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A Healthy Level of Disagreement

You are likely to face challenges from time to time. Perhaps you and your colleagues disagree on the direction of a project, how a change should be implemented or a particular part of the firm’s strategy. Such disagreements are a necessary evil and can actually help the business to make better decisions.

Learn from the Best

We can all learn something from the world’s leading businesses like Apple, Google, Salesforce and Amazon. These firms have invested millions of pounds in order to find new and better ways to run their various business lines. Here are some tips that can apply to almost any business:

Focus on creating an impeccable customer experience.

6 Habits of Successful People

Getting ahead can be a struggle at the best of times. If you want to be successful, you need to be highly disciplined. Here are a 6 positive habits of highly successful business people. Perhaps one or two of these can become your new “good habits” for 2018.

1. Read about your industry and beyond

Advantages of Furnished Holiday Lettings

Many of the recent changes in the taxation of buy to let rental businesses do not apply to property businesses that qualify as furnished holiday lettings (FHL). 

Exceeding the Annual Pension Allowance

If your pension savings exceed the annual pension input limit (generally £40,000) then there is an annual allowance charge. The effect of the annual allowance charge is to reduce tax relief on any pension saving over the annual allowance.

Did You Get a Big Tax Bill and Now Want Some Back?

Many of you will have just paid your 2016/17 tax bill before the 31 January 2018 deadline, and some of you will also have paid 50% of next year’s tax on account. Here are a couple of tax planning ideas that can help you obtain a tax refund.

Invest in EIS or Seed EIS qualifying companies

Does Your Accounts System Comply with Making Tax Digital for VAT?

Making Tax Digital (MTD) for VAT is scheduled to start in April 2019 which means that your VAT information needs to be submitted to HMRC digitally.

On 18 December 2017, HMRC published draft legislation together with examples of how the business account records might link with the HMRC computer in order to comply with MTD for VAT. The legislation specifies that “functional compatible software” must be used to record and preserve prescribed VAT related data.

What are Digital records?

Value is Not the Same as Price

In order to create an effective pricing strategy for your products or services, you need to understand your customer’s perceived value of your offering.

Value is a complex issue. Different customers perceive the value of a product or service on factors varying from quality through to brand equity, ethical considerations, environmental sustainability and customer service etc.

Managing Change

In business, change is inevitable. The business landscape is constantly evolving and how effectively you manage change can determine the success or failure of your firm. 

Communication is Key

Any time there is a major change in a business, there will be a natural dip in productivity levels as people react and adapt to something new. Explain what is happening to your team members, keep them up to date and encourage them to ask questions. This will help them to feel involved in the changes.

GDPR, What is it? Why You Need to Know

All businesses must be fully compliant with the new General Data Protection Regulations (GDPR) by 25 May 2018. Businesses that are not compliant may face a penalty of 4% of their global turnover for each offence.

Most businesses are aware of the data protection act, the information commissioners office and the payment of an annual fee of £35 for many businesses.