Why millennials should matter to SMEs
From supporting a cause to making your website mobile-friendly, here are four suggestions on how small businesses can attract millennial consumers.
Since the term millennial first started taking off, the oldest members of the generation have grown from tech savvy teens to digitally-connected adults now in their mid-30s with jobs and purchasing power. SMEs are missing out on big bucks if they don’t target this generation of conscious consumers.
Big mistake, especially when you consider that according to recent research, millennials would much rather spend their money to support small businesses than large corporations. Makes sense for a generation that values independence, shopping locally and has an interest in the authentic stories behind the products they purchase. They’re also likely to be brand loyalists so if your business is ready to tap into the millennial market, it’s high time to revise your business strategies. As local London accountants for small businesses, we’re here with a few tips to get you started.
Have an influencer endorse your product
Make your product or service stand out with the help of social media influencers. A simple retweet from a prominent online persona will make your brand visible to thousands or even millions of social media subscribers. Did you know that if one influencer shares one of your posts, your visibility will be boosted by 31.8%? So just think about what happens when you get more than one influencer on board. If you’re business sells cosmetics, for example, you’ll want to contact beauty bloggers as well as vloggers who do makeup tutorials on YouTube. They’re already getting loads of freebies though so do some research to find out who’s interested in your profile and then start networking and building relationships.
If you care, they care
Millennials tend to be socially responsible consumers and they are eager to fund causes they care about. They’re likely to participate in crowdfunding campaigns, donate to charities and are looking to make a social impact. Millennials want to make the world a better place, so if they see that your company cares for a cause as well, they’re more likely to be interested in you and your business.
Make your website mobile-friendly
Roughly 80% of millennials own smartphones and if your website is still not mobile-friendly you’re missing out on your chance to be seen. It’s also important to make the page responsive, because nobody has time to wait more than two seconds for a webpage to load anymore; there are cat videos waiting to be viewed.
Have a Plan
Repositioning your brand to attract millennials takes time and effort, and it’s important to keep your cash flow positive in the meantime to sustain your operations. At Tax Agility, we’re all about financial performance and control. We’re small business accountants with local offices around London in Putney, Richmond and Cavendish Square. We’ll work with you to examine your numbers and provide practical advice on the strategic decisions that will take your business forward and make you more profitable.
If you want to talk to us about how we can help you build a better business or you’re interested in our small business management consulting service, contact us today on 020 8108 0090 or get in touch via our contact page to arrange a complimentary, no obligation meeting.
What GDPR will mean for your doctor’s practice
The compliance deadline for the General Data Protection Regulation (GDPR) is fast approaching and have you been planning ahead to make your doctor’s practice GDRP compliant?
The regulation that will be enforced on 25 May aims to strengthen and unify data protection for individuals within the EU and address the export of personal data outside the EU. This is a good thing – citizens will ultimately gain back control of their data, which today, has become a commodity.
But the demands of GDPR compliance range wider than you think. With less than four months to go before the regulation becomes law, it’s important to be aware of the steps your private medical practice needs to take.
What’s changing
In your healthcare business, you’ll be processing data that includes names, photos, email addresses, medical records, and often patient’s bank details. In addition to data of your patients, you’re also holding personal information of your employees.
From May onwards, you’ll need to show that the way you treat this data is GDPR compliant; otherwise, you will be penalised. The fine can be hefty - up to 4% of your practice’s annual turnover.
Here’s are some of the key points to look at:
Consent
You need to ask for consent to store personal data, and the terms and conditions need to be accessible and transparent. You must also make it clear to people that they’re free to withdraw their consent. So, if at the moment you’re storing data without explicit permission, you’ll need to contact the individuals to request consent before May. It’s also important to note that if you’re dealing with children, you’ll need approval from their parent or guardian.
Breach notifications
If there’s been a data breach, personal information might get into the hands of a third party; therefore, you must notify the authorities within 72 hours of becoming aware of this breach. You should review your original data protection protocols and add this step in if necessary. Plan for the worst and have a detailed action plan in place in the event of a cyber-attack.
Right to access
Your patients have the right to ask for their data and to know how you’ve been using it. You’ll need to be able to give them an electronic copy of their data free of charge. Again, make sure you have an action plan in place that enables this.
Data protection officers
Where activities include “regular and systematic monitoring of data subjects on a large scale”, you’ll need to appoint a data protection officer. Assess your staff, select a person and adjust their job description accordingly.
Where to turn for guidance
For more information visit the GDPR section on the website of the Information Commissioner’s Office. You can also check out the guidance issued by the national GDPR working group and the Information Governance Alliance (IGA) on NHS Digital.
Speak to us at Tax Agility if you’re worried about budgeting for the changes you need to make. Working with dedicated and knowledgeable medical accountants like us means that you’ll know where your finances stand so you can concentrate on GDPR compliance without worrying about your accounts.
We’re specialist accountants for doctors, so to talk to Tax Agility about how we can assist your doctor’s practice.
Shared practices, shared expenses, specialist accountants
The healthcare industry is constantly changing but expense sharing is still an existing arrangement among dentists who’d like to have their own practice but share the every-day costs of running it. The idea is that you team up, so to say, with other dentists and sign a form of expense sharing agreement binding you to sharing the space, the administration costs, staff, equipment, and rent but keeping your earnings strictly separate.
This arrangement offers benefits like having another professional around to cover for you while you go on holidays. Shared practices also create an inspiring professional environment through the exchange of expertise.
How does an expense sharing agreement work well?
Expense sharing agreements need to be arranged with caution, as keeping some things shared but others separate can cause headaches down the line without the right specialist advice. Each dentist’s business strategy is unique and if there’s no general agreement on how the practice is run, there may be disputes among the healthcare professionals in the practice, which can affect the shared staff who are receiving mixed instructions. This can have a negative impact on your practice’s growth and your revenue so it’s important to talk to specialists if you’re considering drawing up such an agreement. This way you can ensure you are prepared for any challenges that might come up.
It’s also imperative that the income and outgoings of the practice are accurately recorded, each dentist’s account is kept up to date and that you’re all clear on tax implications.
Working with an accountant specialising in dentists
This is where accountancy services come in. If you’re considering an expense sharing agreement, specialist accountants for dentists will have the advice you need. If you’re looking to incorporate your dental practice, you can also consult us.
As chartered accountants providing comprehensive accountancy services, Tax Agility has vast experience dealing with the tax concerns of those in the healthcare industry. We’re not only accountants for doctors, we specialise in dentists too, so we know the pressures dentists like you face.
Experienced local London accountants like us will know what to look out for to help your practice run smoothly and with success. We can keep ahead of the adapting dental industry from legislative changes to the challenges of private competition, and treat the parties in the shared practice as the individuals that you are.
Contact us today on 020 8780 2349 or get in touch with us via our contact page.
Buy-to-Let Landlords: Four Reasons to Hire a Specialist Accountant
The changing landscape of buy-to-let regulation demands specialist attention this year. Landlords are beginning to feel the effects of the government’s cut in mortgage tax relief and the abolition of wear and tear allowance while lending criteria around mortgages are stricter than in past years and interest rates are rising. 2018 is no doubt a confusing time for those investing in the private rental sector, so there’s never been a better time to turn to an accountant for help.
There are numerous benefits to working with an accountant specialising in landlords, and here are four reasons to hire one this year:
Expertise
Accountants who concentrate on offering services to landlords are well-versed in knowing what taxes you need to pay, how you need to report your rental earnings to HMRC, and the best way to keep track of your accounts, be it using Xero, Quickbooks, or Free Agent. Whereas general accountancy firms might miss essential aspects of your responsibilities as a landlord, you can consult specialist landlord accountants with particular questions. You can also expect to hear impartial and tailored advice based on many years of experience.
Legislation changes
No matter what tax changes the future throws at landlords, specialist accountants will be ready to tackle them. Significant changes might be easy to follow on your own but the effects of seemingly small additions might catch landlords off guard and surprise them down the line. Accountants for landlords will make sure no sneaky tax changes slip into effect without you knowing. This is undoubtedly one of the most liberating advantages of hiring a specialist landlord accountant.
Accounts
No property owner can operate without having their books in order; they should be kept up to date and in line with the law. This is especially important if you have multiple properties as it can be easy to lose track of your rental accounts every month, resulting in missed rent and lost receipts and bills. An accountant will have a clear view of your rental accounts at all times. The importance of accurate record keeping is perhaps the most apparent during an HMRC investigation.
Tax relief
Your accountants can file your taxes for you, knowing exactly what tax relief you’re eligible for. In 2017 the government began reducing the available tax relief to landlords with the aim of gradually restricting it further by 2020. This means that it’s currently difficult to know just what you can or cannot expect when you file your tax return. A specialist landlord accountant will make sure you get the most from your investment.
Planning for the future
You may not want to stay a landlord forever and although it’s not on your mind now, you might sell your property in the future. A specialist accountant will plan for such eventualities and have advice for you when you’re ready.
No more confusion
Get all of the above specialist financial advice from Tax Agility and we’ll make your accounts fly. We have a team of landlord experts with specialist resources that will save you time and money. Speak with a professional accountant and discuss our unique accountancy packages for residential property owners (landlords).
Get in touch with us via our contact page to arrange a complimentary, no obligation meeting or call us on 020 8780 2349.