20 per cent VAT 2012 budget 50% return accountancy accountancy fees accountancy services accountant accountant B accountants accounting for dividends accounting records accounting software accounts accounts software administration annuity annuity rates Autumn statement avoid inheritance tax avoidance of tax avoiding inheritance tax bank lending basic personal allowance BCC big picture book keeping Bribery Act British Chamber of Commerce BS7858 budget budget 2011 Budget 2012 budgeting business business accounts online business advice business cash management business confidence business continuity business continuity management business continuity plans business cost management business efficiency business exit business exit planning business finance business friendly business funding business goals business growth business investment business loan business management business owners business performance 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 Cash-based accounting cashflow chancellor chartered accountant chartered accountant Birmingham chartered accountants chartered financial planner chartered financial planner Birmin child savings children’s savings choosing an accountant client entertaining Cloud accounting Company Tax returns compliance industry contractors IR35 corporartion tax Corporation tax credit control credit control procedure cyber attack cyber crime cyber insurance cyber security cyber threats data security data security. IT security debt collection debt recovery despite some of the bad press over recent years director’s loan account directors loan directors pensions Directors’ loan account dividends doubl Dragon’s Den dragons den Economic expansion EIS email security employee data security Enterprise Investment Scheme enterprise zones entrepreneur Entrepreneur’s relief entrepreneurs entrepreneurs relief ethical hacker Everyone needs to finance their retirement and exit planning finance finance management financial advisor financial difficulty financial forecasts financial freedom financial goals Financial management financial plan financial planner financial planning financial planning checklist financial planning tips financial wellbeing FSTE 100 FTSE100 fund manager gifts global markets growth growth finance HMRC HMRC enquiries HMRC enquiry HMRC IR35 guidance HMRC tax enquiries HMRC tax enquiry home loans how to manage time ICAEW IHT income tax income tax r income tax relief income tax return independent financial advisor information security information security management inheritance tax inheritance tax planning insolvency Institute of Chartered Accountants investing Investment investment advice investment diversity investment in marketing investment management investment options investment philosophy investment planning investment portfolio investment risk investment strategies investment volatility investments investors IR35 ISO 27001 ISO 27001 benchmark ISO 27001 consultants ISO22301 ISO27001 IT security Jimmy Carr jobs keeping the books key perfirmance indicators key performance indicators KPIs kpi's late payment penalties late payment penalty fines late payments legal tax strategy management information management meetings management standards managing data security marketing investment miscalculated tax motivating staff national lottery new years resolution online accountancy online accountancy software online accounting on-line accounting online accounting software online accounts online tax return online VAT return outsourced accountancy outsourcing outsourcing accounts overtrading owner managers Parker Management Consultants partnership agreements passwords Pay off mortgage PAYE paying a dividend Payroll penetration testing pension pension contribution pension contributions pension fund Pension funds pension investment pension investment strategy pension scheme pensions pensions forecast per personal allowance trap Personal financial plan personal financial planning personal guarantees personal pension personal pensions personal tax return plumbers tax safe plan pre pack administration private pension profitable business sale R & D tax credits R&D tax credits recession red tape reduce tax remote working report on economy research and development tax credits retirement retirement planning risk risk return safest passwords Saga sareholder protection cover security of websites Seed Enterprise Investment Scheme SEIS selecting an accountant Self assessment self assessment tax return self invested personal pension selling my business selling your company shareholder agreements shareholder protection SIPP SIPPS small business small business owners small business tax small businesses small firms SME SME business management SME marketing SME tax planning SMEs social media policy SSAS start up start-up stock market succession planning tax accountant tax affairs tax avoidance tax breaks 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 taxation tax-break time management time management skills top rate of tax tough times UK Bribery Act UK economy VAT increase vat return VAT rise VAT submission web based acc website security when to pay a dividend work-life balance Xero Xero accountancy software Xero accountants xero accounting xero accounts Xero accounts service

Double Dip Recession. Is it all bad news?

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 May 10, 2012 at 9:00am
The media loves a bad news story. You could practically hear the cries of delight as they reported the news. It was all doom and gloom, concentrating on the Government’s failure to lift us out of the economic slump. Typical media stuff.

And while we can’t pretend the outlook’s completely positive, perhaps it’s not as bad as some in the media make out. Two new surveys show confidence from UK businesses. Optimism among smaller manufacturers rose for the first time since the mid-2011, according to the CBI. And the UK Business Confidence Monitor found confidence improved in the last three months, suggesting the UK will return to growth in the April-June quarter.  
We’ve already seen growth in certain sectors, for example, look at the growth in online sales. Last year consumers spent more than £50m over the internet. That’s an increase of 14%. The trend looks set to continue into this year and beyond. Savvy shoppers are turning to online shopping because it’s convenient, simple and secure.

Traditional high street stores may be suffering from the boom in online sales. But many smaller companies are taking advantage of selling online now. And social media platforms such as Facebook and Twitter are helping businesses reach wider audiences than ever before. Selling online benefits retailers of all sizes. The overheads are lower, there are no expensive high street rents to pay and wage bills can be reduced. The need for careful management still applies though. Online businesses need an effective business plan, robust systems and good accounting practices.

The feel good factor

Olympic fever is set to sweep the country in a few weeks time, giving us all the ‘feel good factor’. The London Retail Consortium has estimated the UK will benefit from a £512m boost in retail sales, with the capital set to gain the most, of course.

On a local level, Coventry recently hosted an Olympic football test event, and will stage a further 12 matches during the Olympics. This is a real coup for the area, not to mention a profitable one. Sales of food, drink and souvenirs accounted for £200m worth of revenue during Euro 2004. Eight years on, Coventry retailers are expecting a similar boost in sales.

However, any business considering channelling its energies into Internet sales or looking to cash in on the Olympics, still needs to make sure it has sound business practices in place. Decent management systems and an accounts package that delivers useful management information. Xero’s online accounting software for example, is ideal for web-based traders who are used to working with online systems and embrace their flexibility.

So, enough of the bad news, let’s celebrate the good news, and spread the positivity. And if you need any help and advice setting up your business systems, give us a call.

Andy Parker
Chartered Accountant Birmingham

Comments on this post:

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

Share your experiences:

Your Name  
(to appear with your comment)
Email Address  
(will not be published)
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 is the trading name for PLW Advisors Ltd (Registered No. 10396831), and Parker Financial Planning LLP (Registered No. OC347027). Parker Financial Planning LLP is authorised and regulated by the Financial Conduct Authority. All companies are registered in England and Wales – registered office contact details here