Small Business

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.

by Donovan

An accountant a day keeps a doctor in business

As a doctor, running your practice is like running a business: you have tax responsibilities and accounts that need to be managed. In many cases, you may be running your practice in partnership with other doctors. This can create added confusion and stress when it comes to who is responsible for the financial aspects of your practice. Working with a dedicated and knowledgeable accountancy team like Tax Agility means that you can concentrate on improving the health of your patients instead of worrying about your accounts and finances.

How can Tax Agility help your healthcare practice?

As accountants who specialise in helping medical professionals, we have a clear understanding of the needs and services you require. Our experience and the insight we have gained over the years mean that we can work with your best interests in mind.

We can also stay on top of any legislation changes that may occur throughout the year. New legislation could mean that any tax saving plans you may have will have to be altered. If this does happen, we can give you the best advice to help you stay on track with your savings. Above all, we aim to work alongside you for the long-term. Ultimately, this will help us understand your specific practice and allow us to give you the best possible service tailored to you and your business’ needs.

We offer a range of accountancy services that can help you keep your medical practice successful. Some of these services include:

• Managing your practice accounts
• Offering advice on tax planning and reducing your tax bill
• Providing payroll and bookkeeping services
• Helping you with pension planning
• Completing and submitting your tax returns on your behalf

By supporting you and your medical practice with these services, you can rest easy knowing that your business is in the hands of professionals. So, you can focus your time on being an excellent doctor and helping your patients instead of worrying and fussing over your taxes.

Contact us today

We pride ourselves on providing excellent services to medical professionals who are keen to improve their business model but who are also dedicated to their careers. Working with us can ensure that you are well prepared for the future of your practice, and that you can go into the New Year with your best foot forward.

For more information on how we can support you and your practice, call us today on 020 8108 0090.

by Donovan

Building a better business with Tax Agility

Tax Agility are chartered accountants with a difference. As well as offering an accounting service where we can manage your accounts, tax returns and book keeping, we also provide assistance regarding better business growth. Ultimately, we want your business to succeed and we can work with you to give you the tools and techniques you need to develop.

A better business for you

Our better business advice can give you the helping hand you need to ensure that you remain successful in the ever-changing world of business. Working with us gives you the tips and support you need to push your business to the next level, whether that be starting to think about your online business development or thinking of ways to market your business to a larger audience.

As a business owner, there are a number of different things you should think about when attempting to draw more customers to your door.

Having a website is crucial, but if it doesn’t contain all the information that any prospective client needs, you may find that it doesn’t help you to attract many clients. As a small business accounting firm ourselves, we know what it’s like to start off small, and we also know how beneficial a good website can be. Based on our own experiences, we can offer you the support and advice you need to develop a useful and strong website for your business.

Social media is equally important. Having a good social media presence can help you reach out to more potential customers than your website can do alone. Using social media is a good way of advertising your business and it works best if you use it regularly. Posting daily on platforms such as Instagram, Facebook, LinkedIn and Twitter (depending on what best suits your business) can really help you to get your brand out there.

Tax Agility can help you to create a digital strategy that works for you and your business. Setting out a plan can give you more structure and can allow you to take advantage of the tools that are available. A digital marketing strategy can also help to identify who your target audience is and who your competitors are. This knowledge can support you in making informed posts on social media that will hopefully attract the customers you need.

Accountancy services for your business

As well as giving you the support and advice you need to better your business, Tax Agility can also provide you with all the accountancy services your business needs. Some of our services include:

• Completing and filing tax returns on your behalf
• Managing your bookkeeping and general accounts
• Advising you on future investments and pension plans
• Dealing with your payroll
• Helping you with corporate tax planning
• Providing VAT services

Our aim is to give you the best accountancy service to help your business thrive and expand. Coupled with our better business advice, we can offer you unique and bespoke services that can elevate your business and help you to be successful.

For more information on how Tax Agility can help you with making your business better, call us today on 020 8108 0090.

by Donovan

Investing in your business

Starting a new business and running it can be difficult. Tax Agility believe that it should be a rewarding experience and so we are here to help you with all your financial, legal, and fiscal issues so that you can focus on doing the things you love.

Our services

Tax Agility can offer you a range of services to help you set up your own business. As chartered accountants we are professionals who will work closely with you to formulate a business plan, find the right financial structure for your business, and help you to meet the necessary regulatory requirements. It is important to us that you have everything you need to help set up your business in the easiest way possible.

We can provide you with:

• An assessment of your financial requirements, including how best to finance your business, how to write a successful business proposal, and how to approach banks
• Advice on how your business should be structured, whether you should be a sole trader, work in partnership, or be a limited company
• Advice on how to apply for tax efficient investment schemes such as the Enterprise Investment Scheme and the Seed Enterprise Investment Scheme
• Help with preparing your business plan in terms of cash-flow projections, budgets, and trading forecasts.
• Help with registering with Companies House and HM Revenue and Customs
• Managing your company secretarial services
• Advice on how to set up financial, management, and record-keeping systems that comply with statutory requirements

Business tax

With every new business comes the over complicated and very tedious world of taxes. There are a range of ways in which Tax Agility can help you with your tax needs. We aim to minimise your tax liabilities by providing an outsider’s view of your business and giving you a strategic review of how you’re doing.

We can help with:

• Preparing self-assessment tax returns
• Planning strategic reviews to minimise tax liabilities
• Advising you on VAT, NI, and employee benefit legislation
• Advising you on tax implications of the sale and purchase of business
• Settling business disputes and investigating revenue

Choosing Tax Agility

By choosing to work with us, you can be sure to get experienced accountants and business advisors who are dedicated to offering you the best business advice and tax assistance to allow you to make the most out of your company. We tailor our expertise to your needs so that we can help you create a business plan that is specific to your personal business.

Our aim is to maximise efficiency and to minimise costs which ultimately saves you money and puts you in a more comfortable financial situation. We want to see your business grow into a successful company and we can support you in getting there by identifying potential business opportunities, advising you on your finances, and developing a feasible plan that’s easy to follow.

Contact us

Call us today on 020 8780 2349 for some expert advice on setting up your very own business, and for some hands-on help with ensuring it becomes successful.

by Donovan

Accounting for small businesses

Starting up your own small business is a big achievement. You’ve invested in a project you’re passionate about, you’ve worked hard to establish a name, and you’ve developed a clientele. However, paperwork and official matters can make running a business more difficult. This is where Tax Agility comes in.

What can we do for you?

We, at Tax Agility, are experienced chartered accountants who aim to minimise your tax and maximise your efficiency. We can assist you with everything from accounting and bookkeeping, to taxes and general business advice. Sometimes, just having someone there who understands the ins and outs of business can help you make the decisions you need to move your business forward.

Accounting services

There are many different ways to manage your bookkeeping and accounts. We will work with you to establish the best methods for your business. In order to understand more about your business needs and the requirements you have, we will we can arrange personal meetings with you to discuss the logical next step for you. Dealing with accounts and bookkeeping can be complicated but we are here to make you feel more at ease.

There are multiple issues that may arise when working with your own accounts and tax responsibilities. Some of these issues may include:

• Knowing the difference between bookkeeping and accounting
• Knowing when your tax deadlines are
• How you should organise your bookkeeping and what software you should use
• How to keep your records, receipts, bank statements, and invoices
• Understanding what year-end accounts are
• Whether or not your company is exempt from audit
• Knowing what accounts need to be filed with Companies House

Talking to an expert will help you to understand how your accounts work and will enable you to make informed and efficient decisions about where you want your company to be in the long run.

We offer competitive rates and are completely transparent, with a monthly fixed fee and no hidden charges. This gives you the confidence to know that we work with you, our customer, in mind.

Get in touch

By assisting you with all the frustrating and time consuming accounting and tax issues that your business may have, we leave you to focus on the day-to-day running of your company, so you can concentrate on the stuff that matters most to you.

For more information on how we can help you with your accountancy needs, call us on 020 8780 2349.

by Donovan

Are you managing your business correctly? 

Managing a small business isn’t as daunting as it seems. However, we all need someone to consult with as a means of having a second point of view. Our small business management consultancy can be especially helpful for startup and contractor companies that are inexperienced or just need expert advice on a new field.

Many small business owners don’t realise the importance of today’s business decisions on tomorrow’s cash flow, how companies can appear to have money in the bank but still be technically insolvent or the importance of thoroughly managing your cash. Management is a critical part of a business’s success and we strive to make sure you understand the long-term impact of decisions you make today.

How we help

Tax Agility are experienced professionals in small business consultancy and have a variety of ways to help you, the business owner. These are just a small insight into what our services include:

• Preparation of annual business plans, forecasts and projections - these plans are designed to keep your business on the right track by planning where your business is going and regularly looking at the plan to see if you’re on track.
• Review of credit control and cash management - Tax Agility accountants will review how you manage your cash, ensuring you have a healthy cash flow. Our accountants will also ensure you’re in control of all your credits as you don’t want to fall into insolvency.
• Attendance at key business meetings - our accountants will attend meetings with you to make sure the meeting results are in your best interests financially and that no decisions are made without our expert advice.

For more on what our services include, read our Small Business Management Consultancy page.

We will provide you with expert accountants to make sure you are getting the best advice to make your business as profitable as possible.

Tax Agility believes in offering advice based on your goals for your business and different opportunities that may come up for you. We do this by having regular review meetings to keep everyone up to date and ensure we’re all working and on track towards the same goal.

We understand how time consuming certain tasks like bookkeeping and yearly reports can be, which result in you having less time dedicated to other - equally as important - aspects of your business. Our expert accountants will take care of the financial decisions so that you can continue to run your business successfully.

Call us now on 020 8780 2349 to arrange a meeting to discuss our small business management consulting service.

by Donovan

Is The Sales Call Dead or Alive?

When was the last time you received an ‘unsolicited’ sales call? Chances are, as a small business owner, the time period will be measured in a day or less. Ask yourself this though: what happened when you realised it was a sales call? Did you firmly (but politely) ask them not to call you again? Did you put the phone down instantly? You probably weren’t interested, it was inconvenient (or annoying) and you only wanted to keep it short. Stepping back and thinking about what just happened, to both you and the person who made the call, one quickly realises that the reason why so many small business owners are reluctant to make sales call themselves is because of fear of rejection.

As chartered accountants serving small businesses across London, we have helped many clients to expand and grow their business over the years. For clients who want to target new customers, sales calls are still necessary – in fact, many would say picking up the phone is still a better approach then sending out an unsolicited email. So let’s talk for a moment about sales calls and how to make them work for you.

Don’t make it personal

Let’s set the record straight – when people say no to a sales pitch, they are not rejecting ‘you’ as a person. They just aren’t into buying the product or service you’re selling at this moment.

So take the emotion out of the sale (keep the passion though), don’t appear nervous or too eager. Instead, be clear as to exactly why you are calling. Using a clear and well thought through 15 second ‘elevator pitch’, is often a great starting point. Also, have an organised sales process, one that allows you to identify where you are in the sales cycle and where the potential client is in their thinking, quickly. This allows you to prepare and have the most appropriate responses written down so you come across professionally.

Research first

Spend some time researching your prospects before picking up the phone. If you know exactly how your product or solution will benefit them, work that in to your ‘elevator pitch’ to improve your chances.

No strings attached

Even if you have the most fantastic product or service, business clients today are not likely to buy it right away over the phone, so what can you do to get them interested and want to talk to you further? Many successful entrepreneurs give something out for free without any strings attached, such as a one-to-one tutorial, a white paper, a free trial, things that are useful and have real value to the prospects.

Also, as people like to do their own research, give them your website, company Facebook, or twitter username.

Once you accept that rejection is just ‘parr-for-the-course’ and not personal, you can focus on success and with increasing successful sales calls, get more clients, at which point it may mean that you are ready to expand your business. This is when TaxAgility, as professional business advisors, will sit down with you to look at numbers, advise on growth and assist with tax planning, areas which you can get funding (and how we can help), among other things.

TaxAgility are local London small business accountants, dedicated to making your small business a real success. Give us a call on 020 8780 2349.

by Donovan

Protect your business from ransomware

The latest ransomware attack which infects more than 300,000 computers in organisations across 150 countries, including the NHS in England, has left people worried about their work and personal computers now.

Are you at risk?

Let’s briefly mention what ransomware is – it’s a computer virus which encrypts your files (documents, videos, photos, databases) and won’t release them unless you pay a ransom in the virtual currency Bitcoin and within the time duration given. Tricking you into installing the virus unknowingly from an innocent-looking email is a common way which the virus gets into your computer. Another way is by exploiting a security hole in software on your machine.

Usually ransomware targets machines running Windows operating systems, in both big corporations as well as small companies. Home users are believed to be at lower risk to this particular virus. However, that doesn’t mean you should lower your guard.

There are few immediate steps to protect yourself:

• Backup your files now – on the cloud and offline (like an external hard drive that isn’t connected to the Internet).
• Open and read your email with great care. Do not read any innocent-looking emails that make you pause, like an email titled ‘Lindsey sent you an invoice’ which doesn’t fit into the pattern of Lindsey or your financial practice. Do not click on the links within this type of email.
• Update your Windows operating systems to the latest version, or install the latest patches.
• Install firewalls.
• Install/ update your anti-virus software.

Use Cloud Accounting

Considering the constant threat from ransomware, it’s a good time for small business owners to switch to cloud accounting – which basically means the accounting system is hosted on remote servers, rather than the software in your computer. The two main benefits of cloud accounting for small business owners are:

• It allows you to access your accounts anywhere, as long as you have internet connection.
• It keeps your data safe. You don’t have to waste time/money trying to recover any lost data in your work machine.

To find out more information about cloud accounting and how we can help, visit the post titled ‘Why so many SMEs are switching to cloud accounting’.

Liked this article? Then you may also like “Small business: make cyber security a priority”

by Donovan

Are You Geared Up To Embrace A Connection Based Economy?

The first question of course is “What is a connection based economy?”

It stems from the growing impact of people not liking being sold to, though they love to buy. This in itself is not a new idea. But the truth is, we live in a world where communication is largely-funded by advertising, and we are overwhelmed by flood of promotional materials constantly. So it isn’t surprising to see that we are becoming more and more unresponsive.

The Millennials, the group of people born between the early 80s and mid to late 90s and early 2000s, are particularly sensitive. They can spot when they are being sold to a mile off and it is a huge turn off for them.

This ‘problem’ has given birth to a new way of doing business, which is the ‘connection based’ model, which many businesses, or any size, can adopt and adapt. In an odd sort of way, it’s not really a way to do business, it’s a way to facilitate business.

Humans are connection machines

Humans are very good at communication, it’s essentially what we are built to do. As part of that, we are very good at connecting things. The idea of a connection based economy is one where the effort is focused on helping your customers connect with one another.

Take Uber for instance. Their business model has no physical assets, it relies on providing a service where two groups of people come together to do business - people who want to get others from A to B and those who need to get from A to B.

The online take-out food services are another example - companies like Deliveroo and Just Eat. These services allow you to connect two groups of people to each other. It connects people who want restaurant food without going out for it and the restaurants who want their food to reach more people.

This is one reason why the market for smartphone applications has grown exponentially over the past few years; Candy Crush acknowledged of course. Smartphone applications are an easy-access, convenient way of communicating and connecting with others without location or time being an issue.

Food For Thought

Our business world and the ways people do business is evolving at a rate which few can keep up with, but those that do stand to reap huge rewards.

The challenge is to step back and reassess your own business and how it interacts with customers. Look closely at how your market is evolving and in particular how the technologies your customers are using can lead to new ways you can do business.

This may open up opportunities where developing an environment based on your particular market expertise can lead to you benefiting from simply facilitating other people’s businesses.

So embrace the connection based economy.

by Donovan