Category Archives: Finance

#NotYourOrdinaryAccountant

Who set up a business to save tax?  Who today has a business that looks the way they first imagined?  Let us help revisit those goals and help you achieve them in the future.

If you’re reading this article we’ve already done alright as who wants to hear from an accountant?  Aside from family and friends; your bank manager and your accountant should be two of the most important people to work alongside you in your business.  Yet, how often do you typically hear from both (usually once a year) and what are the questions they regularly ask?

Well we’re different and instead ask questions such as:

1. Why did you set up in business in the first place and where are you on the ‘road map’ to achieving this?
2. How do you measure your success/failure and do you even measure?
3. How financially and legally sound is your business, for example, what insurances do you have in place if a key member of staff cannot work, including you?  What financial plans do you have in place here and now and how long will they cover you in retirement and how far will they extent in terms of what you can buy with regards to cars, holidays, looking after the kids etc?

That’s enough words from us as once we understand these; and the answers to other questions, we put things in place to make a difference.

We’re with you for the journey, not just at the sign posts keeping you compliant.

Call us today on 0191 580 0402 or e-mail us enquiries@gtaccountants.com for a free initial consultation that is not limited just 15 minutes!

To plan or not to plan, that is the question!

When are you going to exit your business and how? These are two fundamental questions which business owners put off because they don’t know how to start planning. Instead they make excuses about being too busy, or about never wanting to retire. The danger is you get to 65 and still have no idea. I even hear business owners saying that they will draw an income from their business to see them through retirement and never sell their shares. Great in theory, but a huge risk and often isn’t thought through properly.
There is no better time to start planning than the present. Start by thinking about your goals and ask yourself this question, “If you were financially secure and money was never going to be an issue, what would you do?” Your answers to this question will give you more of an understanding of what is important to you and what you want to plan for. You might not be able to do everything on your list, so prioritise and work out the cost. Then look at what you have built up already in the form of savings, property and pensions, and factor in a realistic valuation for your business if appropriate. You now have the start of a financial plan!
Jamie Bogle – Co-Navigate Limited – www.co-navigate.co.uk