Few businesses just happen, they need to be planned.

Once up and running a business needs to be managed to survive.

As the business evolves there will be more planning – for expansion, restructuring and closure.

Few people can do all that in their heads, so there are tools and advisors here to help.

We at Firestone Accountants can assist you in the preparation of business plans, cash flows and budgets; also guide you through the maze of options for efficient operations, to understand and accurately tell the story of your business and take advantage of opportunities to keep your taxes low.

Follow this link to book a free 1 hour initial zoom consultation to discuss your needs.

Business plans are a useful tool when you start a business to get all your thoughts in order and confirm viability.

A business plan if often requested by investors and lenders, as evidence of returns and commitment, so can be useful if expanding or restructuring.

A business plan essentially consists of two halves.

• The words telling everyone about your business, how and why it should succeed. This should include the supporting research.
• The figures showing the anticipated results. Anticipated income and costs, but also how investors are to be repaid and lenders serviced, usually as a cash flow forecast.

At Firestone, we can assist you in the design and preparation of your business plan, helping you to apply the in-depth understanding of your business obtained from the research to create meaningful cash flow forecasts.

Preparing and using budgets can be a very big tool in managing your business efficiently.

Business plans may be all guesswork but the more you use budgets the more you come to understand what your business is actually spending, and its effect – negative or positive.

What did you plan to spend in the budget? What did you actually spend in comparison?  Why was this different? What do you need or want to budget for next year?

When you have budgeted costs, then you can add in anticipated income to get ongoing cash flow forecasts – letting you know what finance you may require in advance.

At Firestone, we can assist you to prepare and review budgets and associated cash flow forecasts for efficient management of your business.

Management accounts are created for internal use to guide management decisions and are not a legal requirement. Statutory accounts on the other hand are a legal requirement and are published externally to show end-of-year net profit/loss to shareholders and the public.

Management accounts reflect the current financial health of a business and highlight any strengths or weaknesses. They can be used to compare actual results with forecasts, benchmark against trends and use predictive modelling to see the effects of any future changes.

At Firestone, we design custom management accounts to give you an in-depth understanding of your business so that you can make knowledgeable decisions, based on facts.

ONLINE ACCOUNTING SOFTWARE
At Firestone, we recommend QuickBooks Online or Xero due to their ease of use and HMRC compliance. However, we do have expertise in other systems including Kashflow, FreeAgent & Liberty.

We can set up the software and train you to use it and check your returns before filing.

Whether it’s VAT on goods/services, income tax on monies earned or corporate tax on profit; nearly everyone in the UK has a duty to pay tax. Tax is collected by HMRC and used to pay for the NHS, education, welfare system, public housing and public transport amongst other things.

HMRC are simplifying the way tax is paid by Making Tax Digital; and at the same time, producing an increasingly complex set of tax rules to determine how much is actually due. It’s essential to understand which rules apply to you as HMRC frown on those who don’t file their returns accurately and pay their taxes on time, by imposing hefty penalties.

As part of our role as accountants, we can advise on the advantages and disadvantages of each of the available tax options. We will discuss your personal objectives before evaluating the most efficient tax position to suit your individual circumstances, all the while ensuring that you keep tax compliant.

A business must register for VAT if they provide taxable goods and/or services and have a turnover that exceeds £85,000. Under certain circumstances, it can be advantageous for a business that falls below the VAT threshold to still opt to be VAT registered.

The rules around VAT are complex and we can assist you to make the most of systems and schemes to maintain efficiency.

We recommend that you talk to us when setting up your business to get the most benefits from your VAT registered status. If you are approaching the VAT threshold, we can advise you when is the optimum time to change your status and start to charge VAT.

We at Firestone Accountants can assist you in the preparation of business plans, cash flows and budgets; also guide you through the maze of options for efficient operations, to understand and accurately tell the story of your business and take advantage of opportunities to keep your taxes low.

Follow this link to book a free 1 hour initial zoom consultation to discuss your needs.