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Welcome to July’s NewsletterWelcome to July’s Newsletter. I hope everyone enjoyed the Jubilee week; which probably is a distant memory to everyone now – in Furness the celebrations certainly seem to last the whole week. This month has also seen the Olympic Torch work its way through the Lake District, Cumbria and Lancashire in the few days that it decided to pour down. Most planned events seen to be a washout, but for those who were daring enough to brave the weather I know that you would have enjoyed the historic event.
This month has been very busy with networking events, no chore for me there as I love to network. I have met some really nice and well-connected people at these events. At one of these events I heard a very inspirational woman talk about how she’d built her business through the foot and mouth disaster. I was drawn to her humbleness and ability to adapt to change in difficult circumstances. This has made me consider the importance about moving forward and not keeping your business stagnant in these difficult times, I read a blog about how almost half of small business had deliberated closing down within the past five years, this is a sad statistic. Adaption should be something we should all think about when growing our businesses.
Here at TI Payroll & Accounting we are exceptionally busy at the moment with accounts for those who need their figures for the Tax credits. If you are in this position and you haven’t got your accounts to us ….. you must get a wriggle on the deadline is 31st July!!! HMRC have tightened up their procedures regarding tax credits this year and you really need to be on top of the deadlines to make sure you get all that you are entitled too.
I would like to thank Lorraine Oates of Power & Paint Photography for once again producing a lovely photo for this edition of the newsletter and I’d also like to thank Hannah Bell for being my guest blogger on this month’s subject of why it is important to have a will in place to protect your business as well as your family.
As usual if you have picked this newsletter up and you would like to be on our mailing list please visit www.subscribe.tipayroll.co.uk and request to receive these newsletter monthly so you never miss out.
Tracy x
JULY 2012, EdiTion 4
GIvING yOU THE HEADS UP…
TIP the Wink
Social Media Tip Be Funny!One of the best ways of keeping followers on board and engaged is by using humour! Limiting messages to 140 characters seems to encourage a certain sense of Twitter humour which some ‘tweeps’ have tuned to
a fine art! Emulate them by telling funny stories about yourself and you’ve got as great basis for keeping followers entertained!
Follow us on twitter. @tr4cyirwin Find us on
TwEETEr oF ThE monTh@JwoodcockmP
BIO: Dad of two little girls; husband to @MandyTelford; Labour Co-operative MP for Barrow & Furness; shadow transport minister; chair of Labour Friends of Israel.
This month’s Tweeter of the month is our Local MP who at the moment is rallying to save our local train link between Barrow-in-furness and Manchester.
If you are local (or if you’re not and know how important local raillines are to those who don’t live near a motorway) then please link with MP John Woodcock on either twitter or facebook and follow the link to sign the petition.
Direct petition link: https://www.change.org/petitions/first-transpennine-express-the-secretary-of-state-for-transport-save-our-through-trains
Dates for your Diary
July 12th The Business Network - Lakeside Hotel 13th Pink Link Furness 19th Payment to HMRC 19th CIS Submission Due 31st Tax Credits Deadline!!!
August 10th Pink Link Furness 19th Payment to HMRC 19th CIS Submission Due 23rd The Business Network - Lancaster 27th Late Summer Holiday
Running your own business is immensely satisfying and hopefully a financially rewarding process. your business is often thought of as your baby, you nurture it, you watch it grow and you hope that it will flourish long after you have died. A living legacy of your life and work for generations to come. For this to happen, like all business ventures, you will need to plan ahead. Much like you would plan for your family’s future following your death you need to plan your business’ continuation strategy.
Without an effective continuation strategy your clients could be left out in the cold. The potential disruption, upset and financial harm could have a devastating impact. Protecting client’s interests and ensuring that the status-quo is maintained following your death is good for client relations and shows your clients that your business values their custom.
You are the best person to plan what will happen to your business.
your loved ones will be left to deal with the administration of your estate and if you don’t leave a plan for them to follow how will they know what to do? Death comes to us all it is not pleasant but if we don’t plan for it an already stressful and emotional situation can turn into a nightmare for those left behind.
your business is an asset, however big or small it has a value. It provided you with an income and could, if properly managed, continue to provide that income following your death. Managed correctly your business can continue to provide a financial benefit to your loved ones once you have died.
If you employ staff you also need to consider how their future will be safe guarded. If you are no longer
here to steer the business they might lose their job, their income. To protect your employees you need to think about who can take over if you are not around to run the business and what precautions, such as insurance, you should have in place.
So what should you do? As a minimum you need to talk over your wishes with your loved ones- after all it is they who will be left behind once you have died. Better still would be to speak with your accountant and/or legal advisor. They can talk through the various options with you; specific to your personal and business needs.
Guest Blogger: hannah Bell, Lakes Legal Limited
Will your death kill your business?
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Well, you know, I was a human being before I became a
businessman.George Soros, right wing
Financial Advisor
“”
Client Focusdebbie roberts - damptec.com Ltd
debbie’s business
success shows damp
proofing is not all rot
Debbie Roberts runs Damptec.com, which
covers all aspects of wood treatment
and damp proofing. It also does cellar
conversions and woodworm treatment,
among other things.
She formed it in 2010 to support her
brother, Neil Elliot, in his existing plastering
and damp-proofing business. So Debbie
really is keeping things in the family.
Debbie says that one of the most important
things to think about when starting her
business was developing a marketing
strategy. It’s all about the right brand; as
she says, ‘the right advertising mediums
and differentiating ourselves from the
competition’. Debbie also recommends
brushing up on research ‘before jumping
in’. Judging by Damptec’s rising profile,
Debbie certainly has her own businesses’
image licked.
So when people hear about the quality
service that Damptec provides, it doesn’t
get met with ‘plank’ looks.
Debbie would like Damptec to continue
to be known as a ‘trustworthy, friendly
and prompt business offering value for
money and a safe quality service’. This all
means that Debbie’s business makes the
competition look a bit wet.
Debbie enjoys being her own boss, being
responsible for making her own decisions
and having the freedom to decide which
direction her business should go in.
When it comes to the economic downturn,
Debbie reckons that once the euro zone
settles down, banks’ confidence will
increase and businesses will invest more.
She hopes there’ll be a ‘drip, drip, drip’
effect from the global to the national level.
Debbie thinks her business would be better
‘oiled’ if the government helped small
companies by extending national insurance
holidays and improve the business rate
regime ‘which is penalising small retail
business’. Anything less would just be
papering over the cracks.
When Debbie isn’t helping people to get
‘plastered’ (in a business sense!), she
enjoys going walking and having meals in
restaurants. With supporting her children
at sport in all weathers, Debbie may need
more coats.
As time ‘rolls’ on for her business, Debbie
would like to ‘seal’ further deals and build
on her existing client base. In the future,
Debbie says that she wants to ‘train up and
expand the workforce’ and for her company
to become more sustainable. So she’s not
letting the grass grow under her feet.
aDebbie says that TI Payroll and
Accounting ‘has taken the stress out
of official paperwork and allowed me
to concentrate on the damp proofing
business.’ Debbie is so happy with their
service that she ‘wood’ not choose
anywhere else.
Now she can stop worrying about plugging
gaps in her businesses’ financial knowledge
and plug damp patches instead.
If sorting out your business accounts
makes you think ‘Oh brother’ (or worse!),
TI Payroll offers help with accounts matters
such as when tax and vAT returns are ‘mil-
dew’, as well as payroll administration.
With TI looking after her business finances,
Debbie doesn’t need to wish that her bills
and receipts would just ‘varnish’! So don’t
be content with just patching up your small
businesses’ accounts – TI can help.
If you run a small business and need
help with accounts or would find a free
consultation helpful, don’t be daft as a
brush – get in touch with TI Payroll.
if you would like to feature in our client
focus please feel free to contact us on
01229 490343
Damptec.com Ltd
TI Payroll and Accounting Phoenix Business Centre Phoenix Road Barrow-in-Furness Cumbria LA14 2UA
tel. 01229 840348
email. [email protected]
web. www.tipayroll.co.uk
“A big thank you to the ladies at TI Payroll for an absolute fantastic job on my profit and loss forecasts, also for the top notch advice on helping me secure the extra cash funding I
needed to invest to aid the growth of my business. I highly recommend TI Payroll to anybody considering hiring a helpful knowledgeable and most importantly
affordable accounting service.”
Ben Parker, Bouthwood Firewood & Tree Services
“
”
payroll andaccounting
TI Payroll and Accounting Phoenix Business Centre
Phoenix Road Barrow-in-Furness
Cumbria LA14 2UA
tel. 01229 490343
email. [email protected]
web. www.tipayroll.co.uk
payroll administration
bookkeeping services
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self employed limited companies
tax returns
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secretarial services
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ring Tracy on 01229 490343