of 12 months, therefore if the staging date is, for example, 1 August 2016, employers need to start planning now.

If employers aren’t already doing so, then they should start working closely with their advisers to prepare for auto-enrolment.

Auto-enrolment demands expertise and capacity across the employee benefits field from a team of professionals who understand both the auto-enrolment rules and the commercial and operational implications for entire benefits programmes.

If you want to know more, have had a staging date notification and want assistance or just want to get ready in advance, give Omni Chartered Accountants a call today on 01902 837 408 or request a free of charge call-back from our website http://www.taxandaccountancysolutions.co.uk/.

HMRC issue 10,000 accelerated payment notices

HM Revenue & Customs’ annual report has revealed that about 10,000 accelerated payment notices were issued in 2014/2015 to people involved in tax avoidance schemes.

HMRC can make taxpayers pay disputed tax in advance, under the rules of accelerated payment, instead of waiting for the outcome of a tax tribunal ruling. If the taxpayer wins, the monies are reimbursed with interest.

It was originally expected that around £210m would be collected as a result of the move by March 2015. However, HMRC has actually received £596m; only £28m has been refunded after legal disputes, earning £568m.

Follower notices

HMRC also issued 379 follower notices to tax avoidance users for the first time. Follower notices advise tax avoiders to pay disputed tax after court rulings in similar cases that find in HMRC’s favour. In 2014/2015, HMRC issued follower notices with a total value of more than £170m.

The report also revealed that 89.7% of complaints made to the adjudicator about HMRC were upheld either in full or in part in 2013/2014.

HMRC has been under rising pressure following cuts and also criticism over its handling of letters and telephone calls. In June 2015, it was announced £45m would be invested to improve its customer service.

The latest report revealed £210m in cost efficiencies in 2014, in areas that include reducing workforce, IT and procurement costs. Total sustainable cost savings over the past four years amount to £991m, which has exceeded the target by £25m.

The annual report also revealed HMRC’s tax income rose nearly £12bn to £517.7bn; HMRC has put this down to economic growth and the continued clampdown on tax avoidance and evasion.

Let us know your thoughts on Twitter @OmnitasTax and like us on Facebook to keep up to date with all of the latest tax and accounting news.

Accountancy price challenge

In the meantime, if your business would like to save money why not take ourAccountancy Price Challenge? We offer an excellent and professional service and free advice for sole traders and limited companies.

Self-employment tips – part two

Self-employment tips business start up advice

In part two of our special self-employment feature, we take a look at some more important factors that you should consider.

Get a business bank account

As a sole trader, although your business income will be taxed alongside your personal tax, it is vital to keep your business records and finances separate from your personal affairs.

For this reason, we recommend you open a separate business bank account. Shop around, as you can usually find deals offering you up to 24 months free business banking.

Typically, your new account will be “John Bloggs trading as, or T/A, your Business Name”. Once again, it looks more professional to have your business name on cheques and invoices.

If you’re likely to hold cash for some time, you should also open a business deposit account to get a little interest on your money, even if rates are still at historic lows.

Keep accurate and up-to-date financial records

To be a successful sole trader, you must keep on top of your books.

From the start, you are obliged to keep clear and accurate records of all your business transactions. Not only will this ensure that you keep the tax authorities happy, but you’ll find it so much easier to operate your business if you are organised and your paperwork is constantly updated. Check out online systems like cashflow, sage and Xero.

When the time comes to submit your VAT return (if you’re VAT registered), pass your accounts information to your accountant and complete your annual self-assessment tax return, you’ll be able to get these done quickly and efficiently – giving you more time to work on your new business.

Need advice?

We hope that you enjoyed our Self-employment tips – Part Two and found it useful – don’t forget to check out part one of our special self-employment feature too, if you did.

If you need guidance about becoming self-employed, Omni Chartered Accountants are happy to help – request a free of charge call back from our website today or click here and we will contact you to discuss your situation.

OTS summer budget news for the UK SME

The government announced in its Summer Budget that the Office of Tax Simplification is due to review the closer alliance of National Insurance and income tax.

On the government agenda this autumn will be consultation on reforming Class 4 NICs, abolishing Class 2 NICs and simplifying NICs for the self-employed.

Taxation of SMEs will also be reviewed, with a focus on deformations between personal and business tax systems and the complexities that are faced by many small businesses in the UK.

The OTS has been in place since 2010 and will now remain on as a permanent office of HM Treasury.

It is there to advise the government on how to develop and deliver a simpler tax system, including compliance issues and provide independent advice on tax complexity issues.

Financial secretary to the Treasury, David Gauke, outlined the plan in a letter to the leaders of the OTS:

“The first is a closer review of alignment of income tax and national Insurance contributions. This is an area often cited as an area of complexity for taxpayers.

“I would like the OTS to look at what the impacts, costs and benefits of closer alignment would be and to set out what the necessary steps would be to achieve closer alignment. This is a new type of review for the OTS, focusing on the issues and impacts rather than on making specific recommendations.

“The second is a review of the taxation of small companies, focusing on the distortions between the personal and business tax systems. This builds on your previous review of small business tax which focused on unincorporated small businesses.”

OTS summer budget news for the UK SME

What do you think about the OTS – will they really simply business for the UK SME? Join in the conversation on twitter @OmnitasTax or like us on Facebook!

Self-employment tips – part one

One of the main benefits of becoming self-employed is the ease with which you can start up and run your new business.

In part one of our special feature, we take a look at some of the important things that you may wish to consider before taking the plunge.

You can even become a sole trader (another term for self-employed) whilst working as an employee for someone else, so you can test the water and see if you’re suited to working for yourself.

Here are first top tips for when you decide to go self-employed:

How to register as self-employed with HMRC

Once you set up as a sole trader (or work as a partner in a partnership if there’s more than one of you), you will be responsible for paying your own income tax and National Insurance (NICs).

You must register as self-employed with HMRC within three months of starting trading, even if you already pay tax via the self-assessment process each year. You can register online or call HMRC on 0845 915 4515 if you’d prefer to speak to someone.

If you are unsure whether or not you need to register with HMRC, here is some help to establish whether you are employed or self-employed.

Once you start operating as self-employed, you will need to pay your own National Insurance contributions (NICs).

Do you need to register for VAT?

As of April 2015, if your business has an annual turnover of £82,000 or more, you must register for VAT.

At any stage of the business cycle, if you look like you’re going to hit this annual VAT threshold over the coming 12 months, you must also register. The threshold usually rises by a few thousand each year. Make sure you let HMRC know within 30 days, or risk paying a fine.

In many cases, you might decide to register for VAT even if you don’t need to. You may gain more credibility by having a VAT number, and you’ll be able to claim the VAT back on eligible purchases you make.

You might also consider the flat rate VAT scheme, which makes accounting for VAT much simpler. Your accountant will be able to advise you if you’d be better off on the Flat Rate or standard VAT scheme.

Need advice?

If you need advice about becoming self-employed, we are here to help – request a free of charge call back from our website or click here and we will contact you to discuss your situation.

Payroll price challenge

Take the Omni Accountancy payroll price challenge

Do you outsource your payroll? What are you paying? What service are you receiving? And is it fit for purpose?

Do you do it yourself but your time could be better utilised to the benefit of your business. At Omni we offer many services and payroll is just one.

We are competitive, flexible and we can save you money. Why not take the Omni Accountancy Price Challenge today to see just how much…

At Omni you will get a very personal and bespoke offering – quality at an affordable price.

Referrals

Do you know anyone who needs payroll, tax or accountancy help right now? Refer us and make sure they mention your name too.

For more information about Omni Chartered Accountants, call 01902 837 408, or request a free of charge call back from our website – www.taxandaccuntancysolutions.co.uk.

We are always happy to help.

Top five business forecast tips

Cash, as they say, is King.

And cash flow is one of the main reasons that small businesses find themselves throwing the towel in, especially during early days of trading.

With this in mind, it is imperative that business owners forecast their cash flow regularly and as accurately as possible, no matter how big or small the company may be.

Here are our top five business forecast tips (in no particular order):

Predict sales based on your invoice date

When you are working out your sales figures for the month, don’t forget to add them up by the actual amount of work that you have invoiced out – not the amount that you think you will actually get paid. This is a different matter and will feature in your cash flow forecast.

Remember to include outgoings

It is important to include as many costs as possible when forecasting your pennies – include daily running costs no matter how trivial they may seem as they can soon mount up!

In addition, remember to count costs like depreciation of assets; just because they don’t actually leave your bank account, it doesn’t mean they aren’t there!

Factor in the VAT

Ensure that, if your business is VAT registered, that your sales forecast, and profit and loss forecast exclude any VAT that you will be invoicing out and reclaiming.

If you can’t reclaim VAT on certain items i.e. business entertaining, or if you are registered on the VAT flat rate scheme, you should include the VAT as part of your running costs in when you are calculating your profit and loss forecast.

When it comes to cash flow forecast, include the VAT in your turnover figures.

Cash flow forecast dates

Cash flow forecasts are different from sales and profit forecasts, as cash flow is when you actually receive monies and pay monies out.

Make sure that you make your calculations allowing reasonable time for payments, remembering clients who may pay better – or worse! – than others.

Set monies aside

Remember to set monies aside for important payments that must be paid i.e. VAT.

We hope that you have found our top five business forecast tips helpful – for any taxation, accountancy or business information or advice, request a free of charge call back from our website or call 01902 837 408 today!

Have your say direct to the Bank of England

As you may or may not know, one of the partners at Omni Chartered Accountants sits on the Bank of England review panel.

Topics that are of specific interest to the monetary policy committee at present and that are for inclusion in the next meeting are:

Key issues for next Bank of England meeting:

1. International issues

Have there been any effects from the increase in sterling since May on export prospects?

Has there been any noticeable change in impact as a result of the appreciation against the euro since May?

More generally, is there any sign of fallout from uncertainty about Grexit, directly or indirectly, relevant to financial stability or to the central macroeconomic outlook?

What impact is the rise in sterling having on the price of imports?

Are there different stories for different types of imports? And what is the speed of pass through to consumer price inflation?

2. Activity

What are the prospects for the housing market and housebuilding, given the recent pickup in new buyer enquiries and mortgage approvals?

What explains the recent pickup in housing market activity?

What are the implications for house prices?

How is buy-to-let activity evolving?

3. Employment and wage inflation

Are there any signs of changes (or expectations of changes) in trends in the composition of employment that might affect growth in average weekly earnings (or total paybill per head)?

4. Demand for credit

How are the proceeds from corporate borrowing currently being used?

Are firms refinancing existing debt whilst rates are low, building cash reserves for future acquisitions or borrowing to invest in capital?

Have your say – this is your chance to get your voice heard! Contact us on Twitter@OmnitasTax, or Facebook!

Top 5 bookkeeping tips

We are often contacted by businesses that are in need of assistance with a bookkeeping clean up. 

If you have found yourself in the middle of a bookkeeping nightmare take these four simple steps to clean up your mess. 

1.  Get serious about it

The first step is to identify that you have a business bookkeeping mess and that you are willing to do whatever it takes to get things cleaned up and caught up. 

Nothing is more frustrating than working with someone that clearly is not serious about getting the job done.

2.   Get help from a professional

It is important to work with a bookkeeper or bookkeeping service that actually knows what they are doing. 

It is always a good idea to check your business network to see who your colleagues use for their bookkeeping needs. 

3. Bookkeeping software

If you are using recognised software you might consider contacting a specialist in that particular product, although most professionals will be familiar and used to working with the main products on the market.

4.  Follow Your Bookkeeper's instructions

When you bookkeeper asks for something you should provide it or ask for help so you understand where it is or why it is needed. 

Having your statements available online is probably the best thing you can do.  Make sure you have access to ALL your statements including bank accounts, credit cards, credit/debit balance and payroll reports. 

5.  Stay on top of your bookkeeping

Once you have found an individual or business bookkeeping service to clean up the mess it is important to stay on top of your bookkeeping. 

You don't want to spend all your efforts on cleaning up your bookkeeping system if you don't intend to maintain your bookkeeping on an ongoing basis. 

If you would like help from the professionals with your bookkeeping, Omni Chartered Accountants are here to help – we can offer free advice and guidance and competitive rates to deal with your needs!

Call us on 01902 837 408 or you can request a free of charge call-back from our website www.taxandaccountancysolutions.co.uk – alternatively, click here to view our pricing structure.