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Archive for “June, 2017”

Selling a business

Selling your business? Maximise its value first

Selling a business can be one of the most important and financially rewarding events in your working life. Understanding exactly what buyers are looking for in a company allows you to plan and execute the sale efficiently, making it more attractive to potential buyers and maximising its value.

Prior planning is key. Selling a business isn’t a quick process – to achieve the right price and terms often takes a year or more. If you’re looking to sell your business, you should ideally begin to maximize the value of your business at least two, but preferably three or four years prior to the sale.

The benefits of selling before you have to means you can take a deliberate approach to what is probably the most important deal of your life. The increased payoff can be enormous relative to the company’s current value. Read our tips for increasing value within this time frame.

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Using the trivial benefits exemption

The trivial benefits in kind (BiK) regime came into effect in April 2016. This statutory exemption applies to small non-cash benefits like a bottle of wine or a bouquet of flowers given occasionally to employees or any other benefit in kind classed as ‘trivial’ that falls within the exemption.

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How small businesses can save money on their tax bill

Running a small business often means money is tight, says Carl Reader, partner at d&t chartered accountants, author of The Start Up Coach and business expert.

As with any business, money must be looked after carefully – there’s no room for wastage. Tax is always going to be an inevitable outgoing, but if you run a small business, there are plenty of ways that you can save some money on your tax bill – and do this legally.

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Why small businesses should use an accountant

When you’re running your own business, it’s inevitable that you will end up wearing a lot of different “hats” and taking on a range of different roles within the business. If you’re an entrepreneur who wants to ensure the continual success of your business, it’s worth considering an accountant for professional advice and assistance when it comes to your business’s finances. It could be the best investment you ever make for your business.

Staying on top of your small business’s finances is a big task, even if you aren’t expecting a huge income. Many businesses and entrepreneurs are operating on a limited budget, so it’s understandable that some may opt to try to do their accounts themselves. However, these people may be unaware of just what a difference having an accountant can make to your business.
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