2011 Tax Saving Tips

  • If you use your home for business purposes, care is needed now in order to avoid any surprise Capital Gains Tax bills arising when you eventually sell the property.

If any part of property is used for business then ensure that it is not used exclusively for business purposes, by making sure that the room has dual purpose (business and personal). If any part of the garden is used for business then it may be possible to reverse use prior to sale to save tax.

When considering the planning please give our tax expert a call to discuss this further on 01225 751302. 

  • If you continue to rent out your investment property, then you may wish to consider a tax allowance against the rental income for expenditure on energy saving insulation.

An allowance of up to £1,500 for expenditure on energy saving insulation is allowed per property as a landlord. This can include wall, floor and loft insulation for expenditure before 6th April 2015.

  • Company owners may wish to consider making contributions to your business for use of the company car in order to reduce your tax bill. In order to save tax it will need to be carefully documented. Please contact us if you are interested to discuss the matter further.

 

New Team Member – Sondari Parve

We are pleased to announce a new member of the Blomfields team. 

Sondari Parve has been with us for a few weeks, she is originally from Estonia, and moved to England in 2005.  She has recently completed her level 3, AAT qualification in June 2011, and will be resuming her studies in September 2011. 

At present she is being trained in accounts preparation and reception cover, so you may meet her on the front desk.

 Away from the office, she enjoys socialising, reading and dining out with friends.

We are sure she will make an excellent addition to our team.

Closing the deal business breakfast

Our business breakfast event this week proved to be a hit.  We received excellent comments from attendees who found it very useful.

Brian O'Connor Barclays Bank

Brian O’Connor, our speaker from Barclays Bank took us through problems businesses face when trying to get a loan.  

He then went on to give some  suggestions of things you can do to make a loan application more sucessful, and outline what the banks are looking for when you apply.

Dave Smith Reaching New Heights

Dave Smith from Reaching New Heights, our second speaker went through difficulties businesses owners can often have, when trying to close a deal with  potential customers.

He gave some simple, but useful ideas of what to say, and how to deal with customers who may be expecting to buy purely based on price.

The quiet and beautiful surroundings of the Glove Factory Studios were condusive to a relaxed, informal and productive event.

Managing Business Stress

Taming Your To Do List

 

 

 

 

 

 

 

A major cause of stress for business owners is being confronted with a To Do list that stretches from here to eternity.

This can change with a little organisation, and also improve your efficiency when dealing with tasks.

This will ensure:

  • Urgent tasks are tackled urgently.

  • Important tasks are not overlooked.

  • Less important items can stay out of mind until they surface.

  • You start to feel more in control.

  •  One way of organising your tasks is via a spreadsheet, this can contain worksheets for each main area of responsibility.

    eg) research, writing and seminars.

  • Add each new action point to the relevant worksheet, and assign a do by date to it.
  • Ideas can also be dealt with in the same way, with idea in the due date to distinguish it.

  • Every few days re-sort your list by date and move things for that week onto a seperate action worklist printed out on A4.
  •  

  • Keep the action list on your desk marking off completed tasks with a highlighter, so you can see how much you have achieved and what is left to do.
  •  

    This method allows you to always keep focus on your highest priorities at the time, your future tasks are logged, and as your printed list is quite short, it will always seem more manageable and you should feel less swamped.

    This extract was provided courtesy of Steve Pipe’s book “Stress Proof your business and your life”. http://stevepipe.com/index.php/Books/stress-proof-your-business-and-your-life.html

    We are planning an event in the autumn covering the subject of managing stress, where we hope to provide advice, information and demonstrations.

    If you would like further details of this as they become available, please email your contact details to gwyn@blomfields.com or give us a call on 01225 751302.

    Closing The Deal Business Breakfast.

    Just a quick reminder and a bit more information about our Business Breakfast next week.

    Our speaker for the morning will be Dave Smith, a performance coach and sales trainer with 16 years experience managing his own IT business.   He will offer guidance and ideas for using the skills you already have to close the deal.

    Many people are good at what they do, but find it very hard to get this message across to potential customers without feeling unsure or uncomfortable.

    At the Breakfast, Dave will lead you through proven techniques to achieve this, with ‘7 of 107 ways’ to get more sales.  Primarily aimed at small to medium businesses, there will be something for you whatever trade you are in.

    “If you are meeting lots of potential clients, but struggling to convert them into new business, then you will benefit from this FREE to attend event.”

    Places for this event are filling up, but if you are interested then please give us a call and we will see if we can fit you in.  If you are already booked to attend, we look forward to seeing you there.

    For booking please contact; Blomfields 01225 751302 or email annette@blomfields.com and we will get back to you.

    Don’t be the last to know vital tactics to gain new customers !

    Every business will suffer a loss of customers as a natural process. 

    Keeping a balance of new customer to replace them can be a problem.

    However, at our FREE Business Breakfast in conjunction with Barclays Bank, you can learn vital tactics to not only replace, but increase your customers base.

    That’s right Free to attend, with a nice Free bacon roll to keep you going, (or vegetarian option if you prefer) while our speaker will give you ideas for increasing your customer base and answer questions.

    Date: >Tuesday 12th July 2011 at 8.00 (breakfast) for 8.30 start until 10.00 (10.30 latest)

     Location:

    The Glove Factory Studios

    Brook Lane

    Holt

     A beautiful venue set in the rural countryside.

     All attendees also get to enter a Free draw to win a marketing day course donated by Blomfields worth £97.

    Places are strictly limited, so please call us at  Blomfieldsto reserve your place and breakfast on 01225 751302, or email with details of who would like to attend and food requirements. Email: annette@blomfields.com

    Look forward to seeing you there,

    Blomfields

    Goodbye to cheque guarantee card

    Just a bit of news that you may or may not be aware of:

    From 1st July 2011, the Cheque Guarantee scheme is being withdrawn by Banks. 

    This may not affect traders as much as it would a few years ago, probably due to the advent of new electronic payment methods such as Paypal, and customers willingness to use chip and pin cards.

    This will apply, even if the expiry date on the card is after the 1st July 2011.  As most cards are multi purpose and used in cashpoints a number will still be in circulation.

    Traders will need to decide if they wish to continue to accepting cheques.  However, as cheques are more widely used by personal service type industries, (they usually have additional client information) tracing a client for payment becomes less of a problem should they need recourse to debt recovery action.

    Wiltshire Open For Business

    Well, what have we been up to lately ?

    We were out and about in Devizes recently.

    On 10th and 11th May we attended the Wiltshire Open For Business event held at  The Corn Exchange in Devizes.

    This was a popular event, and gave us an opportunity to meet local business owners, and find out their needs and offer solutions. 

     A number of workshops and seminars were also running to pool ideas and give information in specific areas.

    When a main supplier ceases trading.

    This becomes an issue when you have paid in advance for goods and services, or they are specialist sole suppliers.

    Well what can you do ?
    Business owners who are sole traders or in partnerships are still liable after trading has ceased.   Unless the owners become personally bankrupt you can challenge them through the courts, if discussions fail.

     Limited Companies

     In Administration
    The administrator decides the future of the company, whether to rescue, sell on or put the company into liquidation.  Putting a company into administration usually incurs expensive administration fees in addition to the company’s existing debts.  These fees along with banks and other secured debts are generally paid out first.

    • You can approach the administrator to request a refund of  your deposit, but they are not obliged to pay if there is not enough money to repay you.
    • Where unfinished services are being provided, you can discuss this with the administrator, but he is under no obligation to get the work completed.
    • If goods were put by, you can request their delivery, or enter discussions with the administrator to buy them.
    • Companies sold to new owners can be approached over transactions with the old company, but they can refuse to help.

    Liquidation
    The liquidator will use the company’s assets to clear debts and money owed to secured creditors. He will ensure that the company is closed down in way which meets legislative requirements. 

    • Any stock will be sold to clear debts (even if you have already paid for some of it). You may be able to negotiate the purchase of your goods at a ‘knocked down’ price with the liquidator.
    • The liquidator is not obliged to finished uncompleted work, so the only thing left would be to go through the courts once the secured debts have been cleared.
    • Larger creditors may consider buying the assets of the company via a pre-pack arrangement.

    Welcome to Blomfields

    A big welcome from all of the Blomfields Team.
    This has been our first live week with the new website and new look.   We hope you like it, we do.

    We intend to write a weekly blog on topical subjects. If there is a subject you would like us to cover please let us know. Complex topics will be dealt with more extensively either in our newsletter or on a personal basis where applicable.