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?