Take part in the CJS LinkedIn Poll and let us know what is important to you and your business in service provision from your Accountant;

Promptness of Response?

Personal Service (visit my location)?

Genuine Interest in my Activities?

Lower Cost?

Outgrown Previous Provider?

http://polls.linkedin.com/p/65730/skruf

thisismoney.co.uk Editor Andrew Oxlade explains the basics of a financial crisis that descended from credit crunch to recession: the latest, the story so far - and what to expect next...

Read more: http://www.thisismoney.co.uk/credit-crisis#ixzz0j06HahM7

With the uncertainty of the current economic climate many are seizing the opportunity to consider starting a business or have already started their own business.  This may be part-time alongside other work or employment, or something they hope has the potential to meet all income requirements.

One thing is certain, diving into the world of running your own business, be it sole trader or other status is a daunting task for many.  So where better to discuss and share your challenges than with others who are going through similar situations, facilitated by those who have experienced the steep learning curve of establishing businesses and managed growth and sustainability.

Colin Smith, Principal of CJS Accounting Services is partnering with Business Coach, Jon Baker of Venture Now, and Coach and Speaker Dale Rockell to provide an afternoon discussing the common challenges for those operating their own business, and looking at some specific concerns and issues of attendees.

Colin comments, “at CJS we are as much about business support and growth as we are about providing accounting services, and it seems a logical step to offer extended services and opportunities to our clients and other businesses.  We all have areas where we feel less confident and sharing knowledge and challenges is a key part of business success”.

The event theme will focus on taking something and turning into something more preferable and profitable.

The event is planned for 20^th May 2010, 9.30pm to 1pm, at a Luton location which is yet to be confirmed in due course.  Numbers will be strictly limited to 40 attendees.

Further details will be posted to the CJS Blog in due course.

Of the many challenges that face a business, particularly those starting out on their own for the first time, a key challenge is handling the many process, procedures and business roles that can, and will need to be undertaken.

For those who may have only been one part or role in a business before, starting on your own and fulfilling all of your obligations of business, plus potential activities to establish and increase business, can be daunting.

A phrase I use often with my clients and business contacts is ‘not to overtake the plumbing’.  So what do I mean by this?  Basically, keep what you need and want to do within the ability of the resources available and appropriate to your business needs.

When starting a business venture it can be easy to get caught up in all the things you think need to be done, or that others tell you that you have to do or be part of.  There are things you must do, priorities, as part of the many roles you will now need to play – Finance, Marketing, Sales, Customer Service, Admin and more, and things that may be nice to have but not priorities.

It is important from the outset to establish good practice for the routine and often very important tasks and obligations that need to be met, however it is also easy to think you need to have the all singing, all dancing systems from day one.  This need not be the case.

For most small businesses bookkeeping and accounting requirements can be managed through spreadsheets, of which CJS provide clients with several templates to successfully manage monthly double-entry requirements and remove the fear of the “double-entry” phrase and process.  As and when it is felt necessary then an assessment can be made of whether to acquire software, or even outsource requirements in part or completely.

Another tip is to outsource, or to put it another way, contract in the essential services that your business requires so that you can focus on the reason you went into business and your core competence.  Investing in external support should add value and the benefit of increasing return for your business through the activity undertaken.  However, you have to make sure that what and who you engage is manageable by you and will contribute towards and meet your business objectives.

CJS have successfully provided process and system support for many businesses, from sole traders to multi-million pound limited companies, all with a view of doing what needs to be done and not overtaking the plumbing.

For more information about CJS Accounting Services and how we can support your business growth and ambitions, go to www.keentohelp.co.uk, or email hello@keentohelp.co.uk.

"Whether Sole Trader, Limited Company or you just have an idea for a new business, why not talk to CJS about taking the pressure so that you can focus your time and energy on the reason you went into business."

Colin Smith

MONDAY VIEW: What business needs to hear from Peter Mandelson and Ken Clarke

The British Chambers of Commerce (BCC) hosts its annual conference in London this Thursday. Top of the bill: a frank debate between the current Business Secretary, Lord Mandelson, and his Conservative shadow, Ken Clarke.

Mandelson and Clarke are seasoned politicians, and both know business well. This time, however, they will face company directors and the media together - in the midst of economic uncertainty and with a General Election just around the corner.......

Read more: http://bit.ly/bm1sY3
Daily Mail, Monday 15th March 2010

One of the main challenges for many who establish a Sole Trader business, be it their sole source of income or part time alongside other employment, is that of provision for potential tax liabilities, yet it is an important point to consider from the outset.

It is tempting for some to see the money in their bank account, or in many cases receive cash payment and think it is all theirs.  Unfortunately for all of us this isn't the case.

Top Tips for meeting personal tax liabilities include;

1. Ensure you have a separate bank account for all business transactions and records, do not process these through your personal accounts.

2. When managing your money this will prompt you to consider where it is needed, one route of course is to put some aside for potential personal tax liabilities.

3. Open a separate personal bank account for saving a proportion of your income in preparation for any personal tax liabilities.  Even if what you’ve saved is not enough, it certainly softens the impact of settling a tax bill.

4. It is recommended that you divert approximately 20% of all income to your savings for your potential personal tax liability.  The concept of saving ‘little & often’ is more proactive and much less painful and stressful.

5. Do not eat into your tax liability provision until your personal tax return has been completed and you have the final confirmation from your accountant, or more importantly from HM Revenue & Customs of potential liabilities.

6. If you’re lucky enough to receive a smaller tax bill than the provision you’ve made or even have no liability, then you can decide on using your savings for personal or professional requirements.

7. Make sure you provide your Accountant with your business records as near to 6^th April as possible so that you have as much notice as possible of potential personal tax liabilities and more time to settle with HM Revenue & Customs.

For VAT registered businesses this is a perfect opportunity to increase sales for November and December 2009, typically a quieter period for many, or invoice in lieu of provision so that customers benefit from the current lower rate of 15%, especially if you're supplying the public or non VAT registered customers.

It’s that time of year when accounting offices start to see a significant increase in workload, with the looming deadline of 31^st January for the submission of personal tax returns online.

However individuals who use the services of an Accountant for this annual submission must not be lulled into a false sense of security. Although you may think this is still 4 months away, you are not the sole client of your Accountant.  Other clients of your Accountant are getting in the queue ahead of you.

In our professional experience there is little point leaving the submission of your documents to your Accountant until just before or after Christmas.  If you do there can be no guarantee that your return will be completed and submitted to HMRC by 31^st January, depending upon the work required preparing your accounts.

Our advice to reduce the pressure on you and your Accountant is to get your information to your agent as quickly as possible.  Remember, there are financial fines for failing to submit your personal tax return to HMRC by the given deadline.

A pointer for future reference is to gather your information and submit to your Accountant as soon as possible after 5^th April.  Think of 5^th April as your deadline to get ahead.  Rather than seeing this as a ‘have to do’ task, see it as an opportunity to focus, review where you are and where you want to go. 

If you dread the thought of completing your own tax return speak to CJS Accounting Services NOW to reduce your stress and anxiety – we’re “keen to help and easy to approach”.

This interesting article appeared in the Mail on Sunday, 13th September 2009, which highlights the risks associated with online working and information provision, against the benefits of reducing workload for business and individuals. 

Week commencing 24th August was one that the team at CJS Accounting Services will never forget.  A total of 9 new clients from 11 interested parties signed up in one week to benefit from the friendly, professional support and highly efficient service that has become the CJS trademark.  Proprietor Colin Smith has seen the practice go from strength during the past two years with an almost vertical increase of client and revenue growth.

When asked how such growth has been achieved Colin identifies networking activity and referrals as major contributors. "I've invested considerable time promoting CJS through networking as it allows people to build relationships and gain trust in you as a business person.  They like a putting face to the business. As a result word of mouth referrals have also increased, with one of my new clients already making a further referral."  So it could be 10 out of 12.

A busy period now looms with the deadline for personal tax returns (31st Jan) fast approaching, and advise anyone looking for accountancy support to call now while there is still time available. "By October spending time with potential clients will not be possible due to our focus on existing client requirements.  It's the same for all accounting practices" adds Colin.

If you'd like to talk to CJS about your accounting requirements, call 01582 432227 or email hello@keentohelp.co.uk.

Through the CJS Blog we'll keep you up to date with the news that impacts upon you and your business, as well as sharing opinion of the lastest news and bringing you up to date with developments at CJS.

If there's something you feel would be of benefit to others that you'd like us to post let us know! 

The CJS Team