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Autumn Budget 2024

On 30 October 2024, Chancellor Rachel Reeves presented her first budget to parliament. This was a budget intended to restore stability to our economy and to begin a decade of national renewal. Investment will be funded by revised debt rules to facilitate additional borrowing and a hefty £40 billion of tax rises.Headlines included:Immediate increases to capital gains tax rates with further uplifts in relation to some business disposals from both April 2025 and April 2026.Immediate increases to S...

What key announcements could be in October's Autumn Statement?

It’s no secret this year’s Autumn Statement may well contain some sweeping changes to the UK tax code and fiscal legislation. The new Chancellor of the Exchequer, Rachel Reeves, has made it clear that there are ‘difficult decisions to be made’, primarily due to the perceived £22 billion deficit in the public finances that the Labour Government has inherited from the previous administration. Savings must be made and government revenues must be improved if the Government is to get the UK ...

Thinking exit strategy? Why a gradual buy out makes sense

It takes guts to start a business. It also takes a strategic mindset to succeed. Back in September 2022, our blog, How do I create a Succession Plan? stressed the need to think well in advance of the point when you actually wanted to exit your business and offered a 3 point plan to get you started.In the current economic climate, a gradual buyout, also known as a phased or earn-out buyout, offers several advantages for business owners looking to sell their businesses. This approach allows f...

Why it might be time to switch accountant

Many of us are getting ready to take some annual leave soon or are just back from a well-earned rest. If you’re a business owner, this opportunity is usually the time when you’ve had a chance reflect on what’s going right or what needs to change in your business.  You may be looking to change your accountant and these are two common complaints we hear from new clients regarding the service they had from their previous accountant: Perceived indifferencePoor communication...

We report on Xerocon London 2024

The Rowdens team joined 3,500 accountants, bookkeepers and App partners at Xerocon which was held over two days in June at the Excel Centre in London.This was a fantastic opportunity for all our UK team to get together and gain some insights into the latest industry trends - AI in particular. A highlight was an AI Music Factory where we all got to create our own tracks using AI! A fun way to make a very serious point and one that we are very much looking to embrace as a firm - not necessarily ma...

Outsource non-core activities

Many small business owners stretch themselves by attempting to do everything. From being the payroll ‘expert’ to running your company social media accounts, many business owners give themselves a ridiculous workload that simply isn’t good for them nor the business....

Time to be disciplined

We've explained in previous blogs how owner managed businesses often feel a requirement to always be available for their customers and clients - no matter what they may be doing or where they may be.This blog will give you some tips on how to be more disciplined and what's 'out there' to help....

Educate your customers

Owner managed businesses often feel a requirement to always be available for their customers and clients - no matter what they may be doing or where they may be.How many times have you responded to an email or two last thing in the evening just because they popped up on your phone and you thought “well I might as well”?How many times have you accommodated an unrealistic timeline from a customer just to help them out… even when they were well aware of the deadline that you needed them to wo...

When the never-ending list never ends

When life is stressful, it’s hard to see what needs tackling first. As a business owner, it can be difficult to see the wood for the trees so we have written a series of blogs that should help get you and your business back on track.The ‘To Do’ list becomes never-ending and where previously, it felt manageable, now you feel weighed down and overwhelmed. This accumulation of chronic stress simply compounds the problem and won’t go away without intervention. One great tool is (again t...

Do you take on too much?

We understand how hard it is as a small business owner to run a businessWe've written a series of blogs to help guide business owners get things back on track and allow you to do all those things you dreamed off when you first set out on this journey.Balancing business responsibilities with much needed downtime is not always easy but you can do a few things that will help and we’re here to support you too!Use these series of blogs as a steer towards getting your business on track and you being...

Detach yourself from your business!

As a small business owner, do you find the business running you as opposed to you running it? That feeling of owning a job rather than a business!Are you feeling the strain of spending too much time working when all you want (and some would say, need) is some downtime - whether that’s devoting more time to your family, catching up with friends or picking up that pastime you always promised yourself.We totally understand that balancing business responsibilities with important downtime can be ch...

What’s p***ing you off in your business right now?

All of us who run businesses know what a rollercoaster it can be. You just get one thing sorted and something else kicks off. ...

Spreading your January self-assessment payment

With a combination of low growth and high inflation, the 2022/23 tax year has been a tough time, financially speaking, for many of us.So it’s no surprise that many owners, directors and self-employed individuals are concerned about having enough funds to pay their self-assessment income tax bill.The good news is that HM Revenue & Customs (HMRC) does have a facility for spreading out your income tax payments. HMRC’s ‘time-to-pay’ arrangement allows you to pay your tax bill in pre-agre...

Company year-end preparations: time to get ready

As your company year-end date gets closer, there are a number of administrative and financial tasks to start planning for – so it’s a good idea to get yourself organised and ready.There are several things to check, either on the year-end date, or before the end of your company’s financial year. Some tasks are simple administrative processes, while others involve a deeper dive into your accounts. But, on the whole, this is about getting on top of the planning and making sure your year-end i...

Can directors and employees receive gifts from the company tax free?

Giving gifts to your employees can be a great way to increase engagement and raise the overall morale of your team. But how much can you give before there are tax implications? And how do the rules differ if you’re giving gifts to your directors?The good news is that you can give gifts that don’t exceed £50 in value to your employees without any tax or National Insurance (NI) charges arising – as long as you follow HMRC’s rules. The cost of this is also tax-deductible by the company....

WTF: donuts may be the new way to look at financial information?

Readers of my blog will know I have been caught out before, thinking of food when Jonathan has been talking to clients. So, this time I listened very carefully before getting excited at the thought of food in the form of donuts. So, Where’s The Food (!) as donuts may be the new way to look at financial information?...

Have you got a plan for growth in your business?

Growth doesn’t need to mean more risk, more hours and more headaches.It may be as simple as identifying where the opportunities for growth are in your business and industry. Once you've done this you can establish what you and your team are going to have to do in order to maximise these opportunities, and how you will navigate the likely obstacles....

Penny's Progress

For those of you that follow Penny Rowden's LinkedIn profile, you may already be aware that Penny is at home recuperating from knee replacement surgery. Having already been through the experience, Penny won't mind us saying that she wasn't looking forward to repeating it. However, we are delighted to report that this time around, everything went more smoothly and her consultant is pleased with her progress to date.We've listed some of Penny's observations post-op and how cloud-based apps are sim...

The benefits of a mentor and why your accountant should be yours

Last October, an article published in Enterprise Nation (27 Oct 2022) highlighted a new report which uncovered demand for mentoring amongst the UK's small business community. According to Mentoring Matters, commissioned by Enterprise Nation, business support provider Newable and the Association of Business Mentors, and conducted by policy research firm PolicyDepartment, 82% of firms are saying they are now interested in being mentored.A business mentor can provide guidance and sup...

B Corp companies - all you need to know

The B Corp movement wants to make business a force for good. This blog looks at the B Corp concept and how you go about becoming a B Corp company....

Spring Budget 2023 – the key points for business owners

The Chancellor, Jeremy Hunt, delivered his first Spring Budget on 15 March 2023. Unlike the disastrous September 2022 ‘mini budget’, this budget won’t cause many ripples in the worlds of business and finance. In fact, it was a relatively dull affair, with few headline announcements for the average business owner to be concerned about.However, there were some incentives regarding capital allowances on equipment and investment in research and development (R&D), to help push the economy f...

2022 - time to reflect and reset

Our first blog of 2023 covered goals setting and offered some tips on how to compile a list (refer to Set 5 goals for your small business in 2023). This blog asks you to look back at last year with some interesting questions; your answers should help you solidify what you want to achieve this year. 2022 was another tough year, and to be honest, 2023 may not be much better. However, no matter what happens, there are always peaks throughout the year so we think it's worth spending some ...

Set 5 goals for your small business in 2023

The start of a new year is the perfect time for many of us to make a change for the better. Whether you want to grow your business or take more time for yourself, the following goal-setting tips can help you achieve your long-term plans.Always remember however, that attaining those goals will be easier if you choose the right support. Friends, family and professional expertise have an equal role to play and we're here to help. Apply the following in terms of your own small business and see ...

Why your business needs a virtual FD

If your business is expanding and your commercial needs have outgrown your finance team’s expertise, it might be worth considering the benefits of a virtual financial director. Analysis of current financial data as well as guidance on the future financial management of your company is crucial to ongoing success. Look no further than your accountant to provide this service. It makes business sense - your accountant is familiar with your operation, has a handle on your figures and a partnership ...

Customer relationships are more important than ever

With many small businesses struggling to achieve pre-Covid sales levels and now facing a testing year ahead, having a customer retention plan has never been more important. The most inexpensive way to grow a business is to maximise customer retention. Statistically, the probability of selling to an existing customer is 60 - 70% and drops to just 5-20% for a new prospect. Existing customers are also 50% more likely to try new products and spend 31% more when compared to new customers. We've ...