20 per cent VAT 50% return accountancy accountancy fees accountancy services accountant accountant B accountants accounting for dividends accounting software accounts administration annuity annuity rates Autumn statement avoid inheritance tax avoiding inheritance tax bank lending big picture Bribery Act budget budget 2011 budgeting business advice business exit business exit planning business friendly business goals business management business owners business plan business planning business record keeping business records business sale business success business succession planning business survival business tax planning business tips bwe based account cash flow Cash flow forecast cash is king cash management cashflow chancellor chartered accountant chartered accountant Birmingham chartered accountants chartered financial planner chartered financial planner Birmin child savings children’s savings client entertaining Company Tax returns corporartion tax Corporation tax credit control credit control procedure debt collection debt recovery director’s loan account directors loan Directors’ loan account dividends dragons den EIS Enterprise Investment Scheme enterprise zones Entrepreneur’s relief entrepreneurs entrepreneurs relief exit planning finance finance management financial advisor financial difficulty financial forecasts financial goals Financial management financial plan financial planning financial planning checklist financial planning tips FSTE 100 fund manager gifts global markets growth HMRC HMRC enquiry HMRC tax enquiries HMRC tax enquiry home loans ICAEW IHT income tax return inheritance tax inheritance tax planning insolvency investing Investment investment advice investment diversity investment in marketing investment philosophy investment planning investment portfolio investment strategies investment volatility investments investors jobs key perfirmance indicators KPIs kpi's late payment penalties late payment penalty fines management meetings marketing investment miscalculated tax motivating staff new years resolution online accounting online accounting software online accounts online tax return online VAT return outsourced accountancy outsourcing outsourcing accounts overtrading owner managers Pay off mortgage PAYE paying a dividend pension pension contribution pension contributions pension fund pension scheme pensions Personal financial plan personal financial planning personal tax return plumbers tax safe plan pre pack administration private pension profitable business sale recession reduce tax retirement planning sareholder protection cover Self assessment self assessment tax return selling my business selling your company shareholder protection small business small business tax SME SME marketing SME tax planning SMEs start-up succession planning tax accountant tax affairs tax avoidance tax charges tax code tax disclosure tax enquiries tax enquiry tax evasion tax investigation tax investigations tax liability tax man tax mitigation strategies Tax planning tax planning advice tax planning schemes tax reduction tax reform tax relief tax return tax saving tax saving strategies tax savings tax strategies Tax tribunals tax-break tough times UK Bribery Act VAT increase vat return VAT rise VAT submission web based acc when to pay a dividend Xero Xero accountancy software Xero accountants Xero accounts Xero accounts service

A New Year’s resolution for us all – get the most from your advisors

Add to: Digg Add to: Del.icio.us Add to: Facebook Add to: Furl Add to: Google Add to: Live Spaces Add to: MySpace Add to: StumbleUpon Add to: Twitter
Thursday January 6, 2011 at 5:06pm

I know as human beings we’re not always keen on change. It’s time consuming, sometimes costly and it’s a leap into the unknown. But carrying on with the same old advisors just because you’ve always used them may not be a sound business decision and with the end of the tax year only a few months away now is a great time to consider who you want as your advisors next year.

Here are my suggested questions for anyone who’s made a New Year’s resolution to change their accountants or financial advisors.

Ask the following and think carefully about the answers you get:

  • Do you provide comprehensive monthly management accounts and advice on what actions you should be taking? 
  • Do you offer specialist, detailed tax planning advice in relation to property you own within the business? 
  • Can you recommend legitimate and innovative tax saving strategies to cut Directors’ tax bills? 
  • Are you able to help with advice on succession and exit planning so that your family get the maximum benefit from your hard work over the years?

When you meet with them they should:

  • Explore ways you can pay less tax 
  • Consider ways to protect key business assets and directors loans 
  • Discuss how to improve financial control in your business 
  • Check for opportunities to improve profits and monitor key performance indicators
  • Discuss ways to work less and develop the management team 
  • Discuss ways to use pension to extract profits, invest in property or fund the business

If they don’t they’re probably not the right advisors for you and your business.

Oh, and on the subject of change – it doesn’t have to be difficult. In the case of switching accountants it’s all about the paperwork, which any accountancy firm worth it’s salt will do on your behalf. So you can just sit back and relax, ticking off one of your resolutions for 2011 at the same time.

Andy Parker
Chartered Accountant


Comments on this post:

There aren't any comments for this post yet. Why not be the first to comment?

Categories:

Accountancy Services, General, Business Management, Support for Business Owners

Other Recent Posts
  • What would help businesses grow?
    		•
  • New Seed Enterprise Investment Scheme
    		•

    Share your experiences:

    Your Name  
    (to appear with your comment)
    Email Address  
    (will not be published)
    Comments:  
    Human Validation Check  
    In the box below, please type the characters that you see in the picture. This helps us to ensure a real person (and not a crafty computer!) is submitting this form.

    Enter the code shown to the left:

    Parker Chartered Accountants and Financial Advisors, 1192 Warwick Road, Acocks Green, Birmingham. B27 6BT.
    Tel: 0121 764 5161  Fax: 0121 764 7833  Email Parker Chartered Accountants here