Make It Count - Bains MiC Autumn 2018 Bains_web | Page 2

TAKE TIME TO
GROW YOUR
BUSINESS
Your accountant delivers your
accounts on time and with accuracy –
but how can they help develop your business?
HERE ARE OUR FIVE TOP TIPS:
1. Look forward as well as back
Once you have a set of historical accounts, you
feel on track, right? Wrong! Yes, the historical
data is essential to pay your taxes and to
understand how the business has performed,
but the best way to develop your business is to
take trends from its history, to enable a realistic
strategy for the future through a concrete
forecast. Ensure that you are also aware of the
costs involved in achieving this strategy and the
return on investment.
2. Set goals and measure your business
against them
Set goals for continuous improvement towards
your strategy that are both realistic and have
the highest impact. These goals should be set
annually and monitored monthly for maximum
effect.
Historical data
is essential to
understand how
the business has
performed, but the
best way to develop
your business is to
take trends from its
history, to enable a
realistic strategy.
Part of the goal-setting process is establishing
Key Performance Indicators (KPIs) to measure
your business against (eg time taken to resolve
customer support issues, employee turnover
rates, outputs produced per hour). This will
enable your business profits to be maximised
using management information, rather than
purely focusing on tax compliance.
3. Be dynamic
You can’t change past performance, but
you can certainly manage future business
opportunities by building enough flexibility
into your goals to respond to changes in the
external environment. Resolve to do one thing
related to new business every single day,
to create a steady pipeline of development
opportunities.
4. Get expert advice where necessary
This doesn’t just have to be financial, tax
or planning advice from an accountant. By
planning appropriately, it will be possible to
set aside budget for other experts that you will
need to help you reach your goals. This could
be enlisting the help of a sales and marketing
expert, or someone who can speed through
the admin at low cost to free up your time to
focus on other areas.
5. Have the right contracts in place
Your accountant should be able to review your
contracts and provide tips on how to benefit
most from a cashflow and control perspective.
This will help provide more certainty with
customers and suppliers that you already have
in place, allowing you to take risks in other
areas of development.
Please get in touch if you need help getting
started on your own business development
strategies.
For better..?
Did you know that the
marriage allowance could
reduce your tax bill as a
couple in a marriage or
civil partnership by up to
£238 a year?
The marriage allowance came into effect
over three years ago, in April 2015, but
HMRC statistics show that more than 2m
couples failed to claim it last year!
It works by transferring £1,185 (10%)
of your personal tax-free allowance to
your married or civil partner if they earn
more than you and you earn less than
the tax-free allowance of £11,850. The
higher earner will only be eligible if they
are in the basic rate tax band, meaning
their salary cannot exceed £46,350. If you
receive additional income, such as from
dividends or savings, phone the income
tax helpline for advice on 0300 200 3300.
If you are eligible but haven’t claimed to
date, you can backdate the claim to April
2015 – so for the tax years 15/16, 16/17
and 17/18 you could be collecting £662.
Apply online at gov.uk/apply-marriage-
allowance. The non-taxpayer must apply
and will require both national insurance
numbers and a way to prove their identity
(eg a passport or the last four digits of a
child benefit account).