Corporation Tax online – its free, its iXBRL complaint and you can file accounts too Reply

I recently registered to use the HMRC Corporation Tax online services and my activation codes arrived today, so far I am impressed.

Obviously you need to know how to correctly do your Tax Computations first, nothing can remove the complicated tax calculations for Capital Allowances, Loans to Participators, Small Company Relief etc, you need skill for that part. But from reading the manual it seems that you can enter your accounts, computations and complete the CT600 and file it without needing to spend a fortune on specialist software to produce the iXBRL tagging now required.

Let’s see if I am still impressed when I try to enter the information.

steve@bicknells.net

Free Accounting Software – forever 2

I love free things, don’t you?

I discovered TAS books basics a while ago

http://www.tassoftware.co.uk/site/tas_accounts_software/basics

It is absolutely totally free and for a small business its ideal, its much better than trying to create your own system using spreadsheets. If you are a new business starting out why not give it go.

steve@bicknells.net

Who is next on taxman’s hit list? are you prepared… Reply

It seems the taxman has got bored with chasing the self employed and moved on to the middle classes and white-collar professionals as highlight in this article in the Sunday Express today

http://www.express.co.uk/posts/view/269055/Taxmen-target-middle-classes-Crackdown-on-tax-cheats

Doctors and Dentists are now top of the hit list.

Chancellor George Osborne has branded tax-evaders “leeches”, convictions for tax evasion have jumped 38% over the past year to 148 for the year to March 2011.

Sometimes tax issues can arise from simple mistakes and misunderstandings, if your accounts and records need to be reviewed now is the perfect time to seek help from your accountant.

steve@bicknells.net

My top 10 free local activities and things to do Reply

Following the massive popularity of my Bay Radio (102.8 FM) discussion on air today, here are my top 10, totally free things to do:

Corfe Castle Museum – Corfe

Southampton City Art Gallery – Southampton

Tolpuddle Martyrs – Dorchester

Russell Coates – Bournemouth

Red House Museum – Christchurch

The Waterfront Museum ā€“ Poole

Guided Fossil Hunting Walks ā€“ Charmouth

Swanage Regatta and Carnival 30th July to 6th August

Bournemouth Carnival Procession 7th August

Bournemouth Fireworks on Friday Nights starting 22nd July 8pm to 10.30pm

I hope you enjoy them and please let me know what you think

steve@bicknells.net

Is cashflow killing your business? Reply

Many small businesses are suffering slower and slower customer payment as highlighted in this link

http://www.usatoday.com/money/smallbusiness/2011-07-12-small-business-late-payments_n.htm

Lack of cashflow is the main reason for business failure.

Bartercard can help because they can provide an interest fee credit facility to buy goods and services from their members, Bartercard have 4000 UK business members including solicitors and debt collectors (which can help collect your cash)

Contact me for more details steve.bicknell@uk.bartercard.net

How do you get new clients? take part in this poll and lets find out Reply

This is a great opportunity to find out what techniques are being used and what your views are, I look forward to your comments and votes

steve@bicknells.net

 

 

How do you market your business? Reply

Bartercard give a 100% guarantee of sales included as standard in their membership, what do they do to get those sales?

Did you know Bartercard promote your products and services in 17 ways?

Yes thats right, 17 ways and here they are:

1. Members Directory
2. On line Directory
3, E Auction
4. Account Managers (TCOs)
5. E Mail Campaigns
6. Mail shots
7. Fax Campaigns
8. Networking events
9. Trade Shows
10. International Hot Deals
11. Value Added Services
12. Moving Inventory
13. Last Minute Deals
14. The Barter Bulletin Magazine
15. Member Referrals
16. Offers to Supply
17. E Market Place

Thats why Bartercard confidentially guarantee that they will generate sales from their members for you, if you want to know more or want to link in my e mail is steve.bicknell@uk.bartercard.net

Whats the Return on Investment from Bartercard? Reply

To join bartercard there is a “once only initial investment” so how can we quantify our return on investment?

Every business has had to make an investment in their business to get it started, for example a hairdresser would need to fit out her shop with fixtures, fittings and equipment, so in accounting terms how can we evaluate the investment that we make when we join bartercard?

1. Pay Back Period – how many years does it take to get back our initial investment in profits – for normal investments anything less than 3 years is considered good – because Bartercard specialise in selling spare capacity and as such only product replacement costs are relevant, its likely that the profit on each sale will be around 70% profit (as used in our hairdresser/accountant trading story) – as Bartercard guarantee to get more than the joining fee in sales in the first year, the payback period is likely to be less than 2 years – so thats an excellent return on investment

2. Average Rate of Return (ARR) – this method of appraisal takes the average of the profits made over say a 3 year period (or the life of an asset) and shows the result as a % of the initial investment I estimate a 70% ARR, obviously this will vary from business to business, but I am sure you will quickly be able to work out the return for your business

3. Net Present Value/Discounted Cash Flow – this method of appraisal takes into account the time value of returns, its often considered the best and most precise way to assess returns, to calculate the Net Present Value you create a cash flow table year 0, shows the investment as a cost, then the net profits are shown in the subsequent years and a factor is applied to remove the effect of inflation, the higher the NPV the better the investment

4. Internal Rate of Return – this is also described as the effectie interest rate, to calculate this we increase the Discount Rate in the DCF (3 above) until the NPV equals zero and that produces the return rate

If you need help doing this analysis for your business drop me an e mail

steve.bicknell@uk.bartercard.net

Increased Sales without discounting, guaranteed! Reply

The reason most businesses join bartercard is to increase their sales. Isn’t that what everyone wants? it’s why we go networking, why we advertise and its generally the reason we went into business in the first place – because we thought we could earn more (by selling more) than working for someone else.

When you barter using bartercard you swap your services at their full value, there are many discount schemes now being promoted, they generally get you to heavily discount your product/service and charge you a fee on top. The theory being that the new clients who use the discount scheme will want to come back and pay full price, it could work, but I suspect many people just take the special offers.

Bartercard now have 75,000 worldwide members, so there are plenty of businesses to swap with and Bartercard give a guarantee that they will get sales for your business. So if you want more sales, why not give it a go?

steve@bicknells.net

Will the Euro exist in a years time and do we care? Reply

A growing number of economists and financial experts are predicting that the Euro will fall within 12 months and there will be a return to individual currencies, here is a recent article from Business Insider

http://www.businessinsider.com/economist-charles-gave-the-euro-will-not-exist-in-one-year-2011-6

You can understand why with the problems of Greece growing ever larger and the risk of problems spreading.

From Britains point of view, its a good job we didnt adopt the Euro but we have still had to bail out our european friends, the last thing we need is to have to write off debts at a time we are desparately trying to balance our own books.

steve@bicknells.net