Things every business needs to know
Part 1 of our new series of articles
Keeping on top of everything as a small business can feel a bit like a game of ‘whack-a-mole’ sometimes. Just as you feel you’ve got on top of one topic, up pops another one that needs attention.
There was IR35; then came GDPR; then Making Tax Digital… Add in the regular updates to tax rules and employment law and the ever changing landscape of tools and services to consider and keeping on top of everything can feel overwhelming.
We feel it too, here at Grant-Jones Accountancy and that was what prompted me to write a series of blogs on things every business needs to know. When I was thinking this through, here were some of the topics which popped into my head.
Your 2020 budget
Whether your business budget is from Jan-Dec or it maps to a financial calendar taking a look at your budget is worth doing over the next couple of months. A general election and the uncertainty of Brexit are having an impact on everything.
Services, Systems and Tools
Running your own business come with a huge range of questions and many are around which is best for my business?
· Banks
· Accounting software
· Expense Management
· Payment
Plus, there are changes in legislation to consider around how these tools link to one another.
Financing your business
If you want to grow your business you need money to expand. What is the best way to raise it? What are the advantages and disadvantages of different routes? And what do you need to know before you start looking for funding?
Keeping abreast of tax changes
Taxation is a moveable feast and there are some proposed changes ahead (and others promised in various political manifestos) which will have an impact on you as a business owner and also you personal tax situation. Making Tax Digital is still on the agenda as well as potential changes to corporation tax, Capital Gains Tax and Property tax.
Being an employer
Whether you are contemplating your first employee, already have a small team or are running a bigger organisation, there is a lot coming up. Changes to statutory payments (for sickness or maternity) are on the cards, auto enrolment (for pensions) is due for renewal and that’s above and beyond the cost of employment and people management.
So, are you ready for 2020?
Over the next few blogs, we’ll cover a range of topics – some related to recent changes in legislation and the impact they may have – others which are practical hints and tips on some of the areas where you can make your life easier and better.
If you would like to discuss any of the above issues in more detail or have other issues about running your business on your mind, you can arrange a free 121 session with us. Contact Us.
